ArticleResearch Article
Effect of Sustainability Disclosure on Financial Performance of Listed Manufacturing Firms in Nigeria.Innocent Ameh Oche
March 13, 2026•DOI: 10.52589/AJAFR-AA7PLLKV•Volume 9 Issue 1•690 views
This study examines the effect of sustainability disclosure on the financial performance of listed manufacturing firms in Nigeria over the period 2014–2023. The study adopts an ex-post facto research design, relying on secondary data extracted from the audited annual reports and sustainability disclosures of manufacturing firms listed on the Nigerian Exchange Group. Sustainability disclosure is disaggregated into social disclosure, economic disclosure, environmental disclosure, and employee health and safety disclosure, while financial performance is measured using Return on Assets (ROA). Content analysis techniques were employed to construct disclosure indices in line with relevant Global Reporting Initiative (GRI) indicators. Descriptive statistics, correlation analysis, panel unit root tests, and panel regression techniques were used to analyze the data. The findings reveal that social disclosure, economic disclosure, and employee health and safety disclosure exert positive and statistically significant effects on ROA, indicating that transparent stakeholder engagement and workforce welfare enhance asset utilization efficiency. Environmental disclosure, although positively related to ROA, does not exhibit a significant short-term impact, suggesting that environmental initiatives may yield financial benefits over a longer horizon. The study concludes that sustainability disclosure contributes meaningfully to financial performance when it strengthens trust, productivity, and reputational capital. It therefore recommends that manufacturing firms adopt integrated sustainability reporting frameworks and align disclosure practices with strategic financial objectives to achieve sustained profitability.
Read moreSustainability DisclosureFinancial PerformanceReturn on AssetsManufacturing FirmsESG ReportingNigeria.
Article
Sustainability Disclosures and the Performance of Listed Manufacturing Companies in Nigeria.Mafiana Ijeamaka; Ebiaghan Frank Orits
July 18, 2024•DOI: 10.52589/AJAFR-ZQBBYNWN•Volume 7 Issue 3•1,913 views
The study investigated the effect of sustainability disclosure on the performance of publicly listed manufacturing companies in Nigeria using ex-post facto research design. A sample of twenty (20) publicly listed manufacturing companies was obtained and secondary data were computed from the annual reports and accounts of the companies from 2013-2022. Data obtained were analyzed by means of descriptive, post-estimation and inferential statistics. Findings of the multivariate regression result revealed that financial performance (return on assets and return on equity) are not significantly affected by the level of sustainability disclosure. Based on the findings, it was recommended that management of publicly listed manufacturing companies should gear efforts toward enhancing disclosure on sustainability (in particular, index of sustainability reporting); this may further strengthen their financial performance level. In addition, management of publicly listed manufacturing companies should determine measures of sustainability disclosure affecting performance the most and focus more on them; this study contributes to knowledge by filling the gap in the literature on the relationship between sustainability disclosure and financial performance of listed manufacturing companies in Nigeria.
Read moreSustainability disclosureReturn on assetReturn on equityManufacturing firms.
Article
Sustainable Development Goals Reporting by Listed Companies in an Emerging Economy-Evidence from NigeriaBello Isiaka Dada (Ph.D.)
January 30, 2024•DOI: 10.52589/AJAFR-3DAELQSZ•Volume 7 Issue 1•1,621 views
Sustainable development goals (SDGs) have become a global agenda in recent years shaping both national and corporate institutions. At the mid-way point to 2030, the Sustainable Development Goals (SDGs) are in deep trouble. Corporate institutions are required to partner with governments in achieving the goals. The inclusion of SDGs in corporate disclosure will further enhance the quality of financial reporting and spur business leaders into action. This study explores the current state of SDG reporting by publicly listed companies in Nigeria given that the literature in this area is few. The research design was ex-facto using content analysis of annual report of listed manufacturing and construction companies constituting a sample of thirty-four companies using ten of the seventeen sustainable development goals. The manufacturing sector scored 44 of a possible 124 representing 35% with only 9 companies making a good disclosure of SDGs. Only 1 company is the clear leader of the 3 listed in the construction sector. We conclude that corporate listed companies have a lot to do in reporting these important development goals. This study contributes to accounting literature in corporate reporting and how SDG issues are addressed in corporate information. We recommend that the regulatory agency for financial reporting, professional accounting associations, and the Stock Exchange takes necessary step to develop framework, train, and enforce compliance to improved reporting of activities on social development goals. Government should engage business leaders to commit to accelerate business actions and reporting to achieve the SDGs by 2030.
Keywords: Disclosure theories, Reporting, Sustainable development, Sustainable development goals, Sustainability reporting.
Read moreDisclosure theoriesReportingSustainable developmentSustainable development goalsSustainability reporting.
