ENVIRONMENTAL DISCLOSURES PRACTICE AND GROWTH OF LISTED INDUSTRIAL GOODS FIRMS IN NIGERIA
Abstract
Despite the grwoing recognition of the importance of environmental sustainability, many firms in Nigeria's industrial goods sector continue to lag behind in terms of environmental disclosure practices. This study examined the relationship between environmental disclosure practice and firm’s growth of listed industrial goods firms in Nigeria. Ex-post facto research design was used and panel data covering ten (10) years (2014-2023) alongside across thirteen (13) listed industrial goods firms in Nigeria. The data were analyzed using descriptive statistics and multiple linear regression analysis via E-views 10.0 statistical package. The study findings revealed that biodiversity disclosure has non-significant negative relationship {Coeff = -0.0148 (0.9273)} with return on investment of listed industrial goods firms in Nigeria, emission disclosure has a significant positive relationship {Coeff = 0.1513 (0.0315)} with return on investment of listed industrial goods firms in Nigeria, environmental restoration disclosure has non-significant negative relationship {Coeff = -0.3128 (0.0735)} with return on investment of listed industrial goods firms in Nigeria, environmental policy disclosure has a significant positive relationship {Coeff = 0.0145 (0.0116)} with return on investment of listed industrial goods firms in Nigeria while Climate change risk disclosure has a significant positive relationship {Coeff = 0.1331 (0.0031)} with return on investment of listed industrial goods firms in Nigeria. It was thus concluded that environmental disclosure practice have a significant effect on firm growth of listed industrial goods firms in Nigeria. The recommendations made included that industrial goods companies in Nigeria should develop and disclose clear environmental policies that outline their commitment to environmental sustainability. These policies should be regularly reviewed and updated to reflect changing environmental regulations and best practices.
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