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Effect of Sustainability Reporting on Firm Value of Listed Non-Financial Companies in Nigeria

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  • October 21, 2026
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Edogbo, Daniel Aduku, Ph.D.1 , Onah, Kelvin Amobi, Ph.D., CNA2, Ojeh Augustine, Ph.D., FCA3, Okonkwo, Bonaventure .S. Ph.D.4  Nkwo, Festus Ndubuisi5

Abstract         

This study investigates the effect of sustainability reporting on the firm value of listed non-financial companies in Nigeria between 2014 and 2025, with Firm Value (FV) serving as the measure of corporate value. The specific objectives were to determine the effect of Sustainability Reporting (SR), Environmental Disclosure (ED), and Social Disclosure (SD) on firm value. Using panel data obtained from five listed non-financial companies and employing panel least squares regression analysis, the study found that only one of the three explanatory variables had a statistically significant effect on firm value. Sustainability Reporting (β = 1.6055, p = 0.1479) exhibited a positive but statistically insignificant effect on firm value, indicating that increased sustainability reporting was associated with higher firm value, although the relationship was not statistically significant. Environmental Disclosure (β = 2.7147, p = 0.0001) had a positive and statistically significant effect on firm value, suggesting that greater environmental disclosure is associated with higher firm value among the sampled companies. In contrast, Social Disclosure (β = -0.1453, p = 0.8323) showed a negative but statistically insignificant relationship with firm value. The descriptive statistics revealed moderate variation in sustainability reporting, environmental disclosure and social disclosure, while firm value exhibited comparatively greater variability across the sampled firms and years. The regression model demonstrated strong explanatory power, with an R-squared value of 0.9387, while the overall model was statistically significant. The findings suggest that environmental disclosure is particularly relevant to firm valuation, whereas sustainability reporting and social disclosure do not independently exert statistically significant effects on firm value during the study period. It is concluded that listed non-financial companies should strengthen the quality and credibility of their sustainability disclosures, with particular attention to comprehensive environmental reporting, while integrating social and sustainability practices into broader corporate strategies to enhance stakeholder confidence and long-term firm value.

Keywords: Sustainability Reporting, Environmental Disclosure, Social Disclosure, Firm Value, Listed Non-Financial Companies, Corporate Disclosure.

Cite: Edogbo, D. A., Onah, K. A., Ojeh, A., Okonkwo, B. S., Nkwo, F. N. (2026). Effect of Sustainability Reporting on Firm Value of Listed Non-Financial Companies in Nigeria. International Journal of Contemporary Marketing and Management,4 (3), 56- 74. https://doi.org/10.5281/zenodo.23532678  

IJCMM_43, 56-74Download

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