This study explored the moderating influence of CSR practices on the association between green investments and sustainable business performance of listed non-financial firms in Nigeria. The study adopted stakeholder theory and cross-sectional survey design with a sample of 542 accountants selected through simple random sampling procedure. A structured questionnaire was employed for data collection after the determination of content validity and reliability of the measurement items through the application of Cronbach alpha. The data were analysed through SmartPLS version 4 for structural equation modelling (SEM). The results showed a positive and significant association between green investments and sustainable business performance of listed non-financial firms in Nigeria; a positive and significant association between green investments and CSR practices of listed non-financial firms in Nigeria; a positive and significant association between CSR practices and sustainable business performance of listed non-financial firms in Nigeria; and the CSR practices positively and significantly moderates the association between green investment and sustainable business performance of listed non-financial firms in Nigeria. From the findings of the study, we concluded that CSR practices positively and significantly moderates the relationship between green investment and sustainable business performance of listed non-financial firms in Nigeria. We recommended amongst others that the government should encourage listed firms on the Nigerian Exchange Group (NGX) to shift towards sustainable business practices which advances the reputation of firms and attract socially conscious investors, reduces their carbon footprint and benefits both firms and the environment in Nigeria.
Keywords: CSR, green investment, stakeholder theory, sustainable business performance
