Journal of Accounting and Financial Management E-ISSN 2504-8856 P-ISSN 2695-2211

Vol 9. No. 7 2023 www.iiardjournals.org

Effect of Sustainability Reporting on Financial Performance of

Quoted Pharmaceutical Companies in Nigeria

Aniagboso Ifeoma. C
Department of Accountancy
Chukwuemeka Odumegwu Ojukwu University,
Igbariam, P.M.B 002 Uli, Anambra State, Nigeria

Orjinta Hope Ifeoma (Ph.D)

Department of Accountancy
Chukwuemeka Odumegwu Ojukwu University,
Igbariam, P.M.B 002 Uli, Anambra State, Nigeria

DOI: 10.56201/jafm.v9.no7.2023.pg37.55

Abstract
The thrust of this study was to ascertain the effect of sustainability reporting on financial
performance of quoted pharmaceutical companies in Nigeria for a period of ten (10) years
spanning from 2012 to 2021. Ex-post facto and longitudinal research design was adopted.
Sustainability disclosure which is the independent variable was captured using employee health
and safety disclosure, social disclosure, environmental disclosure, and governance disclosure
while financial performance which served as the dependent variable was measured using return
on investment (ROI). Panel data were obtained from annual reports and accounts of the sampled
health care companies and subjected to preliminary data tests such as descriptive analysis,
correlation analysis, variance inflation factor analysis and hausman effects tests for the study
period. Multiple panels least regression analysis was employed via E-Views 12. The results of
the tested hypotheses revealed that employee health and safety disclosure, and social disclosure
have positive and significant effect on financial performance of health care companies in Nigeria
which was statistically significant at 95% confidence level respectively while a negative but
insignificant effect was documented against environmental disclosure, governance disclosure
and financial performance of health care companies in Nigeria. In conclusion, the findings shed
light on the substitute and complementary relationship between performance and the increase in
sustainability disclosure quality.

Keywords: Sustainability Reporting; Employees Health and Safety Disclosure; Social

Disclosure; Environmental Disclosure; Governance Disclosure

IIARD – International Institute of Academic Research and Development Page 37

 Journal of Accounting and Financial Management E-ISSN 2504-8856 P-ISSN 2695-2211
Vol 9. No. 7 2023 www.iiardjournals.org

1.1 Introduction

Considering the important role health care play in the lives of human population, Nigeria
inclusive. It is pertinent that every aspect associated with the wellbeing of the society is given
paramount attention. Pharmaceutical industry plays a vital role in ensuring this role is fulfilled.
Sustainability report have become prevalent in most part the world and it has become appropriate
to appreciate the impact on the financial performance of pharmaceutical companies in Nigeria.
As at today, sustainability reporting practices in the pharmaceutical industry in Nigeria are not
properly documented and screened. This lack of appreciation have had adverse effect towards the
growth of the industry in Nigeria. Many past researchers has carried out studies on effect of
sustainability reporting on financial performance found unreliable and inconsistent results. For
example Chikwendu, Okafor and Jesuwunmi (2023), Nnamani, Onyekwelu and Ugwu (2017),
Yusuf, Emmanuel, Akpan and Odumegwu (2020), Nzekwe, Okoye and Amahalu (2021),Syder,
Ogbonna and Akani (2020),Ismail, Anwarul Islam and Shariful Haque (2021) Ezeokafor and
Amahalu (2019), Ihimekpen (2021), Yazid, Mohammed, Agbi, Kaoje, and Umar (2021)
reported positive relationship between sustainability reporting and financial performance among
the quoted sectors.

Therefore, the problem to address in this study is the examination of the effect of sustainability
reporting on financial performance of pharmaceutical companies in Nigeria. Specifically, by
investigating the potential relationship between components of sustainability disclosure(
Employee’s health and safety, Social, Environment, Governance disclosure) which serves as the
independent variable and financial indicator such as Return on Investment considered as
dependent variables , The previous study mentioned adopted Panel regression, ordinary linear
regression, multiple regression analysis, pooled Ordinary least Square regression as a as a
method of Analysis while this current study adopt multiple panel least regression analysis via E-
views 12.The researcher has decided to fill up some gaps left undone by some scholars by
introducing Governance and return on Investment as variable which is inclusive in my
webometric. This stands to expose the impact of sustainability reporting on the business outcome
of pharmaceutical companies in Nigeria.

This report will identify the potential benefits or hindrance associated with sustainable reporting.
The study will help decision makers and stakeholders in the pharmaceutical industry such as
managers, executives, investors and regulators take informed decisions. Basically, better
knowledge about this relationship can improve the overall sustainability and financial
performance of Pharmaceutical industries in Nigeria. To achieve this purpose, the following
hypotheses were formulated as thus;

H01: Employee health and safety disclosure has no significant effect on the financial
performance of listed pharmaceutical firms in Nigeria

H02: Social disclosure has no significant effect on the financial performance of listed
pharmaceutical firms in Nigeria

H03: Environmental disclosure has no significant effect on the financial performance of listed

IIARD – International Institute of Academic Research and Development Page 38

 Journal of Accounting and Financial Management E-ISSN 2504-8856 P-ISSN 2695-2211
Vol 9. No. 7 2023 www.iiardjournals.org

pharmaceutical firms in Nigeria

H04: Governance disclosure has no significant effect on the financial performance of listed
pharmaceutical firms in Nigeria

2.0 Conceptual Review

2.1 Sustainability Reporting

The concept of sustainability reporting views as important both the traditional concern of
business organization strategies for profit maximization, diversification, product differentiation
as well as globally assessing the company performance on its environment. Sustainability
Reporting (SR) is one of the non-financial reports produce by firms either as a standalone
sustainability report or integrated in the company’s annual reports and accounts. Sustainability
Reporting can be described as the practice of reporting by firms or companies of such factors that
are integral to the attainment of the United Nations’ sustainable development goals. Global
Reporting Initiative, GRI (2011) defines Sustainability Reporting as the activities and practice
which is concern with measuring, disclosing, and being accountable to the needs and interest of
firm’s internal and external stakeholders for organizational effort towards the attainment of
sustainable development goals.
There is no single, generally accepted definition of sustainability reporting. It is a broad term
generally used to describe a company’s reporting on its economic, environmental and social
performance Omaliko & Okpala, 2022). It can be synonymous with triple bottom line reporting,
corporate responsibility reporting and sustainable development reporting, but increasingly these
terms are becoming more specific in meaning and therefore subset of sustainability reporting
(KPMG, 2008). Jasch and Stasiskiene (2005) defines sustainability reporting as a subset of
accounting and reporting that deals with activities, methods and systems to record, analyze and
report, firstly, environmentally and socially induced financial impacts and secondly, ecological
and social impacts of a defined economic system (example, a company, production site, and
nation).
2.1.1 Environmental Disclosure:
Environmental disclosure is a form of corporate responsibility to the society as a result of
activities which emerging a negative impact on the environment. Meanwhile, Environmental
Disclosure is as the accountability of fulfilling the information needs of the company for
investors, shareholders, customers, and other parties. The term ‘environmental disclosure’ is
defined as the process through which the information was presented on the environmental
obligations, which are resulting from a corporate daily activities (Omaliko, Onyeogubalu &
Akwuobi, 2021). Although the concept of disclosure has one definition, whether environmentally
or accounting, but it is noted that it is limited, in respect of accounting disclosure, to the
presentation of the business results in the light of the accounting policies and concepts. It may
not reflect the negative environmental effects resulting from the company’s various activities. In
such case, it results in shortage in the information presentation associated with the organization
activities, in particular, the information related to the cost and environmental liabilities. This

