INTERNATIONAL JOURNAL OF ACCOUNTING, FINANCE AND TAXATION

ESG REPORTING AND FIRM VALUE OF LISTED CONGLOMERATE FIRMS IN NIGERIA

Aderemi Adetunji Abdul-Azeez, Abiola Bolaji Ibrahim

August 11, 2026

Citation

INTERNATIONAL JOURNAL OF ACCOUNTING, FINANCE AND TAXATION , Vol. 3 (2) (2026) , pp. 150-163

Details

ISSN: 3027-0378
Published: August 11, 2026
Status: Published

Abstract

ESG reporting is growing in significance as a driver of firm value (FV) because of the growing importance attached to non-financial performance by investors but its effect among Nigeria's listed conglomerate firms’ remains largely untested. This study examines the effect of Environmental, Social and Governance (ESG) reporting on the value of Nigeria’s listed conglomerate firms, and whether board independence moderates such impact. It adopted an ex post facto design using panel data extracted from the annual reports of all six conglomerate firms listed on the Nigerian Exchange Group (NXG) for the period 2019-2024. The findings indicate that FV is favorable and statistically significantly impacted by ESG and board independence enhances this relationship, indicating the importance of independent oversight for credible sustainability disclosure. The study finds that ESG reporting is value relevant to investors and recommends that conglomerate firms incorporate ESG disclosure into corporate strategy, increase board independence and regulators tighten enforcement of ESG reporting requirements for listed firms.

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