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Corporate Social And Environmental Disclosures And Market Value Of Listed Firms In Nigeria

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  • Okwy Peter Okpala
  • Oluwamayowa Olalekan Iredele

    (University of Lagos, Nigeria
    University of Lagos, Nigeria)

Abstract

This study examines the effect of corporate social environmental disclosure (CSED) on the market value of eighty-four (84) listed firms in Nigeria, which were purposively selected from the period 2011 to 2016. The aggregate of (CSED) were regressed on Market Value (Tobin’s Q), while Firm size, financial performance, board size, leverage, affiliation to foreign company and industry type were factored in as extraneous variables. Data were obtained through content analysis of annual reports of sampled firms and were analysed through descriptive statistics and regression analysis. The result of the descriptive analysis showed that the mean score for the CSED is above average and the standard deviation for almost all the variables is low which indicated that the deviation of the actual data from their mean is not significant. The OLS result revealed that CSED, firm size, financial performance, affiliation with foreign company and industry type have significant effect on the market value of firms, while Board size and leverage do not significantly influence the market value of firms. The study recommends that firms should disclose information on their environmental performance as a way of adding value.

Suggested Citation

  • Okwy Peter Okpala & Oluwamayowa Olalekan Iredele, 2018. "Corporate Social And Environmental Disclosures And Market Value Of Listed Firms In Nigeria," Copernican Journal of Finance & Accounting, Uniwersytet Mikolaja Kopernika, vol. 7(3), pages 9-28.
    • Handle: RePEc:cpn:umkcjf:v:7:y:2018:i:3:p:9-28
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    1. Rongjiang Cai & Tao Lv & Cheng Wang & Nana Liu, 2023. "Can Environmental Information Disclosure Enhance Firm Value?—An Analysis Based on Textual Characteristics of Annual Reports," IJERPH, MDPI, vol. 20(5), pages 1-21, February.
    2. Oyedokun, Godwin Emmanuel & Erinoso, Olusayo Mary, 2022. "Environmental Conservation, Sustainability and Financial Performance of listed Oil and Gas Companies in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 6(8), pages 582-590, August.

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