ENVIRONMENTAL SUSTAINABILITY PRACTICES AND FINANCIAL PERFORMANCES OF NON FINANCIAL FIRMS LISTED IN NIGERIA
Keywords:
Corporate Governance Reporting practice, Environmental Sustainability practices, Financial PerformancesAbstract
The study evaluated the significance of the effect of environmental sustainability practices of non financial firms listed in Nigeria on its financial performances. Specifically, the study determined the effect of environmental sustainability reporting practice on financial performance of listed non-financial firms in Nigeria. It further investigated the effect of corporate governance reporting practice on financial performance of listed non-financial firms in Nigeria. Sampling a total of 55 non financial firms selected from ten sectors, the secondary data collated from the firms’ audited annual report of 2015 – 2024 were subjected to relevant hypotheses analysis using Robust Least Squares Regression Model operated with E-Views 12. It was found that Environmental sustainability reporting has a positive and significant effect on financial performance of listed non-financial firms in Nigeria (β = 1.90; p = 0.0000). Moreso, the study discovered that Corporate governance reporting has a positive and significant effect on financial performance of listed non-financial firms in Nigeria (β = 1.63; p = 0.0000).In conclusion, the findings collectively indicate that sustainability reporting across environmental and the corporate governance dimensions, play critical roles in enhancing the financial standing of listed non-financial firms in Nigeria, as measured by net asset per share. .The study recommends that environmental teams should enhance tracking and reporting of climate-related disclosures, resource use efficiency, emissions controls, and biodiversity impacts, positioning the firm as an environmentally responsible entity that aligns with regulatory standards. Also, the Audit Committee should be reinforced through the transparent publication of board practices, risk oversight, independence criteria, and ethical frameworks in financial disclosures, thereby promoting accountability, reducing agency risks, and enhancing investor confidence
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