IIARD – International Institute of Academic Research and Development Page 39

 Journal of Accounting and Financial Management E-ISSN 2504-8856 P-ISSN 2695-2211
Vol 9. No. 7 2023 www.iiardjournals.org

forms one of the challenges encountered by accounting recent years in which the industrial
company’s activities have increased and widened to include the negative effects resulting from
dispensing toxic waste which is dangerous to the environment surrounding these companies (Al-
Rashed, 2013). The environmental disclosure was also defined as “the presentation and provision
of the data and information related to the environmental activities of the business facilities in the
financial statements, which facilitates the work of the information users and decision-makers and
lead to rationalize the decision in assessing the environmental performance of such companies”.
2.1.2 Employee health and safety:
Employee safety refers to providing a safe working environment for employees by incorporating
safe equipment and safe procedures at the workplace to ensure worker safety. Employee safety is
important to maintain a good safe work environment to improve morale and efficiency, which in
turn contribute to the growth and profitability of the company. Lack of safety procedures for
employees could have legal and financial repercussions. Safety training, periodic safety
inspections, and the provision of proper personal protective equipment (PPEs) are part of the
employee safety mandate an organization must follow. It is the responsibility of every employer
to provide healthy work environment to his employees. If he is careful about their health, cost of
disability payments, replacement of employees who are injured or killed could be avoided.
Through employee safety and health programs the company can enhance the emotional and
physical well-being of the employees.
2.1.3 Social Disclosure
Social disclosure refers to a company’s performance in offering information on societal
programs implemented by the organization. To the extent that companies provide contents on
their societal efforts, they are answering to societal requests and expectations regarding social
disclosure. Corporate social responsibility disclosure discloses information on what the firms
have done for the sake of the community. It also shows the disclosure of firms’ action on what
they have been contribute to the welfare of the society and what they will do in the future for the
welfare and interest of the society. Usually the disclosure is disclosed in a social responsibility
report and publishes in company’s website or annual report of public listed companies. Corporate
social responsibility disclosure is very important to company’s stakeholder. The stakeholders of
the company always take note to the disclosure because the disclosure shows what the company
plan to do and have done for the welfare of the society. A recently report shows that most of the
investors are invest in firms that have involve greatly in social responsibility. With actively
involved in the activities of social responsibility, the company can increase their positive image
emerge to the society. It can bring advantage to the companies with having increasing number of
investors invest in the company and attract more supplier cooperates with them.
2.1.4 Governance Disclosure:
Governance refers specifically to the set of rules, controls, policies, and resolutions put in place
to dictate corporate behavior. Proxy advisors and shareholders are important stakeholders who
indirectly affect governance, but these are not examples of governance itself. The board of
directors is pivotal in governance, and it can have major ramifications for equity valuation.

IIARD – International Institute of Academic Research and Development Page 40

 Journal of Accounting and Financial Management E-ISSN 2504-8856 P-ISSN 2695-2211
Vol 9. No. 7 2023 www.iiardjournals.org

A company’s corporate governance is important to investors since it shows a company's

direction and business integrity. Good corporate governance helps companies build trust with
investors and the community. As a result, corporate governance helps promote financial viability
by creating a long-term investment opportunity for market participants. It considers the practical
considerations for peculiarities for different firms operating in different sectors and of different
sizes, and locations.
2.1.5 Concept of Financial Performance
In the world of finance, financial performance is measured to give the account of stewardship by
the management team to the shareholders. The key aspect of this involves measuring the
profitability, market value and growth prospect of a company. Accounting-based measures
examines the nature of the relationship between some indicator of the social performance
(reputation, revelation of social information, environmental behavior etc.) with the company’s
financial performance obtained from the accounting information such as the historical audited
financial statements of the respective companies. It is a complete evaluation of a company’s
profitability. It is measured through various business-related formulas that allow users to
calculate exact details regarding a company’s potential effectiveness. For internal users, financial
performance is examined to determine their respective companies’ well-being and standing,
among other benchmarks. For external users, financial performance is analyzed to dictate
potential investment opportunities and to determine if a company is worth their while. Before
calculations can be made on certain financial indicators that establish overall performance, a
financial statement analysis must occur.
2.2 Theoretical Framework

2.2.1 Stakeholder Theory

Stakeholder theory was championed and first described by Edward Freeman, a professor at the
University of Virginia, in his landmark book, “Strategic Management: A Stakeholder Approach”
In 1984. According to Freeman (1984), stakeholders are possible collection of people or persons
who can influence or are influenced by the actions or activities of an organization. His definition
for what or who stakeholders are was responsible for the foundation for which stakeholders’
theory has been lay by successive scholars. According to Clan (1996), the principal idea of the
concept of stakeholder theory is that organization’s achievement is determined by the successful
accomplishment of all the affiliation that an entity has with all its interested parties and all
persons who it has direct interest/connections with. To him the higher the authority of such group
or individual, the more the organization must comply. The general idea of the stakeholder
concept is a redefinition of the organization. In general, the concept is about what the
organization should be and how it should be conceptualized. Popa, Blidisel and Bogdan (2009)
maintains that stakeholder theory is based on the premise that the stronger the companies‟
relationships are with other interest parties, the easier it will be to meet its business objectives.
Stakeholder theory contributes to the corporate sustainability concept by bringing supplementary
business arguments as to why companies should work toward sustainable development.

