SUSTAINABILITY REPORTING AND SHAREHOLDERS’ INVESTMENT DECISIONS IN AFRICA
Keywords:
Dividend Payout Ratio, Environmental Sustainability, Governance Sustainability, Management Quality, Return On Equity, Social Sustainability.
Abstract
Shareholders’ investment decisions are fraught with several challenges that undermine their optimality and pose detrimental effects to firms on the long run. Sustainability reporting by firms is advanced as a mechanism that drives the efficacy of investors’ decisions. This study investigates the effect of sustainability reporting on shareholders’ investment decisions in Africa. Quantitative research was employed using panel data sourced from the year end reports and financial statements of the sampled firms for a period of 20 years spanning 2004-2023. Descriptive and inferential statistics was deployed to test the collated data and multiple regression was used to estimate the model. The measures of sustainability reporting used are environmental sustainability performance disclosure, social sustainability performance disclosure and governance sustainability disclosure. Shareholders’ investment decisions was proxied by dividend payout ratio and return on equity. Management quality was adopted as a moderating variable. The findings of the study reveal that environmental sustainability performance disclosure and governance sustainability performance disclosure have insignificant positive effect on return on equity, social sustainability performance disclosure has insignificant negative effect while management quality has significant negative effect on return on equity. Environmental Performance Disclosure has insignificant positive effect on dividend payout ratio, social performance disclosure has insignificant negative effect on dividend payout ratio, and governance performance disclosure has significant positive effect while management quality has significant negative effect. The results depict that the measures of sustainability reporting jointly have significant effect on return on equity and dividend payout ratio in models 1 & 2 respectively. The findings demonstrate that sustainability reporting is a significant factor that enhances shareholders’ investment decisions.
JEL Classification Codes: G11, Q56, G3.
References
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Akpan, D. C., & Uwakmfonabasi, J. S. (2021). Corporate sustainability disclosures and cash flow return on investment of shareholders of oil and gas companies in Nigeria. International Journal of Innovative Finance and Economics Research, 9(3), 111-124.
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Atanda, F. F., Osemene, F., & Ogundana, H. F. (2021). Sustainability reporting and firm value: Evidence from selected manufacturing companies in Nigeria. Global Journal of Accounting, 7(1), 47-68.
Aiyesan, O. O. (2022). Sustainability Reporting and Financial Performance of Listed Manufacturing Firms in Nigeria. Gusau Journal of Accounting and Finance, 3(3), 49-68. https://doi.org/10.57233/gujaf.v3i3.180
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Ezejiofor, R. A., John-Akamelu, R. C., & Chigbo, B. E. E. (2016). Effects of sustainability environmental cost accounting on the financial performance of Nigerian corporate organizations. International Journal of scientific research and management, 4(8), 1-22.
Fadare, T. V., & Adegbie, F. F. (2020). Cost management and financial performance of consumer goods companies quoted in Nigeria. International Journal of Scientific and research Publication, 10(8), 1-13.
Garcia, A. S., Mendes-Da-Silva, W., & Orsato, R. (2017). Sensitive industries produce better ESG performance: Evidence from emerging markets. Journal of Clean Production, 150(5), 135–147.
Halimah, N., & Yanto, H. (2018). Determinant of carbon emission disclosure at mining companies listed in Indonesia stock exchange. KnE Social Sciences/International conference on economics, business and economic education 2018 (ICE) (pp. 127–141).
Hassan, A. T., Owolabi, S. A., & Asikhia, O. U. (2020). Corporate governance and business sustainability of manufacturing companies in Nigeria. International Journal of Innovative Research & Development, 9(2), 195-201.
Iheduru, N. G., & Okoro, C. U. (2019). Sustainable reporting and profitability of quoted firms in Nigeria: a multi-dimensional panel data study. Australian Finance & Banking Review, 3(1), 1-10.
Khaireddine, H., Salhi, B., Aljabr, J., & Jarboui, A. (2020). Impact of board characteristics on governance, environmental and ethical disclosure. Society and Business Review, 15(3), 273-295. https://doi.org/10.1108/SBR-05-2019-0067
Laskar, N., & Maji, S. (2018). Disclosure of corporate sustainability performance and firm performance in Asia. Asian Review of Accounting, 54(3), 1-32.
Maina, K. E., & Udolty, G. (2019). Sustainability reporting and environmental policies on organizational performance in Kenya. International Journal of Economics, Commerce and Management, 4(10), 356-380.
