VALUE RELEVANCE OF SUSTAINABILITY REPORTING IN NIGERIAN MANUFACTURING COMPANIES
Keywords:
Value Relevance, Economic Sustainability, Social Sustainability, Environmental SustainabilityAbstract
This study examines value relevance of sustainability reporting among manufacturing firms in Nigeria. The study adopted a longitudinal research design. The sample comprised of thirty companies randomly selected from the floor of the Nigerian Stock Exchange. The study relied on secondary data retrieved from annual reports for the period 2010-2018. The hypotheses were validated using panel data regression technique. The results revealed that economic-sustainability and social sustainability reporting of quoted manufacturing companies were value relevant. This is not surprising as the annual reports were largely skewed towards financial disclosures and items having material economic relevance to a firm. For disclosures on environmental sustainability, on the overall, manufacturing companies were silent on such issues despite the attention that environmental issues are receiving globally. For disclosures on social sustainability, though some disclosures were done they do not coverimportant areas such as labour and management relations, labour practices and grievance mechanism, freedom of association and collective bargaining (employee engagement), and anti-corruption and public policy, the companies were silent. Based on these, the study recommends among others that companies devote more attention to sustainability reporting. In addition, the regulatory bodies such as the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) should look into making sustainability reporting a necessary requirement to be listed on the Stock Exchang
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