SUSTAINABILITY REPORTING AND FINANCIAL PERFORMANCE OF SELECTED CEMENT FIRMS IN NIGERIA
Keywords:
Sustainability reporting, Financial Performance, Environmental reporting
Abstract
This study examined the effect of sustainability reporting on financial performance of selected cement firms in Nigeria. The study used ex-post facto research design with 10 cement firms as population from 2016-2020. The major findings of this study were; there is a negative and insignificant relationship between environmental reporting and the performance of cement companies in Nigeria; there is a positive influence of economic reporting on the financial performance of cement firms in Nigeria and social reporting will decrease the financial performance of the selected companies.From the analysis shown above, it was concluded that sustainability reporting significantly affect the financial performance of health care companies in Nigeria compositely. It is also worthy of note that the components of sustainability reporting do not significantly affect the financial performance of the cement firms individually. From the findings of the study, it was recommended that; the policy makers in government should enforce the inclusion of sustainability reports in the annual reports by cement companies. This will make sustainability reporting a compulsory report rather than a voluntary disclosure.The management of manufacturing firms should continue to disclose more economic reports as this positively affect their performance.
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References
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Esira, F.A, Ikechukwu, E.C. and Ikechukwu, E. M. (2014). Environmental cost management and profitability of oil sector in Nigeria (2004-2013). Journal of Good Governance and Sustainable Development in Africa, 2(2):181-192.
Faisal, F., Tower, G., and Rusmin, R. (2012). Legitimising corporate sustainability reporting roughout the World. Australasian Accounting Business and Finance Journal, 6(2):19-34.
Freeman, R.. (2004). The Stakeholder Approach Revisited. ZeitschriftfürWirtschafts- und Unternehmensethik. 23.
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Garg, P. (2015). Impact of sustainability reporting on firm performance of companies in India. International Journal of Marketing and Business Communication, 4(10):45-70.
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Global Reporting Initiative (2013). Sustainability reporting guidelines version. Global Reporting Initiative, Amsterdam, 6p.
Gray, R., Kouhy, R. and Lavers, S. (1995). Corporate social and environmental reporting: A review of the literature and a longitudinal study of UK disclosure. Accounting, Auditing and Accountability Journal, 8(2):47-77.
Guo, M., and Zhao, X. (2011). What is the impact of industrial environmental events on the quality of environmental disclosure in corporate annual reports? 90p.
Hussain, D., Franco, J. andMccoll, R. (2018). Luxury fashion and sustainability: looking good together. Journal of Business Strategy, 2(2):34-45.
Hasan, M., Ahsan, A., Rahaman, M., and Alam, M. (2014). Influence of capital structure on firm performance: Evidence from Bangladesh. International Journal of Business and Management. 9(1): 184-194.
Henderson, S. and Pierson, G. (2004). Issues in financial accounting French forest, NSW: Pearson Education Australia, 90p.
Iheduru, N. and Okoro, C. (2019). Sustainability reporting and profitability of quoted firms in Nigeria. A multi-dimensional panel data study: Australian finance and baking review, 3(1):23-36.
Isa, M. (2014). Sustainability reporting among Nigeria food and beverages firms. 9p.
Jasch, C. and Stasiškienė, Ž. (2005). From environmental management accounting to sustainability. Management Accounting. 4:77-88.
Jegers, M. (2010). The effect of board‐manager agency conflicts on non‐profit organisations’ earnings and cost allocation manipulations. AccountingandBusiness research,40(5):407-419.
Jensen, M. and W. Meckling (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics,3(4):305– 360.
Jorgensen. H. B. (1993). The green account of Danish steel works Ltd. Social and Environmental Accounting,13(2):25-40.
Juhmani, O. (2014). Determinants of corporate social and environmental disclosure on websites: The case of Bahrain. Universal Journal of Accounting and Finance, 2(4):77 - 87.
Kusuma, A.andKoesrindartoto, D. (2014). Sustainability practices and financial performance: An Empirical Evidence from Indonesia. International Business Research, 2(3):121-130.
Kassinis, G. and Vafeas, N. (2006). Stakeholder pressures and environmental performance. Academy of Management Journal, 49:145-159.
KPMG Global Sustainability Services and Accountability. (2005). Assurance standards briefing. AA1000 assurance standard and ISAE3000, Amsterdam, 65p.
KPMG Global Sustainability Services and sustainability Ltd. (2008).Count me in: The readers’ take on sustainability reporting,Amstelveen, 22p.
KPMG Global Sustainability Services. (2013). International survey ofcorporate responsibility reporting 2008, Amstelveen, 22p.
Loh, L. Thomas, T. and Wang Y. (2017). Sustainability reporting and firm value: Evidence from Singapore-listed companies. 69p.
Margolis, J. and Walsh, J. (2007). Does it pay to be good...And does it matter? A meta-analysis of the relationship between corporate social and financial performance. SSRN Electronic Journal, 2(1):3-6.
Mohd, A.A., Rohaizat, B., Kamaruzzaman, A.R. and Norhavati, Z. (2011). An empirical evidence of performance measurement of audit firms in Malaysia. International Business Research, 4(4):191-198.
Motwani, S. and Pandya, H. (2016). Evaluating the impact of sustainability reporting on financial performance of selected Indian companies. International journal of research in IT and management, (62): 45-60.
Muhamad, M. R. and Ebrahim, Z. (2010). An empirical study on the impact of sustainable manufacturing practices and innovation performance on environmental sustainability. JurnalTeknologi, 77: 57-68. 10.11113/jt.v77.6043.
Muhamamd, S., Ammar, G. andMuhammad, R. (2013). Impact of capital structure on banking performance (A Case Study of Pakistan). Interdisciplinary Journal of Contemporary research in Business, 4 (1):393-403.
Nnamani, J., Onyekwelu, U. and Ugwu, K. (2017). Effect of sustainability accounting and reporting on financial performance of firms in Nigeria brewery sector, 34p.
Noodezh, H. R., and Moghimi, S. (2015). Environmentalcosts and environmental information disclosure in theaccounting systems. International Journal ofAcademic Research in Accounting Finance andManagement Sciences, 5(1):13–18.
Nousheen, T. and Arshad, H. (2013). Impact of firm specific factors on profitability of firms in food sector. Open Journal of Accounting, 2(2):21-35.
Nwobu, O. (2016). The relationship between corporate sustainability reporting and profitability andshareholders fund in Nigerian banks. Journal of Accounting and Management, 5(3):67-80.
Nwobu, O. (2017). Sustainability reporting infinancial institutions: A study of the Nigerian banking sector. Journal ofInternet Banking and Commerce, 22(8):1-15.
Nze, D.O., Okoh., J. and Ojeogwu, I.C. (2016). Effect ofcorporate social responsibility on earningsof quoted firms in Nigeria. ESUT Journal of Accountancy, 1: 260-267.
Okolie, O. and Igaga, Collins. (2020). Sustainability reporting and financial performance of deposit money banks in Nigeria. International Business & Economics Studies. 2(1),68-75.
Okpo, S.A.(2022). Reaction of Investors to Disclosure of Information on Human and Social Factors Disclosure in Annual Reports: Evidence from Nigerian Capital Market. Aksu Journal of Social Sciences, 1(2), 141-152.
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Published
2023-08-07
How to Cite
OKON UDOMAH, M., & EMMANUEL O. EMENYI, D. (2023). SUSTAINABILITY REPORTING AND FINANCIAL PERFORMANCE OF SELECTED CEMENT FIRMS IN NIGERIA. GPH-International Journal of Business Management, 6(08), 40-65. https://doi.org/10.5281/zenodo.8220321
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