This paper investigates the impact of oil price shocks on stock returns in Nigeria using monthly data on four sectoral indices -Banking, Insurance, Food, Beverages, and Tobacco (FB&T) and Oil and Gas (O&G) -over the period January 2010 to December 2018. The oil price shocks are decomposed into precautionary demand, aggregate demand, and supply sources. The outcome of the estimation of a Structural Vector Autoregressive (SVAR) model suggests that precautionary demand oil shock had negative and significant impact on the sectoral returns except for FB&T whose response was insignificant; aggregate demand oil shock had a negative but insignificant impact on the sectoral returns but for the O&G sector whose response was positive although insignificant; whereas oil supply shock had a positive but insignificant impact on the sectoral returns in the Nigerian stock market. However, O&G sector was the only exception with negative response to oil supply shock, albeit, insignificantly.

The scarcity in literature of clear-cut methods and techniques used in determining the impact of corporate social responsibility (CSR) on a firm's performance has led to mixed results. The most current empirical studies employed diverse CSR measures as well as performance measures. This study aims to examine the effect of CSR on the performance of oil and gas companies in Nigeria using the Thomson Reuter index as a measure of CSR and price-cost margin in addition to return on assets (ROA) and earnings per share (EPS) as measures of performance. Annual panel data from 55 oil companies for the period 2010-2019 operating in upstream, midstream, and oilservicing activities were used. Findings revealed a negative non-significant relationship between CSR and price-cost margin (PCM) of the firms under study. These findings support the shareholder theory, which hypothesizes that the corporate social responsibility of the citizens is solely the responsibility of the government and that the responsibility of firms is profit-making. Mixed results of negative non-significant and positive significant relationships were recorded between CSR and ROA. This result also supports the stakeholder theory, which emphasis shareholders' interest in all aspects of business operation. The corporate social performance (CSP) dimension correlates with the true nature of the Nigerian economy where firms make donations to communities and erect buildings for health and education purposes. A positive nonsignificant correlation was reported between CSR and earnings per share. There is room for improvement regarding performance and this can be achieved by increasing the CSR scores. Failure to do so may lead to a crisis which may inevitably affect performance. Contribution/Originality:This study is one of the few studies that adopted the Thomson Reuter index as a measure of CSR and price-cost margin as a measure of a firm's performance. The modern econometric panel data technique was also adopted to expand and improve on the empirical analyses already conducted in Nigeria.

There has been moderately scarce literature on the relationship between company social responsibility (CSR) and the cost of capital (COC) in Nigeria. Numerous studies have analysed the association between the CSR of the companies quoted within the Nigeria Stock Exchange (NSE) relating to their overall performance neglecting the COC component. This study examined the long-run relationship between CSR dimensions (Corporate social performance (CSP), environmental performance (ENP) and corporate governance (CGP) dimensions and cost of debt (COC). It seeks to investigate if CSR has, in the long run, reduce the cost of capital. Annual panel data of 96 companies for the duration; 2005-2020 quoted in the NSE were selected judgmentally. Thomson Reuther Index (TRI) was used as a measure of CSR, whilst the cost of equity (COE) and cost of debt (COD) were used as a measure of COC. Panel ARDL model was adopted to analyse the long-run relationship between CSR and COC. Findings revealed that companies that spend on CSR have a better chance of accessing capital at a reduced cost. The results support the findings of scholars works, especially in the developed countries. In conclusion, companies that spend on CSR have a better chance of accessing capital at a better and low cost. Based totally on the findings, the researcher advocates an on-stop investment on issues that concerns CSR as this may, if consistent, ease the getting of funds at a reduced cost in the long run.

This study is aimed at analyzing the influence of Corporate Social Responsibility (CSR) on the Cost of the Capital (CoC) of the companies quoted on the Nigerian Stock Exchange (NSE). The annual panel data of the 32 companies quoted on the NSE pertaining to the period from 2005 to 2019, were judgmentally selected. The Thomson Reuthers Index was used as the measure for CSR, whereas the Cost of Equity (CoE) and the Cost of Debt (CoD) were used as the measure for CoC. The findings revealed the existence of a positive/negative nonsignificant relationship, on the one hand, and a positive/negative significant relationship as well, on the other, between CSR and CoC. The results obtained are supportive of the findings found in scholars' works, especially those in the developed countries in which this aspect has extensively been explored. To conclude, the companies that spend on CSR have a better chance of accessing capital at a better and low cost. Based absolutely on the findings, the researcher advocates that investment should incessantly be made in the issues concerning CSR, given the fact that, if consistently made, such investment may ease access to funds at a reduced cost.