VOLUNTARY DISCLOSURE AND FINANCIAL PERFORMANCE OF LISTED CONSUMER GOODS FIRMS IN NIGERIA
Keywords:
Corporate Donation Disclosure, Earnings Per Share, Employee Training Disclosure, Employee Welfare Disclosure, Environmental Protection Disclosure, Financial Performance, Voluntary DisclosureAbstract
The broad objective of this study is to ascertain the effect of voluntary disclosure on financial performance of listed consumer goods firms in Nigeria. Specifically, the study examined the extent to which environmental protection disclosure, corporate donation disclosure, employee training disclosure and employee welfare disclosure affect the earnings per share of listed consumer goods firms in Nigeria. Ex-post facto research design was employed in this study. Purposive sampling technique was used in selecting a sample of sixteen (16) firms from the population of twenty-one (21) listed consumer goods firms in Nigeria. Secondary data were extracted from the annual reports and statement of account of the sampled firms over a ten year period from 2012 to 2021. The regression coefficients estimated by Feasible General Least Squares (FGLS) revealed that: environmental protection disclosure has a positive and significant effect on earnings per share of listed consumer goods firms in Nigeria (β = .8464846, p-value = 0.028 < 0.05); corporate donation disclosure has a negative and non-significant effect on earnings per share of listed consumer goods firms in Nigeria (β = -.288446, p-value = 0.324 > 0.05); employee training disclosure has a positive and non-significant effect on earnings per share of listed consumer goods firms in Nigeria (β = 2.043281, p-value = 0.354 > 0.05); employee welfare disclosure has a negative and non-significant effect on earnings per share of listed consumer goods firms in Nigeria (β = -.4278206, p-value = 0.092 > 0.05). The study recommended among others that managers of listed consumer goods firms in Nigeria should, instead of disposing manufacturing wastes and still incurring some costs in the process, treat the wastes and recycle them in order to save costs of production.
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