Perrini and Tencati (2006) states that the sustainability of a firm depends on the sustainability of
its stakeholder relationships; a company must consider and engage not only shareholders,
IIARD – International Institute of Academic Research and Development Page 41
 Journal of Accounting and Financial Management E-ISSN 2504-8856 P-ISSN 2695-2211
Vol 9. No. 7 2023 www.iiardjournals.org

employees and clients, but also suppliers, public authorities, local community and civil society in
general, financial partners, etc. Friedman (2006) in Fontaine, Harman, and Schmid (2006) states
that the organization itself should be thought of as grouping of stakeholders and the purpose of
the organization should be to manage their interests, needs and viewpoints. The main groups of
stakeholders are: customers, employees, local communities, suppliers and distributors,
shareholders, the media, the public in general, business partners, future generations, past
generations (founders of organizations), academics, competitors, government, regulators,
policymakers etc. Thus, sustainability reporting provides a frame work to create value for
stakeholders which translate to satisfying the interest of diverse group of stakeholders.

2.3 Empirical Review

Abdulkadir, Ismail and Yusuf (2022) This study investigates the association of environmental
information disclosure and corporate financial performance for the steel industry. This study
manufacturing industry listed companies in Nigeria Stock Exchange from. The environmental
information disclosure includes environmental financial and non-financial information. The
result disclosed that Disclosure on Material used (DMT) has insignificant negative effect on
financial performance (ROA) of listed pharmaceutical manufacturing companies in Nigeria and
The study also found that disclosure on environmental compliance has significant positive effect
on financial performance of listed pharmaceutical manufacturing companies in Nigeria.

Abdulsalam and Babangida (2020) The main objective of this paper is to empirically investigate
the significant effect of sales and firm size on sustainability reporting of oil and gas companies in
Nigeria. The population of the paper consists of 24 oil and gas firms playing a major role in the
upstream, midstream and downstream of the Nigerian oil and gas sector. Six of the companies
were selected to form the sample size of the study for a period of fifteen years, from 2004 –
2018. Panel regression techniques were utilized to analyzed data obtained from annual accounts
and stand-alone reports of the sample companies. The results show that firm characteristics
proxies by sales growth and leverage exerts a negative significant effect whereas, firm size exert
a positive significant effect on sustainability reporting and profitability of oil and gas companies
in Nigeria. The paper, therefore, recommended oil and gas firms to consider a mixture of
common stock, preferred stock and retained earnings as a form of capital structure than given a
preference to debt financing.

Agu and Amedu (2018) This study set out to determine the effect of sustainability reporting on
the profitability of listed pharmaceutical firms in Nigeria. An ex–post facto research design
approach was adopted for the study. Secondary data were obtained from the annual report of the
companies of seven (7) sampled firms which covered from 2012 to 2017 financial year. Data
were analyzed using the ordinary linear regression. The results showed that there is negative and
insignificant relationship between economic disclosure index and Return on Assets whereas both
Environmental and Social disclosure indexes have statistical positive but insignificant
relationship with Return on assets of pharmaceutical firms in Nigeria. The findings further
revealed that Environmental disclosure index has statistical negative and insignificant
relationship to Return on equity whereas there is positive but insignificant relationship to both
economic and Social disclosure indexes and Return on equity of pharmaceutical firms in Nigeria.
Finally, the result established also that economic and social disclosure indexes have statistical

IIARD – International Institute of Academic Research and Development Page 42

 Journal of Accounting and Financial Management E-ISSN 2504-8856 P-ISSN 2695-2211
Vol 9. No. 7 2023 www.iiardjournals.org

positive but insignificant relationship with net profit margin whereas there is negative and
insignificant relationship between Environmental disclosure index and net profit margin of
pharmaceutical firms in Nigeria. Consequent upon the findings, this study recommends among
others; The management of the pharmaceutical firms in Nigeria should maintain comprehensive
sustainability disclosures order to boost its profitability.

Asuquo, Dada and Onyeogaziri (2018) Sustainability has become an issue of major concern in
the corporate world today. In recent times, investors have become more concerned about
sustainability, hence sustainability has the potential to influence a firm’s performance. This
research examined the effect of sustainability reporting on corporate performance of selected
quoted brewery firms in Nigeria. To determine the association between sustainability reporting
and corporate performance, data was obtained from the audited financial statements of the three
brewery firms under study for a period of five years (2012-2016). The result of the study shows
that Employee health and safety Performance disclosure (EHSN), Environmental Performance
disclosure (ENV) and Social Performance disclosure (SOC) have no significant effect on return
on asset (ROA) of selected quoted firms in Nigeria.

Ezeokafor and Amahalu (2019) The objective of this study is to determine the effect of
sustainability reporting on corporate performance of quoted oil and gas firms in Nigeria. This
study adopted time series and cross-sectional analysis of selected oil and gas firms quoted on the
Nigerian Stock Exchange as at 31st December 2017 for a period of seven years spanning from
2011 – 2017. This study made use of Ex-Post Facto research design. Data were gotten from
secondary sources obtained from fact books, annual reports and accounts of the studied quoted
oil and gas companies in Nigeria as at 31st December, 2017. The relevant data obtained were
subjected to statistical analysis using Pearson correlation coefficient and multiple regression
analysis via E-View 9.0 statistical software. The results of this study revealed that sustainability
reporting (proxied by economic, environmental and social performance indices) has a significant
positive effect on return on equity, net profit margin and earnings per share at 5% level of
significance. The study recommended amongst others the need to adopt standardized
Sustainability Index as this will help in putting pressure on companies to pay more attention to
their environment and take much more seriously the issues of sustainable development.

Gabriel, Maurice and Bweseh (2020) The researcher is interested to determine the relationship
between sustainability reporting and financial performance of firms from Nigeria and it is
triggered by recent increase in sustainability reporting by firms in these countries. Secondary
data extracted from published accounts of sampled firms were subjected to multiple regression
analysis. Results from the study indicate that economic reporting and environmental reporting
affect positively and significantly financial performance of Oil and Gas firms in Nigeria and
Mozambique while social reporting had an insignificant negative effect on the performance of
Oil and Gas firms in Nigeria and Mozambique. Additionally, the study found that sustainability
reporting amongst Nigerian and Mozambican oil and gas companies differ significantly. The
study concludes that economic and environmental reporting have a significant positive influence
on the financial performance of firms while social reporting has a negative but insignificant
influence on the financial performance of Oil and Gas companies in the two countries. The study
recommends an international reporting standard to guide companies globally in reporting
sustainability activities to enhance meaningful comparison among reporting companies within
IIARD – International Institute of Academic Research and Development Page 43
 Journal of Accounting and Financial Management E-ISSN 2504-8856 P-ISSN 2695-2211
Vol 9. No. 7 2023 www.iiardjournals.org

the same jurisdiction and even internationally.

