IIARD International Institute of Academic Research and Development

Journal of Accounting and Financial Management (JAFM )

E-ISSN 2504-8856
P-ISSN 2695-2211
VOL. 8 NO. 6 2022
DOI: https://doi.org/10.56201/jafm.v8.no6.2022.pg90.107

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Sustainability Disclosure and Financial Performance of Listed Food and Beverages Companies in Nigeria

Korim Chukwuebuka Samuel, Prof. Ifurueze, M. S., Dr. (Mrs) I. H. Orjinta

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Abstract

The thrust of this study was to ascertain the effect of sustainability disclosure on performance of listed food and beverages firms in Nigeria for a period of eleven (11) years spanning from 2010 to 2020. Ex-post facto and longitudinal research design was adopted. Sustainability disclosure which is the independent variable was captured using occupational health and safety disclosure, social environmental disclosure, environmental sustainability disclosure, employee information disclosure and corporate governance disclosure while financial performance which served as the dependent variable was measured using return on assets (ROA). Panel data were obtained from annual reports and accounts of the sampled food and beverages 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 10. The results of the tested hypotheses revealed that occupational health and safety disclosure, environmental sustainability disclosure and employee information disclosure have positive but insignificant effect on financial performance of food and beverages companies in Nigeria while another positive and significant effect was documented against corporate governance disclosure and financial performance of food and beverages companies in Nigeria which was statistically significant at 5% level of significance. In the same vein, social sustainability disclosure was found to have negative and significant effect on performance of food and beverages companies in Nigeria at 95% confidence level. Generally, the adjusted R-squared value which stood at 46.5% indicates that all the independent variables jointly explain about 46.5% of the system variation in sustainability disclosure practices of our sampled food and beverages firms in Nigeria over the 11years period while about 63.5% of the

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