Economic Governance Disclosure and Financial Performance of Listed Consumer Goods Firms in Nigeria

ABSTRACTEconomic governance disclosure has become an essential dimension of corporate governance forfirms seeking to strengthen transparency, build stakeholder confidence, and enhance financialperformance. In Nigeria, reforms introduced by the Financial Reporting Council of Nigeria(FRCN), the Securities and Exchange Commission (SEC), and the Nigerian Exchange Group(NGX), together with global frameworks such as the Global Reporting Initiative (GRI),International Financial Reporting Standards (IFRS), and the Nigerian Code of CorporateGovernance (NCCG 2018), have heightened the demand for improved governance reporting.Despite these developments, concerns persist about the quality, completeness, and consistency ofdisclosures by listed firms. This study examined the effect of economic governance disclosure onthe financial performance of listed consumer goods firms in Nigeria. Using an ex post factoresearch design, the study analysed panel data drawn from 17 firms over the period 2012 to2021, yielding 170 firm-year observations. Financial performance was proxied by return onassets (ROA), while economic governance disclosure was measured through board structure andinvestor relations (BSIR) and research and development disclosure (RED). Multiple regressionanalysis showed that both BSIR and RED were positively and significantly associated withROA, indicating that transparent governance practices and the disclosure of investment activitiesare linked to improved firm performance. The study recommends stronger enforcement ofdisclosure requirements and greater commitment to research and development in order to sustainimproved financial outcomes.