3.0 Methodology

The study adopted ex-post facto research design. The study used secondary data that covered the
period of ten (10) years from 2012 - 2021. The data was collected from the published financial
statement of quoted pharmaceutical company and the Nigeria Exchange Limited Fact-book for
the various years covered in the study. The population of this study is made up of all the seven
(7) quoted pharmaceutical firms that are listed on the floor of the Nigerian Exchange Limited up
to December, 2021. Since the population of the study is relatively low, the study used the entire
population. Hence, the population of the study becomes the ample for the study. panel regression
model was employed in the data analysis for study. Thus Hausman’s test was applied to
determine if fixed effect model is more appealing than the random effect model.

3.1 Model Specification

This study adapted the model from the study of Chikwendu, Okafor, & Jesuwunmi (2023) on the
effect of sustainability reporting on company’s performance of a selected Nigerian companies.
The model is expressed as follows:

Company’s Performance-CP = ƒ(Sustainability Reporting-SR)

CP.(ROA) = ƒ(SR- ECODIS,ENVIDIS,SOCIDIS)
ROAit = β0 + β1ECODISit+ β2ENVIDISit+ β3SOCIDISit
ROAit = β0+ β1ECODISit+ β2ENVIDISit+ β3SOCIDIS it+ µit

The model was modified to suit the variables to be used. Hence the model for the study was
anchored on the objectives.

ROI = f(SOC, EHSD, GD, ENVD)…………………………………………….1

This can be econometrically expressed as
ROIit= β0 + β1SODit + β2EHSDit + β3GDit+ β4ENVD +εIt……………………………………..2

Where:
ROIit= financial performance ratio of firm I in year t
SOCDit= social disclosure
EHSDit = employee health and safety disclosure
ENVDit = environmental disclosure
GOVDit= governance disclosure
εit = The error term for firm I in year t.
β0 = Constant coefficient (the intercept) and β1 to β4 = coefficients of the independent and
control variables.

Decision Rule
Accept Null if P-Value is greater than 5% otherwise reject Alternate

IIARD – International Institute of Academic Research and Development Page 44

 Journal of Accounting and Financial Management E-ISSN 2504-8856 P-ISSN 2695-2211
Vol 9. No. 7 2023 www.iiardjournals.org

4.0 Data Analysis

Table 1: Descriptive Statistics
ROI EHSD SOCD ENVD GOVD
Mean 3.225588 0.867647 0.544118 0.132353 0.955882
Median 6.590000 1.000000 1.000000 0.000000 1.000000
Maximum 27.50000 1.000000 1.000000 1.000000 1.000000
Minimum -30.46000 0.000000 0.000000 0.000000 0.000000
Std. Dev. 11.99069 0.341394 0.501753 0.341394 0.206883
Skewness -0.783306 -2.169815 -0.177162 2.169815 -4.439912
Kurtosis 3.415359 5.708098 1.031386 5.708098 20.71282
Jarque-Bera 7.442595 74.13753 11.33612 74.13753 1112.353
Probability 0.024203 0.000000 0.003455 0.000000 0.000000
Sum 219.3400 59.00000 37.00000 9.000000 65.00000
Sum Sq. Dev. 9633.030 7.808824 16.86765 7.808824 2.867647
Observations 70 70 70 70 70
Source: Researcher’s summary of descriptive result (2023) using E-view 12

The descriptive statistics result in table 1 above shows the mean values for each of the variables,
their maximum values, minimum values, standard deviation and Jarque-Bera values which show
the normality and nature of the data. The result provides some insight into the nature of the
selected quoted health care firms from Nigeria Exchange limited that were used in the study. The
aim of the descriptive statistics was to describe the general distributional properties of the data,
to identify any unusual observations or any unusual patterns of observations that may cause
problems for later analyses to be carried out on the data. Thus, initial exploration of the data
using simple descriptive tools was provided to describe and summarize the data generated for the
study. That is effect of sustainability disclosure on financial performance of health care
companies in Nigeria as shown in table 1. The researcher sought to establish the central tendency
and distribution of sustainability disclosure variables and financial performance among the
selected listed health care firms in Nigeria. This section provides the descriptive statistics as per
the objective of the study.

Firstly, it was observed that over the period under review, the sampled health care firms have
average positive return on investment of 3.2255 within the period under review, the health care
firms have maximum values of return on investment of 27.500 while the minimum value of
return on investment was -30.460. The large difference between the maximum and minimum
values of return on investment indicates that the performance of the health care firms differs
greatly among the firms selected and over the period under review, this shows that the health
care firms are not heterogeneous in nature. This extreme large value of ROI implies that some
firm’s investment in the sample performed poorly while some had very good ROI when
compared to the average value. This therefore means that health care firms with mean value
higher or equal to 3.2255 are high profitable firms with more return on their investment while
health care firms with the value below 3.2255 are low profitable firms. Hence, it can be argued
that health care firms had been efficient enough to generate a higher rate of return out of their
asset investments. This therefore means that firms with ROI of 3.2255 and above are classified
as above average performing firms while those with their ROI values below 3.2255 were

IIARD – International Institute of Academic Research and Development Page 45

 Journal of Accounting and Financial Management E-ISSN 2504-8856 P-ISSN 2695-2211
Vol 9. No. 7 2023 www.iiardjournals.org

classified as below average in their performance. ROI shows the ability of health care firms to
generate profit from their investment and reflect how well health care firm’s real investments
resources to generate profits.

Employee health and safety disclosure show an average mean value of 0.867% with a median
value of 1. The minimum and maximum values of employee health and safety disclosure as
measured by dichotomous variable are 0 and 1 respectively. This implies that the data in the
sampled firms deviate from the mean by 86.7%. The skewness for employee health and safety
disclosure was -2.169 implying that data on employee health and safety disclosure were skewed
to the left hence most values were bunched to the right of the distribution. The kurtosis for
employee health and safety disclosure was 5.708 that is greater than 3 hence the distribution is
said to be leptokurtic hence it may have few outliers. The Jacque-Bera statistic of 74.13
alongside its p-value (0.0000) indicates that the data satisfies normality. The finding shows that
on average the sampled firms had above average disclosure score as measured using the GRI
index.

