EFFECT OF ENVIRONMENTAL SUSTAINABILITY PRACTICES ON INNOVATION DEVELOPMENT OF LISTED MANUFACTURING FIRMS IN NIGERIA
Keywords:
Environmental Sustainability Practices, Innovation Development, Material Management Practice, Research and Development Expenditures, Waste Management PracticesAbstract
Material and waste management practices are critical components of environmental sustainability practices, particularly in the manufacturing sector. This study examined how these practices drive innovation among Nigerian manufacturing firms, focusing on their impact on research and development (R&D) expenditures. Using secondary data from the 2013 – 2023 annual reports of 38 listed manufacturing firms sampled in this research, the study investigated the role of effective material utilization, recycling, and waste reduction strategies in fostering innovation. The findings suggest that firms that integrate sustainable material and waste management practices achieve significant improvements in product innovation and operational efficiency. The study recommends that Implementing Just-In-Time (JIT) inventory practice can help manufacturing firms reduce excess inventory holding costs while ensuring that the necessary materials are available when needed for research and development projects. Moreso, embracing lean manufacturing principles can help manufacturing firms identify and eliminate waste throughout the production process and support sustainable industrial practices.
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