SUSTAINABILITY DISCLOSURE AND FIRM VALUE OF LISTED MANUFACTURING FIRMS IN NIGERIA
Keywords:
Economic Disclosure Index, Environmental Disclosure Index, Firm Value, Social Disclosure Index, Sustainability DisclosureAbstract
The study examined the effect of sustainability disclosure on the firm value of listed manufacturing firms in Nigeria. The specific objective was to assess the effect of environmental disclosure index, social disclosure index and economic disclosure index on the market capitalisation of listed manufacturing firms in Nigeria. Sampling a total of 53 purposively selected, relevant secondary data from the annual reports of the firms from 2015-2024 were extracted and exposed to further analysis using the panel least square regression technique (cross-sectionalized weights included). The findings revealed that environmental disclosure index has a positive and significant effect on market capitalisation of listed manufacturing firms in Nigeria (β = 0.3380, p = 0.0000); social disclosure index has a positive and significant effect on market capitalisation of listed manufacturing firms in Nigeria (β = 0.5042, p = 0.0000); economic disclosure index has a strong positive and significant effect on market capitalisation of listed manufacturing firms in Nigeria (β = 3.2793, p = 0.0000). In conclusion, firm’s commitment to responsible practices, operational resilience, and socio-economic enhance investor confidence and attract long-term capital. The study recommended that the Federal Ministry of Environment should collaborate with corporate boards to institutionalize sector-specific environmental disclosure frameworks which should include clear reporting standards on waste management, emissions control, energy efficiency, and environmental risk management.
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