The findings showed that the average social disclosure (corporate social responsibility) index for
the 10 years period is 0.5441% (with minimum 0.0% and maximum 1) which is consistent with
disclosure index by Omar et al. (2011) in conformity with the corporate performance. The
finding shows that on average the sampled firms had above average disclosure score as measured
using the index. The large difference between the maximum and minimum values indicates that
the disclosure quality of health care companies differs greatly among the companies selected and
over the period under review, this shows that the companies are not heterogeneous in nature. It
can be deduced from the table that the mean disclosure score for corporate social responsibility
was 0.5441 (54.41%) with a minimum score of 0.00 and a maximum score of 1 (100%). This
implies that 54% of the firms engage in corporate social responsibility to see if their performance
will be improved. The data have a standard deviation of 0.5017, this implies that the data in the
sampled firms deviate from the mean by 50.17%. The skewness for social disclosure was -0.177
implying that data on social disclosure were skewed to the left hence most values were bunched
to the right of the distribution. The kurtosis for social disclosure was 1.0313 that is less than 3
hence the distribution is said to be platykurtic and having few outliers. The Jacque-Bera statistic
of 11.366 alongside its p-value (0.0034) indicates that the data satisfies normality. The finding
shows that on average the sampled firms had above average disclosure score as measured using
the GRI index.

The average mean for the involvement of health care companies towards environmental
disclosure in Nigeria is about 13.23% at a maximum level of 1 and a minimum level of 0 being
a dichotomous or dummy variable where 1 is assigned to companies with sections in annual
report with water, energy, and emissions and other environmental qualitative information and 0
otherwise. This indicates that some companies do not disclose any of these environmental
indices in their annual report while some are actively involving and disclosing majority of them.
This implies that health care companies’ involvement in environmental disclosure was about
13.23% during the period of the study and the deviation from the mean is 0.3413%. The value of
skewness of 2.169 indicates that the data is positively skewed and therefore conforms to the
symmetrical distribution requirement. Moreover, the coefficient of Kurtosis 5.708 also indicates
that environmental disclosure variable meet the Gausian distribution criterion for normality and
IIARD – International Institute of Academic Research and Development Page 46
 Journal of Accounting and Financial Management E-ISSN 2504-8856 P-ISSN 2695-2211
Vol 9. No. 7 2023 www.iiardjournals.org

the Jacque-Bera statistic value of 74.13 alongside its p-value (0.0000) indicates that the data
satisfies normality. It was also observed from the descriptive analysis that majority of the health
care firms disclose sections in their annual report table of content with board profile and roles.

Also, the Jarque-Bera (JB) Probability which test for normality or existence of outliers or
extreme value among the variables shows that majority of the variables are normally distributed
at 1% levels of significance respectively with exception of return on investment that is normally
distributed at 5% normality level. This means that no variables with outlier, even if there are,
they are not likely to distort the conclusion and are therefore reliable for drawing generalization.
This also justifies the use of panel least square estimation techniques. Hence, any
recommendations made to a very large extent would represent the characteristics of the true
population of study.

Table 2: Correlation Analysis Result

ROI EHSD SOCD ENVD GOVD
ROI 1.000000
EHSD 0.103951 1.000000
SOCD 0.288004 0.426693 1.000000
ENVD 0.080832 -0.103578 0.096102 1.000000
GOVD 0.044745 -0.083907 0.234706 0.083907 1.000000
Source: researcher’s summary of correlation result (2023) using E-view 12

The result of the correlation coefficient showed mixed correlation. This association identified
buttresses the point that majority of our variables have positive relationship with varying degrees
of direction. Furthermore, the strength of the relationship between variables measured by the
Pearson product-moment correlation showed that the association between the variables is
relatively small and was below the threshold of 0.80, suggesting the absence of the problem of
multi- collinearity in the predictor variables. In this section we present and discuss the Pairwise
correlations among the variables of sustainability disclosure and financial performance of health
care companies.

The above results show that there exist a positive and strong association between financial
performance measured using return on investment and employee health and safety disclosure and
social disclosure (ROI/EHSD and SOCD = 0.1039 and 0.2889) respectively while another
positive but weak association was documented against return on investment, environmental
sustainability disclosure and governance disclosure (ROI/ENVD and GOVD = 0.0808 and
0.0447). In the same vein, a positive and very strong correlation is documented against employee
health and safety disclosure and social disclosure (EHSD and SOCD = 0.4266). We discovered
that employee health and safety disclosure and environmental disclosure and governance
disclosure were negatively correlated (EHSD/ENVD and GOVD = -0.1035 and -0.0839)
respectively. There exists a positive and strong association between social disclosure and
governance disclosure (SOCD and GOVD = 0.234). In the same vein, a positive but weak
correlation was documented against environmental sustainability disclosure and governance
disclosure (ENVD and GOVD = 0.0839).

Multi-collinearity was tested by computing the Variance Inflation Factor (VIF) and its reciprocal

IIARD – International Institute of Academic Research and Development Page 47

 Journal of Accounting and Financial Management E-ISSN 2504-8856 P-ISSN 2695-2211
Vol 9. No. 7 2023 www.iiardjournals.org

or the tolerance. Collinearity diagnostics measure how much regressors are related to other
regressors and how this affects the stability and variance of the regression estimates. To further
check for multi-collinearity problem or to know whether the independent variables used are
perfectly correlated, we conducted Variance Inflation Factor (VIF) to check for the multi-
collinearity problem. The result of the Variance Inflation Factor (VIF) is provided below in table
3 below:

Table 3: Variance Inflation Factor Result

Variance Inflation Factors

Date: 03/11/23 Time: 10:29
Sample: 2012 2021
Included observations: 70

Coefficient Uncentered Centered

Variable Variance VIF VIF

C 142.2419 9.210814 NA
EHSD 34.42684 3.860453 2.168627
SOCD 8.577665 1.286952 1.131100
ENVD 11.69355 1.083334 1.070763
GOVD 59.83089 5.503161 1.954489

Source: Researcher’s summary of VIF result (2023)

As can be observed from the result of VIF in table 3 above, the mean value of the independent
variables coefficient is less than 10. The variance inflation factor (VIF) values of all variables are
less than 10; therefore, the effect of multi-collinearity is negligible. This implies that there was
no multi-collinearity problem with the variables thus all the variables were maintained in the
regression model. Therefore, it can be concluded that there is no problem of multi-collinearity. It
can also be seen from the table that all the variables had a variance inflation factor (VIF) of less
than 10: employee health and safety disclosure (2.167) approximately, social disclosure (1.131),
environmental disclosure (1.071) approximately, and finally, governance disclosure (1.954). The
variance inflation factors were consistently below ten showing a complete absence of multi-
colinearity. This proves the appropriateness of the model of the study and it’s fitting with the
four independent variables. This implies that there was no multi-collinearity problem with the
variables, thus all the variables were maintained in the regression model. This means that there
are no variables with outlier, and none of the variables are highly correlated. Even if there are,
they are not likely to distort the conclusion and are therefore reliable for drawing generalization.
This also supports the use of Jacque Bera (JB) in descriptive analysis to check for the problem of
normality and multi-collinearity. Our finding also justifies the use of panel least square
estimation techniques. Hence, any recommendations made to a very large extent would represent
the characteristics of the true population of study and thus can be used to draw conclusion.