Malovics, G., Cretan, R., Mereine-Berki, B., & Toth, J. (2019). Socio-environmental justice, participatory development, and empowerment of segregated urban Roma: Lessons from Szeged, Hungary. Cities, 9(1), 137–145.
Maundu, J. (2020). Impact of sustainable business practices in the petroleum industry: A case study of national oil corporation of Kenya. The Strategic Journal of Business & Change Management, 7(3), 410 – 420.
Mesut, D., & Mustafa, K. (2020). Relationship between sustainability report, financial performance and ownership structure: Research on the Turkish banking sector. Istanbul Business Research, 50(1), 77-102. https://doi.org/10.26650/ibr. 2021.51.0115
Mojarad, A. A. S., Vahid, A., & Adrian, T. (2018). Challenges for sustainable development strategies in manufacturing industries. Proceedings of the 12th International Conference on Business, De-Gruyter Open, 11(1), 626-638.
Mohammed, A., & Hasan, A. A. (2023). The impact of sustainability reporting in promoting firm performance. International Journal of Business and Management Invention, 12(4), 101- 111.
Najera-Samchez, J. J. (2020). A systemic review of sustainable manufacturing companies through a co-word analysis. Sustainability, 12(3), 1-23.
Nguyen, H. A., Nguyen, L. S., & Ha, H. H. (2020). Environmental accounting practices and cost of capital of enterprises in Vietnam, Cogent Economics & Finance, 8(1), 1-17. https://doi.org/10.1080/23322039.2020.1790964
Nizam, E., Ng, A., Dewandaru, G., Nagayew, R., & Nkoba, M. A. (2019). The impact of social and environmental sustainability on financial performance: A global analysis of the manufacturing companies sector. Journal of Multinational Financial Management, 49(5), 35–53.
Obiora, F., Onuoha, J. K. J., & Okoye, O. C. (2022). Environmental accounting practices, social responsibility disclosures and firm value; Evidence from listed manufacturing firms in Nigeria. International Journal of Economics and Business Management, 6(3), 29-36.
Ofoegbu, G. N., & Megbuluba, A. (2016). Corporate environmental accounting information disclosure in the Nigeria manufacturing firms. International Journal of Management Sciences and Business Research, 5(12), 1-13.
Ogiri, T., & Igo, O. T. (2022). Indicators of sustainability reporting and performance of non-financial companies in Nigeria. International Journal of MultiDisciplinary Research and Analysis, 5(5), 890-897. https://doi.org/10.47191/ijmra/v5-i5-01
Okolie, O. A., & Igaga, A. C. (2020). Sustainability reporting and financial performance of manufacturing companies in Nigeria. International Business & Economics Studies, 2(2), 68-87.
Okerekeoti, C. U. (2022). Effect of profitability on sustainability reporting of listed oil and gas Firms in Nigeria. Research Journal of Management Practice, 2(4), 1-12.
Okutu, N., & Adegbie, F. F. (2023). Sustainability reporting and financial performance of oil and gas companies listed in Nigeria. International Journal of Research and Innovation in Social Science, 6(12). https://doi.org/10.47772/IJRISS
Olowolaju, P., & Adelola, F. (2020). Effect of corporate social responsibility on profitability of selected quoted manufacturing companies in Nigeria. International Journal of Economics, Business and Management Research, 4(7), 15-29.
Omaliko, E., & Nwadialor, E., & Nweze, A. (2020). Effect of non-financial disclosures on performance of non-financial firms in Nigeria. Journal of Accounting and Financial Management, 6(1), 16-39.
Onoh, U. A., Kayadi, B., & Ndubuisi, O. C. (2023). Sustainability reporting and firm value of listed oil and gas companies in Nigeria. Journal of Development Economics and Finance, 4(1), 177-223. https://doi.org/10.47509/JDEF.2023.v04i01.09
Orazalin, N. (2020). Do board sustainability committees contribute to corporate environmental and social performance? The mediating role of corporate social responsibility strategy. Business, Strategy and Environment, 29(4), 140–153.
Pareek, R., Pandey, K. D., & Sahu, T. N. (2019). Corporate governance, firms’ characteristics and environmental performance disclosure practices of Indian companies. Indian Journal of Corporate Governance, 12(2), 142-155. https://doi.org/10.1177/0974686219881091
Samuel, B., Richard, R., Raymond, K. D., & Yong-Seok, L. (2023). Corporate social responsibility and dividend payout in extraordinary time: Empirical study of South Africa. Corporate Social Responsibility and Environmental Management, 31(2) 514 – 527.
