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Non-financial disclosure and firm performance: Insights from listed consumer goods manufacturing companies in Nigeria

Author

Listed:
  • Muyiwa Emmanuel DAGUNDURO

    (Afe Babalola University Ado-Ekiti, Ekiti State, Nigeria)

  • Gbenga Ayodele FALANA

    (Afe Babalola University Ado-Ekiti, Ekiti State, Nigeria)

  • Joseph Omotoso AJAYI

    (Federal University of Technology Akure, Ondo State, Nigeria)

  • Olayinka Dominion BOLUWAJI

    (Afe Babalola University Ado-Ekiti, Ekiti State, Nigeria)

Abstract

In the dynamic landscape of corporate reporting and stakeholder engagement, the significance of non-financial disclosure has gained considerable prominence. As businesses strive for sustainable growth and investors increasingly recognize the value of environmental, social, and governance (ESG) factors, understanding the nexus between non-financial disclosure and firm performance becomes pivotal. This study endeavors to explore this relationship within the context of listed consumer goods manufacturing firms in Nigeria. The study encompassed a population of 21 listed consumer goods manufacturing firms in Nigeria. The sample size was 21 firms, determined through census sampling techniques. The research spanned from 2013 to 2022. FGLS regression model was used to examine the relationship between the variables studied. The results found that environmental disclosure and social disclosure had a positive and significant effect on the firm’s performance. While governance disclosure had a negative and significant effect on the firm’s performance. This implies that firms that engage in robust non-financial disclosure practices tend to experience better overall performance. The study concludes that non-financial disclosure, encompassing environmental, social, and governance aspects, plays a pivotal role in influencing the performance of listed consumer goods manufacturing firms in Nigeria. Firms are encouraged to enhance their ESG reporting frameworks, aligning with stakeholder expectations and global sustainability trends.

Suggested Citation

  • Muyiwa Emmanuel DAGUNDURO & Gbenga Ayodele FALANA & Joseph Omotoso AJAYI & Olayinka Dominion BOLUWAJI, 2024. "Non-financial disclosure and firm performance: Insights from listed consumer goods manufacturing companies in Nigeria," Economy, Business & Development: An International Journal, Ss. Cyril and Methodius University in Skopje, Faculty of Economics-Skopje, vol. 5(1), pages 14-27, May.
    • Handle: RePEc:aoh:journl:v:5:y:2024:i:1:p:14-27
    DOI: 10.47063/ebd.00015
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    More about this item

    Keywords

    Non-financial disclosure; environmental disclosures; social disclosures; governance disclosures; firm performance;
    All these keywords.

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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