Corporate managers over the years have been confronted with the task of making decisions relating to financing, investment, dividend policy and social responsibility expenditure on behalf of their shareholders. However, decision about corporate social responsibility and its relationship with performance of firms has been a subject of unending debate among scholars. This study therefore provides evidence using companies listed on the Ghana Stock Exchange. The empirical results from the panel random effect regression suggested that the level of CSR disclosed has, a significant negative relationship with firm performance while firm risk, measured by asset-to-equity, significantly and positively relates to firm performance. The link between growth and firm performance on one hand, and size and firm performance on the other revealed positive and negative but insignificant relationships respectively.