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The research examines how sustainability reporting affects firm value as measured by Tobin's Q in listed Nigerian firms.

February 23, 2026Open Access

Sustainability Reporting and Firm Value: Evidence from Listed Firms in Nigeria, An Empirical Investigation Using Tobin's Q (2010–2024)

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Empirical investigation shows ESG metrics influence firm value in Nigeria, suggesting key roles for corporate governance.

The research examines how sustainability reporting affects firm value as measured by Tobin's Q in listed Nigerian firms.
Ex-post facto research design
Panel regression methodology
Sample of 148 firms from the Nigerian Exchange Group
Control for firm size, profitability, leverage, growth opportunities, firm age, and liquidity.
Sustainability reporting positively influences firm value according to Tobin's Q.
Governance disclosure has the strongest positive effect, while environmental and social disclosures show varied impacts across industries.

Onipe Adabenege Yahaya (2026) studied this question.

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