Sustainability Accounting Disclosure on Financial Performance of Listed Consumer Goods Firms in Nigeria

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:Provides empirical evidence from an African emerging market on the differential impact of ESG disclosure components on financial performance.

🏢実務担当者:Suggests that governance disclosure may be more value-relevant than environmental or social disclosure, informing corporate reporting priorities.

🏛政策担当者:Indicates that mandatory sustainability disclosure may not automatically lead to improved financial performance, suggesting the need for capacity building and integration into business strategy.

This study examined the effect of sustainability accounting disclosure on the financial performance of listed consumer goods firms in Nigeria. The specific objectives were to determine the effects of environmental sustainability disclosure, social sustainability disclosure, governance sustainability disclosure, and economic sustainability disclosure on return on assets. The study adopted an ex post facto research design and utilized secondary data obtained from the annual reports and sustainability reports of the sampled firms covering the period 2015–2024. The population comprised twenty consumer goods firms listed on the Nigerian Exchange Group (NGX) as at 31 December 2024, while a sample of fifteen firms was selected using purposive sampling technique based on data availability and continuous listing status. Panel Regression (Random Effect Model) was employed to test the hypotheses. The findings revealed that: environmental sustainability disclosure has a negative and non-significant effect on return on assets of listed consumer goods firms in Nigeria (β = -0.010303; p = 0.3960); social sustainability disclosure has a negative and non-significant effect on return on assets of listed consumer goods firms in Nigeria (β = −0.000201; p = 0.3152); governance sustainability disclosure has a positive and significant effect on return on assets of listed consumer goods firms in Nigeria (β = 0.159478; p = 0.0000); economic sustainability disclosure has a negative and non-significant effect on return on assets of listed consumer goods firms in Nigeria (β = -0.012737; p = 0.6829). By implication, sustainability disclosure in listed consumer goods firms in Nigeria does not uniformly translate into improved financial performance, as only governance disclosure contributes significantly to return on assets. The study recommended that the management of listed consumer goods firms in Nigeria should integrate environmental sustainability disclosure into core operational planning rather than treating it as a compliance exercise.

• crossref https://doi.org/10.56201/jafm.vol.12.no7.2026.p153.169first seen 2026-08-16 06:04:44