Article
Firms Attributes and Sustainability Disclosures: A Study of Sensitive Environmental Sector in Nigeria.Ogunmodede Emmanuel Olorunfemi; Aggreh Meshack; Udeh Nnoli Francis
August 1, 2024•DOI: 10.52589/AJAFR-NUWBRI1F•Volume 7 Issue 3•1,507 views
This study investigates the impact of firm attributes on sustainability disclosure, focusing on a comparative analysis of environmentally sensitive firms. The specific objective is to ascertain the discrepancy in the influence of firm size on sustainability disclosure within the more environmentally sensitive industry. Employing a longitudinal and ex-post facto research design, the study encompasses a population of one hundred and fifty (150) listed firms in Nigeria. A sample of 20 firms from both financial and non-financial sectors was selected using judgmental sampling technique. Data were gathered from the annual reports and accounts of the chosen firms, as well as the fact book of Nigeria Exchange Group (NGX) spanning from 2012 to 2021. Hypotheses were tested using panel regression and t-test techniques. The key findings indicate a significant disparity in the impact of firm size on sustainability disclosure within the more environmentally sensitive industry (P = 0.0002). In conclusion, the adoption of sustainable development strategies by a company reflects management's consideration of various stakeholders' perceptions. The study recommends that regulators prioritize environmental and social issues to foster sustainable practices, particularly through increased disclosure of environmental, social, and governance factors.
Read moreFirmsSustainability DisclosuresSensitive Environmental SectorCapital EmployedNet Income Margin.
Journal
African Journal of Economics and Sustainable DevelopmentAfrican Journal of Economics and Sustainable Development (AJESD) is an international peer-reviewed open access journal that publishes original research in economics, development studies, public policy, and sustainability. The journal provides a platform for rigorous scholarship that examines economic growth, development, institutions, and public policy through the lens of sustainability. AJESD welcomes contributions that address contemporary development challenges and advance understanding of inclusive growth, environmental sustainability, economic resilience, and institutional effectiveness, with particular relevance to Africa and other developing regions alongside globally significant perspectives.
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African Journal of Environment and Natural Science ResearchAfrican Journal of Environment and Natural Science Research (AJENSR) is an international peer-reviewed open access journal that publishes original research in environmental science, natural sciences, ecology, earth sciences, and related disciplines. The journal provides a platform for high-quality scholarship that connects fundamental scientific knowledge with the practical challenges of environmental management, conservation, and sustainability. AJENSR welcomes contributions that apply scientific rigor to the understanding and resolution of environmental issues and that advance knowledge relevant to both African and international contexts.
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International Journal of Mechanical and Civil EngineeringInternational Journal of Mechanical and Civil Engineering (IJMCE) is an international peer-reviewed open access journal that publishes original research in mechanical engineering, civil engineering, infrastructure systems, and related disciplines. The journal provides a platform for the dissemination of high-quality theoretical, computational, experimental, and applied research that advances the analysis, design, construction, operation, and maintenance of engineering systems and the built environment. IJMCE welcomes contributions that bridge theory and practice and that demonstrate measurable improvements in engineering performance, safety, sustainability, resilience, and operational efficiency.
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International Research in Material and EnvironmentInternational Research in Material and Environment (IRME) is an international peer-reviewed open access journal that publishes original research in materials science, environmental science, sustainability, and related interdisciplinary fields. The journal provides a platform for high-quality scholarship that examines the development, production, use, performance, and disposal of materials within environmental and sustainability contexts. IRME welcomes contributions that integrate fundamental scientific research with practical solutions for sustainable development, resource management, environmental protection, and the advancement of environmentally responsible technologies.
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Journal of Advanced Manufacturing and AutomationJournal of Advanced Manufacturing and Automation (JAMA) is an international peer-reviewed open access journal that publishes original research in advanced manufacturing, automation, industrial engineering, production systems, and related technological disciplines. The journal provides a platform for the dissemination of high-quality theoretical, experimental, computational, and applied research that advances modern manufacturing technologies, intelligent production systems, and industrial automation. JAMA welcomes contributions that promote innovation in manufacturing processes, digital production, smart factories, and automation technologies that enhance productivity, quality, efficiency, sustainability, and competitiveness across industrial sectors.
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Journal of Applied Chemistry and Molecular InnovationJournal of Applied Chemistry and Molecular Innovation (JACMI) is an international peer-reviewed open access journal that publishes original research in applied chemistry, molecular science, chemical innovation, and related interdisciplinary fields. The journal provides a platform for the dissemination of high-quality theoretical, experimental, and applied research that advances the understanding, design, synthesis, characterization, and application of chemical and molecular systems. JACMI welcomes contributions that promote scientific innovation and translate chemical discoveries into practical solutions for industry, healthcare, energy, agriculture, environmental sustainability, and emerging technologies.
