Corporate Environmental Sustainability Reporting and Value Relevance of Listed Financial Service Firms in Nigeria
摘要
Corporate activities have resulted in depletion of natural resources, environmental pollution and hazard, while reporting such environmental engagements is capable of affecting corporate market values. This study was conducted to examine value relevance of corporate environmental sustainability reporting of listed financial service firms in Nigeria. The study employed ex post facto research design. Data were obtained from secondary sources through published annual reports and sustainability reports of selected firms for the period 2010 to 2020. The population consists of 51 financial service listed firms, while 35 firms were purposively sampled. Data collected were analysed using panel corrected standard error (PCSE) regression. The study revealed that materials, effluents and waste as measures of corporate environmental sustainability reporting are significantly value relevant, while compliance disclosure and energy consumption have no statistically significant effect. The studyconcluded that any improvement in the policy direction of the firms’ corporate environmental sustainability reporting will lead to improved corporate value among listed financial service firms. The study recommended that firms should give adequate attention to the projection of their environmental sustainability information in order to promote its value relevance and increase competitive edge.