Assessing the Relationship Between Sustainability Disclosure and Firm Value in Nigeria's Industrial Sector

The main objective of this study was to examine the effect of corporate sustainability disclosures on market value of listed industrial goods companies in Nigeria from 2014 to 2023. The independent variable, corporate sustainability disclosure, was proxied by environmental sustainability disclosures, social sustainability disclosures, economic sustainability disclosures and governance sustainability disclosures. The dependent variable of the study was market value measured by market capitalization. The research design adopted for the study was ex post facto, secondary data were employed and purposive sampling technique was adopted to select 11 out of 13 listed industrial goods firms in Nigeria. The ordinary least square regression analysis was used in analysing the data and the statistical package employed was STATA 14.2. The findings of the study revealed that environmental sustainability disclosure has non-statistically significant effect on market value of listed industrial goods companies in Nigeria and social sustainability disclosure has significant positive effect on market capitalization of listed industrial goods companies in Nigeria; Thus, it was concluded that corporate sustainability disclosures have significant effect on market value of listed industrial goods firms in Nigeria. Based on these findings, it was recommended among others that the management of listed industrial goods firms should expand their efforts in social sustainability practices by engaging in community development projects, employee welfare programs, and other socially impactful activities.