IIARD – International Institute of Academic Research and Development Page 48

 Journal of Accounting and Financial Management E-ISSN 2504-8856 P-ISSN 2695-2211
Vol 9. No. 7 2023 www.iiardjournals.org

Table 4: Hausman Effect Tests

Correlated Random Effects - Hausman Test
Equation: Untitled
Test cross-section random effects

Chi-Sq.
Test Summary Statistic Chi-Sq. d.f. Prob.

Cross-section random 5.651408 4 0.2267

Source: Researcher’s summary of Hausman effect analysis result (2023)

The Hausman test result above shows a chi-square statistics value of 5.651 and probability value
of 0.2267 which was greater than 5%, this means that there is heterogeneity in the collection of
the firms’ data. Since the Chi-square (Prob) value is greater than 5%, hence we accept the
random effect and interpret its regression while the fixed effect is rejected. Hausman test shows
that the random-effects estimation (REM) method is more appropriate than the fixed effects
estimation (REM) method for all health care firms in Nigeria; hence the results from REM is
presented and interpreted. This implies that the test considered the random effect as the most
appropriate estimator and its result is presented below. Therefore, the study used the random
effect to correct the problem of heterogeneity in the data used for the study; the random effect
regression result is presented in table 5 below.
Table 5 Random Effect Regression Result
Cross-section random effects test equation:
Dependent Variable: ROI
Method: Panel Least Squares
Date: 03/11/23 Time: 10:27
Sample: 2012 2021
Periods included: 10
Cross-sections included: 7
Total panel (balanced) observations: 70

Variable Coefficient Std. Error t-Statistic Prob.

C 7.244562 12.85524 0.563549 0.5753

EHSD 0.780890 6.608034 2.118173 0.0063
SOCD -4.930248 3.000919 -2.642913 0.0059
ENVD -1.711884 3.486838 -0.490956 0.6253
GOVD -1.869793 8.569866 -0.218182 0.8281

Effects Specification

Cross-section fixed (dummy variables)

Root MSE 7.422389 R-squared 0.611104

Mean dependent var 3.225588 Adjusted R-squared 0.542877
IIARD – International Institute of Academic Research and Development Page 49
 Journal of Accounting and Financial Management E-ISSN 2504-8856 P-ISSN 2695-2211
Vol 9. No. 7 2023 www.iiardjournals.org

S.D. dependent var 11.99069 S.E. of regression 8.107010

Akaike info criterion 7.170408 Sum squared resid 3746.246
Schwarz criterion 7.529446 Log likelihood -232.7939
Hannan-Quinn
criter. 7.312670 F-statistic 8.956878
Durbin-Watson stat 1.928312 Prob(F-statistic) 0.000000

Source: Researcher’s summary of regression result (2023)

From the result above, the study observed that the R. squared value was 0.611 (61%) and R-
squared adjusted value was 0.543 (54.3%) approximately. The value of R- squared which is the
coefficient of determination stood at 61% which implies that 61% of the systematic variations in
individual dependent variables were explained in the model while about 39% were unexplained
thereby captured by the stochastic error term. Again, the adjusted R-squared value which stood at
54.3% indicates that all the independent variables jointly explain about 54.3% of the system
variation in sustainability disclosure practices of our sampled health care firms in Nigeria over
the 10years period while about 45.7% of the total variations were unaccounted for, hence
captured by the stochastic error term. The R-squared adjusted value indicates that sustainability
disclosure practices variables used in this study explained about 54% of the variation in financial
performance of health care firms quoted in Nigeria Exchange limited. This reveals that about
54% of what happens in financial performance of firms can be attributable to the sustainability
disclosure variables selected for the study while about 46% were unexplained. Moreover, the F-
statistics value of 8.956 and its probability value of 0.0000 shows that the financial performance
used for the analysis were statistically significant at 1% level. This confirms the appropriateness
of our model used for the analysis. The Durbin Watson statistics value of 1.928 reveals the
absence of auto correlation and this means that the regression model is valid and can be used for
statistical inference. Again, the Durbin Watson statistic of 1.928 showed that the model is well
spread since the value is approximately 2 and that there have not been self or auto correlation
problem and that error are independent of each other.
4.1 Discussion of Findings
In addition to the above, the specific findings from each explanatory variable were provided
below. Therefore, in testing our hypotheses, we provide the individual explanatory variables
discussion for each of the independent variables as follows:

HO1: Employee health and safety disclosure has no significant effect on the financial
performance of listed health care firms in Nigeria
The regression result in table 5 above showed that employee health and safety disclosure have a
positive effect on financial performance of health care companies having recorded a positive
coefficient value of 0.7808 and p-value of 0.9063 (β1= 0.7808, p = 0.9063 ≥ α = 0.05). The
coefficient value β1 was positive showing that employee health and safety disclosure has a direct
effect with financial performance of health care companies in Nigeria. By implication, this
means that when information about employee health and safety is fully disclosed, it increases the
financial performance of health care companies. The model infers that 1% increase in employee
health and safety disclosure will exert 78% increase on financial performance of health care
companies in Nigeria. By implication, this suggests that additional effort geared towards
IIARD – International Institute of Academic Research and Development Page 50
 Journal of Accounting and Financial Management E-ISSN 2504-8856 P-ISSN 2695-2211
Vol 9. No. 7 2023 www.iiardjournals.org

disclosing employee health and safety will lead to a more return on investment of health care
companies. That is to say that operations and actions of employee health and safety disclosure
must serve the underlying goal of enhancing overall performance, over a sustained period of
time. The t-value of 2.1181 reveals that employee health and safety disclosure has a strong effect
on financial performance of health care companies and its effect is statistically strong enough to
improve performance hence a direct and significant effect was documented. The probability
value of 0.0063 further confirms that the effect of employee health and safety disclosure on
return on investment of firms in Nigeria is statistically significant at 5% level of significance.
Our finding is in line with the findings of Syder, Ogbonna and Akani (2020), Oshiole, Elamah
and Ndubuisi (2020) that found positive effect between employee health and safety disclosure
and performance. As a result of this significant result documented, this dissertation therefore
rejected our first null hypothesis (H1) and conclude that employee health and safety disclosure
has a positive and significant effect on financial performance of health care companies in Nigeria
which was statistically significant at 5% level of significance.

