Effect of Sustainability Disclosure on Value of Listed Foods and Beverages Manufacturing Firms in Nigeria

Abstract

The main objective of this study is to evaluate the effect of sustainability disclosure on the value of listed foods and beverages manufacturing firms in Nigeria. The study adopted a Quantitative research design. The study population comprises 21 consumer manufacturing firms. The sample size was 16 food and beverage manufacturing firms quoted on Nigerian Exchange Group (NGX) as of 31^st December. 2023.  The study used secondary data from the annual financial statements of the sampled firms under study. The data were analyzed using descriptive and inferential statistical techniques. The hypotheses were tested using Random Effects Model Specification (REM). The findings from the study showed among others that economic disclosure has a non-significant positive effect on Tobin’s q, while governance disclosure has a negative but non-significant effect on Tobin’s q among listed food and beverage manufacturing firms in Nigeria (p > .05). The study recommends among others that the Board and Shareholders should strive for transparent economic disclosure of firms. This would provide transparency into a firm’s financial health, performance, and management and the management of food and beverage firms should endeavor to consistently disclose environmental information in annual reports. Environmental disclosure allows firms to demonstrate their commitment to sustainability and responsible environmental practices.