Corporate Sustainability Disclosures and Market Value of Listed Industrial Goods Firms in Nigeria (Published)
The main objective of this study was to examine the effect of corporate sustainability disclosures on market value of listed industrial goods companies in Nigeria from 2014 to 2023. The independent variable, corporate sustainability disclosure, was proxied by environmental sustainability disclosures, social sustainability disclosures, economic sustainability disclosures and governance sustainability disclosures. The dependent variable of the study was market value measured by market capitalization. The research design adopted for the study was ex post facto, secondary data were employed and purposive sampling technique was adopted to select 11 out of 13 listed industrial goods firms in Nigeria. The ordinary least square regression analysis was used in analysing the data and the statistical package employed was STATA 14.2. The findings of the study revealed that environmental sustainability disclosure has non-statistically significant effect on market value of listed industrial goods companies in Nigeria and social sustainability disclosure has significant positive effect on market capitalization of listed industrial goods companies in Nigeria; Thus, it was concluded that corporate sustainability disclosures have significant effect on market value of listed industrial goods firms in Nigeria. Based on these findings, it was recommended among others that the management of listed industrial goods firms should expand their efforts in social sustainability practices by engaging in community development projects, employee welfare programs, and other socially impactful activities.
Keywords: Market Value, Social Disclosures, market capitalization. Environmental disclosures, sustainability reporting
Sustainability Disclosures and Market Value of Firms in Emerging Economy (Published)
This study investigates how overall sustainability disclosures and it’s disaggregate dimensions of environment, social and governance affect market value of firms in Nigeria as an emerging economy using company’s’ specific disclosures. Tobins Q were used to proxy firm market value. The study selected 93 out of 120 non-financial firms listed on the Nigerian Stock Exchange as at 2015. Ex Post Facto research design was adopted and the secondary data was collected from annual reports of sampled firms from 2006 to 2015 through content analysis. The data were analysed with descriptive statistics, correlation analysis, principal component analysis while pooled ordinary least squares regression was employed to test formulated hypotheses. The analysis showed that overall sustainability disclosures have significant positive effects on firm value. When treated individually, environmental sustainability disclosures and corporate governance disclosures have a significant positive effect on market value of firm. The study also reveal that social sustainability disclosures have negative and insignificant effect on market value of firm. Based on these findings, the study recommended among other that companies should foster greater sustainability and long-term value creation by integrating sustainability metrics into their reporting model and strategy. Firms in Nigeria should adopt and disclose environmental friendly policies since it potray their commitment towards achieving the goal of sustainable development.
Keywords: Corporate Governance, Environmental Disclosure, Firm Value, Social Disclosures, Sustainability Disclosures