There are definitely numerous studies on the effect of a company’s social responsibility on corporate value. However, in Nigeria’s industrial goods manufacturing sector, researchers have paid less attention to how social responsibilities to employees and creditors influence corporate performance. This study attempted to fill the foregoing gap. The researchers adopted the causal-comparative design and obtained financial data from the annual reports of the industrial goods producing enterprises while regression analysis was done using the Durbin Watson test, cross-section dependence test, Hausman test and fixed and random effects estimators. The study revealed that firms in the industrial goods manufacturing sector of Nigeria were not rewarded when they attempted to fulfil corporate social responsibilities to their employees and creditors. Choosing the appropriate social responsibility agenda that enhances corporate performance is the current argument among Nigerian firms. We consider these findings as an insight for corporate managers to behave ethically and responsibly towards the employees and creditors of their respective firms.