ESG Disclosure and Shareholders Value: The Moderating Role of Gender Diversity (Published)
The persistent adoption of unsustainable business practices and inadequate environmental, social, and governance (ESG) disclosure systems has weakened shareholder confidence and reduced shareholder value. Consequently, this study examined the effect of ESG disclosure on shareholder value, with gender diversity as a moderating variable. An ex post facto research design was adopted, and secondary data were utilized. The population of this study comprised 52 listed manufacturing companies, and purposive sampling technique was employed to select 44 companies. Panel regression analysis was used to analyse the data, and the statistical package employed was STATA 17. The findings of the study revealed that environmental performance disclosure (coeff. = -0.132 [0.030]) has significant negative effect on dividend yield, social performance disclosure (coeff. = 0.001 [0.977]) has nonsignificant effect on dividend yield; governance performance disclosure (coeff. = -0.357 [0.021]) has significant negative effect on dividend yield and gender diversity significantly moderated the relationship between ESG disclosures and shareholder value of listed manufacturing companies in Nigeria. It was thus concluded that ESG disclosure exhibit limited direct value relevance but become significantly more meaningful when conditioned on gender diversity. Based on the findings of this study, it was recommended, among others, that the management of manufacturing firms should promote balanced and competence-driven board composition, ensuring that female directors are actively involved in ESG-related decision-making processes, as their presence has been shown to influence how sustainability disclosures translate into shareholder value.
Keywords: Dividend Yield, ESG Disclosure, Gender diversity, critical mass, shareholders’ value
Sustainability Reporting Quality and Corporate Reputation of Oil & Gas Companies in Nigeria (Published)
This study examined the relationship between sustainability reporting quality and corporate reputation of oil and gas companies in Nigeria. Quantitative research using secondary data from 2019 to 2025 was employed. Descriptive statistics revealed that firms with high-quality sustainability disclosures scored an average of 82% in ESG reporting, while firms with low-quality reporting scored 56%. Correlation analysis indicated a strong positive relationship between sustainability reporting quality and corporate reputation (r = 0.842, p < 0.01). Regression results showed that sustainability reporting quality significantly predicts corporate reputation (β = 0.852, t = 7.61, p = 0.000). Environmental disclosure had the highest impact on corporate reputation, followed by social and governance reporting. The findings imply that transparency, accountability, and consistent reporting practices enhance stakeholder trust and organizational legitimacy. The study recommends that Nigerian oil and gas companies should prioritize high-quality sustainability reporting by adopting globally recognized frameworks such as GRI and SASB.
Keywords: Corporate Reputation, ESG Disclosure, Nigeria, Oil and Gas, sustainability reporting
The Impact of ESG Disclosure on Firm Value Relevance: Moderating Effect of Competitive Advantage (Published)
ESG has become a corporate standard in investment practices that integrate and implement corporate policies in line with environmental, social and governance concepts. In addition, to achieve high corporate value from ESG disclosure, it is necessary to be driven by competitive advantage, which is an advantage strategy for companies that work together to compete more effectively in the market. This study aims to provide empirical evidence regarding ESG disclosure on Firm value with moderated competitive advantage. This research uses a quantitative approach with an explanatory method. The sample used is a company listed on the IDX for the period 2020-2022 which is included in Morningstar Sustainalytics. Regression analysis using Moderated Regression Analysis. The results showed that the ESG Disclosure variable had no significant effect on the relevance of firm value and competitive advantage was able to strengthen the influence of the ESG disclosure variable on the relevance of firm value.
Keywords: Competitive Advantage, ESG Disclosure, TobinsQ