This study examined the impact of corporate social responsibility on the financial performance of quoted oil and gas companies in Nigeria. Specifically, the study investigated the effect of Environmental Responsibility Expenditure (ERE), Community Development Investment (CDI), and Employee Welfare Spending (EWS) on Return on Equity (ROE) of quoted oil and gas companies in Nigeria. The study adopted an ex post facto research design using secondary data obtained from the annual reports and financial statements of selected quoted oil and gas companies in Nigeria covering the study period. Descriptive statistics, correlation analysis, Analysis of Variance (ANOVA), and multiple regression analysis were employed to analyze the data. The findings revealed that Environmental Responsibility Expenditure had a positive and significant effect on the financial performance of quoted oil and gas companies in Nigeria. Employee Welfare Spending was also found to have a positive and statistically significant effect on Return on Equity. However, Community Development Investment showed a positive but insignificant effect on financial performance. The overall regression result further indicated that corporate social responsibility variables jointly exerted a significant influence on the financial performance of quoted oil and gas companies in Nigeria. The study concluded that corporate social responsibility plays a significant role in enhancing the profitability and sustainability of quoted oil and gas companies in Nigeria. The study therefore recommended that oil and gas companies should increase investment in environmental sustainability practices and employee welfare programmes in order to improve financial performance and strengthen stakeholder confidence. Additionally, firms should continue to support community development initiatives to maintain peaceful relationships with host communities and enhance corporate reputation
FCA) et al. (Mon,) studied this question.