ENVIRONMENTAL RISK DISCLOSURES AND MARKET VALUE OF LISTED CONSUMER GOODS FIRMS IN NIGERIA
Abstract
Environmental risk disclosures is the practice of companies transparently reporting on the potential environmental risks associated with their operations, products, or services, including climate change, biodiversity loss, pollution, and other ecological impacts. The main objective of this study was to investigate the relationship between environmental risk disclosures and market value of listed consumer goods firms in Nigeria. This study adopted an ex-post facto research design. The population of this study comprised of all consumer goods firms listed on the floor of the Nigerian Exchange Group (NGX), i.e from 2014 to 2023. A purposive sampling technique was employed to select the required sample for this study. The study adopted panel multiple regression to analyze data via Eviews 10.0. Finding of the study revealed among others, that Carbon emission disclosure has a significant positive relationship (Coeff. = 0.0238{0.0048}) with market capitalization of listed consumer goods firms in Nigeria; The study concluded that firms that disclose more information about their environmental risks and management practices tend to have higher market value, possibly due to increased transparency and stakeholder trust. It was recommended that lsted consumer goods firms in Nigeria should prioritize carbon emission disclosure by implementing robust measurement and reporting systems to track their greenhouse gas emissions and Firms should integrate biodiversity conservation into their sustainability strategies and disclose their biodiversity impact in their annual reports.
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References
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Deswanto, R. B., & Siregar, S. V. (2018). The associations between environmental disclosures with financial performance, environmental performance, and firm value. Social responsibility journal, 14(1), 180-193.
Devalle, A., & Cantino Valter, M. (2017). Carbon Risk Disclosure: The Influence of Governance and Corporate Social Responsibility. Social Responsibility Journal, 13(2), 334-347.
Dewi, L. G., Latrini, M. Y. & Respati, N. N. (2019). Determinants of carbon emission disclosure for manufacturing companies. E-Jurnal Akuntansi, 28(1), 613-640.
Dikeh, M. (2020). Examining the relationship between environmental disclosure and firm’s financial performance: A study of listed consumer goods companies in Nigeria. The Journal of Social Sciences Research, 6(6), 47-54.
Dumitru, A. M. & Urga, G. (2022). Identifying jumps in financial assets: a comparison between nonparametric jump tests. Journal of Business & Economic Statistics, 30(2), 242-255.
Effendi, B. (2021). The effect of environmental management accounting on firm value. International Journal of Social Science, 1(4), 309-314.
Egbunike O. O. & Odumodu N.B. (2021). Environmental cost disclosure and performance of quoted foods and beverages firms in Nigeria: Sustainability, 17(8), 35-69.
Ejere, I. A., Abdullahi, S., & Ndaliman, M. B. (2021). Corporate sustainability and firm value: Evidence from Nigeria. Journal of Accounting, Auditing & Finance Research, 10(1), 110-120.
Elijido-Ten, E., Santos, R., Perez, M., & Nguyen, L. (2020). The relationship between environmental disclosure and market value: A comparative study of Asian corporate firms. Journal of Sustainable Finance and Investment, 15(4), 234-256.
Elsayed, R. A. (2023). Exploring the financial consequences of biodiversity disclosure: how does biodiversity disclosure affect firms’ financial performance? Future Business Journal, 9-22
Emeka-Nwokeji, N. A. (2019). Nexus between corporate social responsibility disclosures and market value of listed non-financial firms in Nigeria. International Journal for Innovative Research in Multidisciplinary Field, 5(3), 247-255.
Emeka-Nwokeji, N. A., Ekwueme, C. M. & Okeke, P. C. (2021). Usefulness of voluntary disclosures in annual reports of listed companies in Nigerian: An examination of users’ perception. International Journal of Business and Management Review, 9(5), 22-48.
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rch, 30(5), 12283-12306.
Published
2025-11-08
How to Cite
UDOFIA, V., EMENYI, D. E. O., & UKPONG, E. G. (2025). ENVIRONMENTAL RISK DISCLOSURES AND MARKET VALUE OF LISTED CONSUMER GOODS FIRMS IN NIGERIA. GPH-International Journal of Business Management, 8(10), 68-91. https://doi.org/10.5281/zenodo.17558265
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Copyright (c) 2025 VICTORIA LINUS UDOFIA, DR EMMANUEL O. EMENYI, ENO G. UKPONG
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