Shuremo, G. A. (2016). Determinants of manufacturing companies’ profitability: Evidence from manufacturing companies industry in Ethiopia. International Journal of Economics, Commerce and Management, 4(2), 341-359.
Yakubu, I. N. (2016). Bank-specific and macroeconomic determinants of commercial manufacturing companies profitability in Ghana. International Finance and Manufacturing companies (Macrothink Institute), 3(2), 234-241.
Yusuf, O. M., Emmanuel, U. I., Akpan, E. O., & Odumegwu, E. C. (2020). Impact of sustainability reporting on corporate performance: Evidence from Nigeria stock exchange. Journal of Management Science & Entrepreneurship, 20 (7), 345-367.
Zabolotnyy, S., & Wasilewski, M. (2019). The concept of financial sustainability measurement: A case of food companies from Northern Europe. Sustainability, 11(18), 5139. https://doi.org/10.3390/su11185139
Adegbie, F. F., & Adesanmi, T. (2020). Liquidity management and corporate sustainability of listed manufacturing companies: Empirical evidence from Nigeria. European Journal of Accounting, Auditing ad Finance, 8(8) 30-72.
Adegbie, F. F., & Dada, O. T. (2019). Risk assets management, liquidity management and sustainable performance in Nigerian deposit money banks. International Journal of Accounting Research, 6(2), 1-10. https://doi.org/10.35248/2472-114X.18.6.178
Aguguom, T. A., Salawu, R. O., & Akintoye, R. I. (2018). Earnings quality and firms’ performance: a missing link in the listed firms in Nigeria. ICAN 2018 International Academic Conference Proceedings. ICAN-International Journal of Accounting and Finance, 7(2), 30-53.
Aguguom, T. A., & Salawu, R. O. (2018). Earnings quality and firms’ book value: empirical evidence from the listed firms in Nigeria. Journal of Internet Banking and Commerce, 23(3), 1-22.
Agyemang, A. O., Yusheng, K., Twum, A. K., Ayamba, E. C., Kongkuah, M., & Musah, M. (2021). Trend and relationship between environmental accounting disclosure and environmental performance for mining companies listed in China. Environment, Development and Sustainability, 23, 12192-12216.
Akindehinde, A. O., Folajimi, A., & Olutokunbo, A. O. (2022). Cost management and financial sustainability: Evaluating its effect on liquidity and solvency of manufacturing companies. Academy of Accounting and Financial Studies Journal, 26(S3), 1-21.
Akintoye, R. I., & Kassim, S. K. (2022). Sustainability and financial reporting quality for listed manufacturing companies in Nigeria: The legitimacy theory perspective. Universal Journal of Accounting and Finance, 10(4), 811 - 819. https://doi.org/10.13189/ujaf.2022.100403.
Akpan, D. C., & Uwakmfonabasi, J. S. (2021). Corporate sustainability disclosures and cash flow return on investment of shareholders of oil and gas companies in Nigeria. International Journal of Innovative Finance and Economics Research, 9(3), 111-124.
Alematu, A., & Ihotu, G. J. (2023). Sustainability reporting and financial performance of listed environmentally sensitive companies in Nigeria. International Journal of Financial Innovation and Reporting, 7(5), 1-17.
Alshammari, M. (2015). Corporate social responsibility and firm performance: The controlling role of reputation and institutional investors. International Journal of Business and Management, 10(6), 15–28.
Amina, M. B., Meera, A., Nohade, N., Allam, H., Elisabetta, B., & Qasim, Z. (2021). Sustainability reporting in manufacturing companies and financial services sector: regional analysis. Journal of Sustainable Finance & Investment, 53(5), 542-561.
Ari, I., & Koc, M. (2018). Sustainable financing for sustainable development: Understanding the interrelations between public investment and sovereign debt. Sustainability, 10(11), 1-21.
Atanda, F. F., Osemene, F., & Ogundana, H. F. (2021). Sustainability reporting and firm value: Evidence from selected manufacturing companies in Nigeria. Global Journal of Accounting, 7(1), 47-68.
Aiyesan, O. O. (2022). Sustainability Reporting and Financial Performance of Listed Manufacturing Firms in Nigeria. Gusau Journal of Accounting and Finance, 3(3), 49-68. https://doi.org/10.57233/gujaf.v3i3.180
Azutoru, I. H. C., Obinne, U. G., & Chinelo, O. O. (2017). Effect of corporate governance mechanisms on financial performance of manufacturing companies in Nigeria. Journal of Finance and Accounting, 5(3), 93-103.