H02 Social disclosure has no significant effect on the financial performance of listed
health care firms in Nigeria
Based on t-statistics value of social disclosure measured using corporate social responsibility
disclosure and its coefficient value on table 5 above, the result of the analysis revealed that social
responsibility disclosure has negative coefficient value of -2.6429, and P-value of 0.0059. The
result of the analysis from the model above indicates that social disclosure negatively affects
financial performance of health care firms in Nigeria. The result revealed that decrease in social
disclosure leads to increase in financial performance of health care sector in Nigeria. This means
that a 1% decrease in compliance with full disclosure practices is associated with a 4.93%
increase in profitability. By implication, this suggests that firms with less engagement in
corporate social responsibility are more likely to involve in maintaining high profitability index.
Continuing with the indirect effect mentioned, Samet and Jarboui’s (2017) point of view is
consistent with that of Benlemlih and Bitar (2018) stating that the moderating role of CSR
enhances performance and investment efficiency through reducing information asymmetry and
agency conflicts. As well as improving management practices by taking stakeholders' rights into
consideration. In addition, Cruise (2011), Cohen et al. (2011) and Cho et al. (2013) explain that
providing further financial and non-financial information assists in reducing information
asymmetry, especially for high-risk firms (Cui et al., 2018). Such information offers a more
accurate picture regarding a firm's performance. This indicates that having a standardized
disclosure for firm CSR practices increases firm performance due to disclosing more reliable and
transparent information to investors. The t-value of -2.6429 reveals that social disclosure has a
strong negative effect on performance of selected health care firms in Nigeria while the
probability value of 0.0059 reveals that the effect of social disclosure is statistically significant at
5% level of significance. The p-value result further re-affirms the t-test statistics result. As a
result of this significant result obtained, we therefore reject our second null hypothesis and
conclude that social disclosure has negative and significant effect on financial performance of
health care companies in Nigeria which was statistically significant at 5% level of significance.

IIARD – International Institute of Academic Research and Development Page 51

 Journal of Accounting and Financial Management E-ISSN 2504-8856 P-ISSN 2695-2211
Vol 9. No. 7 2023 www.iiardjournals.org

H03: Environmental disclosure has no significant effect on the financial performance of

listed health care firms in Nigeria
From the regression result in table 5 above, it was discovered that environmental disclosure has a
negative and insignificant effect on return on investment having recorded a negative coefficient
value of -1.7118 and p-value of 0.6253. The coefficient value (β3) was negative showing that
environmental disclosure has a negative effect on return on investment of listed health care
companies in Nigeria. This means that a percentage decrease in environmental disclosure will
lead to a percentage increase in the on return on investment of listed health care companies in
Nigeria. Hence when firms disengage in actions that enhances environmental disclosure, it
increases their performance by 1.7118 units. The model infers that 1% decrease in ENVD will
exert 1.71% increase on return on investment of listed health care companies in Nigeria. By
implication, this suggests that additional effort geared towards disclosing environmental issues
will lead to a less return on investment because the money that would have used in investment is
channeled towards environmental disclosure thereby reducing firm’s profitability base. The t-
value of 0.4909 reveals that environmental disclosure has a very strong effect on return on
investment of listed health care companies in Nigeria but its effect is not strong enough to drive
its performance. The probability value of 0.6253 further confirms that the effect of
environmental disclosure on return on investment of listed health care companies in Nigeria is
statistically insignificant. Our finding disagreed with the findings of Oshiole, Elamah and
Ndubuisi (2020), Wei-Lun and Yan-kai (2019), Fahria, Sahibzada and Abdul (2016) that
documented positive and significant effect between environmental disclosure and performance.
As a result of this insignificant result documented, this dissertation therefore accepts our third
null hypothesis and conclude that environmental disclosure has no significant effect on return on
investment of listed health care companies in Nigeria.

H04: Governance disclosure has no significant effect on the financial performance of listed
health care firms in Nigeria
It can be observed from the regression result in table 5 above that corporate governance
disclosure has a negative coefficient value of -1.8697. This reveals a very strong but negative
effect on performance of health care companies measured using return on investment. As
indicated in table 5 above, there is a negative relationship between GOVD and ROI having
recorded a negative coefficient value of -1.8697, t-statistics value of -0.2181 and p-value of
0.8281. By implication, it means that 1% decrease in corporate governance disclosure leads to
increase in performance by 1.92% magnitude. Likewise, when the disclosure of governance is
increased, it will adversely affect the profitability of health care companies. That is to say that
governance disclosure was found to be statistically insignificant and negatively associated with
the performance of health care companies in such a way that when information about board
members are disclosed, it reduces their performance as a result of extra cost of printing extra
pages for board profile. The t-value of -0.2181 reveals that corporate governance disclosure has
a weak and negative effect on performance of selected health care firms in Nigeria while the
probability value of 0.8281 reveals that the effect of corporate governance disclosure is
statistically insignificant. As a result of this insignificant result obtained, we therefore accept our
last null hypothesis (H04) and conclude that governance disclosure has negative and insignificant
effect on performance of selected health care companies in Nigeria.

IIARD – International Institute of Academic Research and Development Page 52

 Journal of Accounting and Financial Management E-ISSN 2504-8856 P-ISSN 2695-2211
Vol 9. No. 7 2023 www.iiardjournals.org

