Title:
Sustainability Reporting and Market Value of Manufacturing Firms in Nigeria

Authors:
Onovayen Erus Evelyn, Okolie, Agustine Oke, Okoro Edesiri Godsday, Nigeria

Abstract:

This study examines the effect of sustainability reporting on market value of listed manufacturing companies in Nigeria, specifically focusing on Environmental Sustainability Reporting (ESR), Social Sustainability Reporting (SSR) and Governance Sustainability Reporting (GSR). This research is justified by increasing world concerns and pressure for companies to disclose their environment, social and governance (ESG) activities due to stakeholders pressure to enhance transparency and accountability. The study makes use of ex-post facto research design; the investigation of the annual report for the listed 46 listed manufacturing companies on Nigeria Exchange Group for 10 years period. Data for the study are obtained from the annual reports of 46 listed manufacturing companies on Nigeria Exchange Group (NGX) covering the 10 years from 2015-2024. The analysis involves descriptive statistics, correlation Analysis, Variance Inflation Factor(VIF), Brusch pagan Lagrangian multiplier test , Hausman specification test and fixed effects regression. The findings from result confirm that Environmental Sustainability Reporting have a negative but statistical insignificant effect on the market value, Social sustainability Reporting have positive but not statically significance effect on firm value, Governance Sustainability Reporting have negative but statistically insignificant effect on market value. The finding from the regression results also confirmed that sustainability reporting aggregate have no statistical significance on the market value of listed manufacturing Companies in Nigerian within the study periods The study concludes that sustainability disclosure did not provide a basis for materiality to investors during investment decisions process among listed manufacturing Companies. It shows that over the period sustainability reporting have no financial implication on stock valuation among firm that has disclosure sustainability. In view of these findings, the research recommends increased practice for sustainability disclosures, increased regulatory compliance, and higher stakeholder perception or awareness towards the information embedded within sustainability reporting practice among companies.

DOI: https://doi.org/10.51505/IJEBMR.2026.11011