5.0 Conclusion and Recommendations

Long but large, the performance of firms in terms of value maximization objective largely
depends on the nature of businesses they operate, and the possible legal, political and
environmental regulations, which constitute an important item of public policy within the scope
of their operation. The nature of business a firm operates defines the risks attached to such
business and risk constitutes a significant factor in the profitability of the firm’s operation. A
review of the theoretical and empirical literature revealed that with increasing pressure on firms
to deliver, there has been a new emphasis on devising measures of corporate financial
performance and incentive compensation plans that encourage managers to increase shareholder
wealth by increasing their return on investment. From company to company, rules and principles
regarding disclosures of information and its element varies. In one company, one element may be
compulsory to disclose, and not in another. Our major objective was to ascertain the degree to
which companies in health care sector in Nigeria reveals particular discretionary and voluntary
information that affects the performance of the sector. This study reviews the literature on
sustainability accounting disclosures. It explores the link between sustainability disclosure and
performance of health care companies in Nigeria. Thus, the study concludes that sustainability
reporting has significant effect on financial performance in Nigeria. The study draws
recommendations from the findings of the empirical data analysis. The study makes the
following recommendations as follows:
1. Enhancement of sustainability reporting practice. Pharmaceutical industries in
Nigeria should inculcate the use of sustainability reporting as part of their reporting
process. This should be in correlation with international reporting standard such as
Global Reporting Initiative and ensure comprehensive reporting of environmental,
social and governance {ESG} factors. Through enhanced transparency and
accountability, companies can build trust among stakeholders and attract potential
investors.
2. Fine tune and ensure clear sustainability goals. Pharmaceutical companies must
ensure they outline clearly their priority with regards to sustainability goals which
must align with their business plan. These goals must include reduction of gas
emission, ensuring employees health and well begin is of almost priority, ethical
sourcing of raw materials and acting in a socially responsible manner especially to the
host community and environment at large. This can be done by setting measuring
target that are traceable and display commitment towards development
3. Incorporation of sustainability concepts into the central role of the business model. To
ensure maximization of sustainability reporting, pharmaceutical companies must
incorporate the report as a central role in their operation and decision making process.
This can be achieved. By aligning ESG factors into risk assessment procedures,
Suppliers selection, product innovation and supply chain management, by making
sustainability a strategic priority, companies can drive positive impact while
enhancing financial performance.
4. Synergizing and sharing of knowledge with other stakeholders. There should be
synergy between various stakeholders within the pharmaceutical industry in Nigeria,

IIARD – International Institute of Academic Research and Development Page 53

 Journal of Accounting and Financial Management E-ISSN 2504-8856 P-ISSN 2695-2211
Vol 9. No. 7 2023 www.iiardjournals.org

including regulators, academia, NGO’s, industrial associations among others towards

knowledge sharing on how to collectively address sustainability challenges. Sharing
of experiences, ensuring best practices within the industry, publishing of research
findings can help accelerate the adoption of sustainability practice across the sector,
leading to collective growth and improvement.
5. Regular evaluation and reporting of sustainability activities, pharmaceutical
companies should ensure regular evaluation and report of their sustainability
performance to assess the effectiveness of their initiatives. This will enable
companies to identify areas for improvement, learn from successes and failures, and
make data driven decisions. Transparency in reporting will also empower
stakeholders to take informed decisions and support companies that prioritize
sustainability.
References
Chikwendu, O. U., Okafor, G. O., & Jesuwunmi, Caleb. D. A(2023) Effect of Sustainability
Reporting on Nigerian Listed Companies Performance 1(1) Canadian Contemporary
Research Journal.
Ezeokafor, F. C .&Amahalu, N. N.(2019) Effect Of Sustainability Reporting On Corporate
Performance Of Quoted Oil And Gas Firms In Nigeria. Journal of Global Accounting
Department of Accountancy Vol. 6(2) ISSN: 1118-6828
Global Reporting Initiative (2011). Sustainability Reporting Guidelines: G3.1 version, Retrieved
from http://globalreporting.org on 10th June, 2019.
Ihimekpen, A.F.(2021) Sustainability Reporting And Financial Performance Of Listed Non-
Financial Companies In Nigeria. Thesis Submitted To The Department Of Accounting,
School Of Post Graduate Studies In Partial Fulfilment Of The Requirement For The
Award Of Doctor Of Philosophy (Ph.D In Accounting) In Igbinedion University, Okada,
Okada, Edo State, Nigeria
Ismail .A.,Anwarul Islam. K. M. &SharifulHaque. Md.(2021) Sustainability Reporting And
Financial Performance Of Listed Industrial Goods Sector In Nigeria. International Journal
of Accounting & Finance Review 9( 1)ISSN 2576-1285 E-ISSN 2576-1293
Jasch, C., &Stasiskiene, Z. (2005). From environmental management accounting to sustainability
management accounting, Environmental Research, Engineering and Management, 4(34),
77-8
Nnamani, J. N.,.Onyekwelu, U. L., & Ugwu O. K(2017) Effect Of Sustainability Accounting
And Reporting On Financial Performance Of Firms In Nigeria Brewery Sector.European
Journal of Business and Innovation Research 5(1),1-15, 2017
Nzekwe, O. G., Okoye, P. V. C. & Amahalu, .N. N.(2021) Effect Of Sustainability Reporting On
Financial Performance Of Quoted Industrial Goods Companies In Nigeria. International
Journal of Management Studies and Social Science Research 3(5)
Omaliko, E., & Okpala, E. (2022). Tax aggressiveness and sustainability of listed oil and gas
firms in Nigeria: Does firm size matter? International Journal of Economics and Business

IIARD – International Institute of Academic Research and Development Page 54

 Journal of Accounting and Financial Management E-ISSN 2504-8856 P-ISSN 2695-2211
Vol 9. No. 7 2023 www.iiardjournals.org

Management, 8(2), 48-60. https://doi.org/10.56201/ijebm.v8.no2.2022.pg48.60

Omaliko, E., Onyeogubalu, O., & Akwuobi, B. (2021). Effect of carbon emission disclosures on
sustainability of oil and gas firms in Nigeria. Journal of Economics and Sustainable
Development, 12(20), 11-18
Perrin, F. & Tencati, A. (2006). Sustainability and Stakeholder management: the need for new
corporate performance evaluation and reporting systems, Business Strategy and the
Environment, 15, 296-308.
Popa, A., Blidisel, R. & Bogdan, V. (2009). Transparency and disclosure between theory and
practice, A case study of Romania, Proceedings of Fikusz ’09 Symposium for Young
researchers, Retrieved from http://www.kgk.bmf.hu/fikusz on 14th September, 2011.
Syder, I.D., Ogbonna, G. N. &Akani, F. N. (2020) The Effect of Sustainability Accounting
Report on Shareholder Value of Quoted Oil and Gas Companies In Nigeria. International
Journal of Management Sciences ISSN: 2360-9944 7(5) 44 – 57
Yazid, K.I, Mohammed,A.N, Agbi,S.E Kaoje, N.A & Umar Farouk Abdulkarim(2021)
Sustainability Reporting And Financial Performance Of Listed Oil And Gas Firms In
Nigeria. Gusau Journal of Accounting and Finance 2(3)
Yusuf.O. M., Emmanuel .U. I, Akpan .E .O. & Odumegwu .E. C.(2020) Impact of Sustainability
Reporting on Corporate Performance: Evidence From in Nigeria Stock Exchange (NSE).
Journal of Mgt. Science & Entrepreneurship 20 (7)

IIARD – International Institute of Academic Research and Development Page 55