Baalouch, F., Ayadi, S. D., & Hussainey, K. (2019). A study of the determinants of environmental disclosure quality: evidence from French listed companies. Journal of Management and Governance, 23(4), 939–971. https://doi.org/10.1007/s10997-019-09474-0
Buallay, A. M. (2020). Sustainability reporting and bank’s performance: comparison between developed and developing countries. World review of entrepreneurship. Management and Sustainable Development, 16(2), 187-203.
Dahiyat, A. A., Weshah, S. R., & Aldahiyat, M. (2021). Liquidity and solvency management and its impact on financial performance: Empirical evidence from Jordan. The Journal of Asian Finance, Economics and Business, 8(5), 135-141.
David-West, O., Aluko, T., & Adetunji, O. (2019). Mobile money: A panacea for financial exclusion in emerging markets. Journal of Manufacturing companies, 8(1), 27-55.
Eneisik, G. E. (2021). Cost management and financial performance of listed deposit money manufacturing companies in Nigeria. Journal of Accounting and Financial Management, 7(2), 23-45.
Ezejiofor, R. A., John-Akamelu, R. C., & Chigbo, B. E. E. (2016). Effects of sustainability environmental cost accounting on the financial performance of Nigerian corporate organizations. International Journal of scientific research and management, 4(8), 1-22.
Fadare, T. V., & Adegbie, F. F. (2020). Cost management and financial performance of consumer goods companies quoted in Nigeria. International Journal of Scientific and research Publication, 10(8), 1-13.
Garcia, A. S., Mendes-Da-Silva, W., & Orsato, R. (2017). Sensitive industries produce better ESG performance: Evidence from emerging markets. Journal of Clean Production, 150(5), 135–147.
Halimah, N., & Yanto, H. (2018). Determinant of carbon emission disclosure at mining companies listed in Indonesia stock exchange. KnE Social Sciences/International conference on economics, business and economic education 2018 (ICE) (pp. 127–141).
Hassan, A. T., Owolabi, S. A., & Asikhia, O. U. (2020). Corporate governance and business sustainability of manufacturing companies in Nigeria. International Journal of Innovative Research & Development, 9(2), 195-201.
Iheduru, N. G., & Okoro, C. U. (2019). Sustainable reporting and profitability of quoted firms in Nigeria: a multi-dimensional panel data study. Australian Finance & Banking Review, 3(1), 1-10.
Khaireddine, H., Salhi, B., Aljabr, J., & Jarboui, A. (2020). Impact of board characteristics on governance, environmental and ethical disclosure. Society and Business Review, 15(3), 273-295. https://doi.org/10.1108/SBR-05-2019-0067
Laskar, N., & Maji, S. (2018). Disclosure of corporate sustainability performance and firm performance in Asia. Asian Review of Accounting, 54(3), 1-32.
Maina, K. E., & Udolty, G. (2019). Sustainability reporting and environmental policies on organizational performance in Kenya. International Journal of Economics, Commerce and Management, 4(10), 356-380.
Malovics, G., Cretan, R., Mereine-Berki, B., & Toth, J. (2019). Socio-environmental justice, participatory development, and empowerment of segregated urban Roma: Lessons from Szeged, Hungary. Cities, 9(1), 137–145.
Maundu, J. (2020). Impact of sustainable business practices in the petroleum industry: A case study of national oil corporation of Kenya. The Strategic Journal of Business & Change Management, 7(3), 410 – 420.
Mesut, D., & Mustafa, K. (2020). Relationship between sustainability report, financial performance and ownership structure: Research on the Turkish banking sector. Istanbul Business Research, 50(1), 77-102. https://doi.org/10.26650/ibr. 2021.51.0115
Mojarad, A. A. S., Vahid, A., & Adrian, T. (2018). Challenges for sustainable development strategies in manufacturing industries. Proceedings of the 12th International Conference on Business, De-Gruyter Open, 11(1), 626-638.
Mohammed, A., & Hasan, A. A. (2023). The impact of sustainability reporting in promoting firm performance. International Journal of Business and Management Invention, 12(4), 101- 111.
Najera-Samchez, J. J. (2020). A systemic review of sustainable manufacturing companies through a co-word analysis. Sustainability, 12(3), 1-23.
Nguyen, H. A., Nguyen, L. S., & Ha, H. H. (2020). Environmental accounting practices and cost of capital of enterprises in Vietnam, Cogent Economics & Finance, 8(1), 1-17. https://doi.org/10.1080/23322039.2020.1790964
Nizam, E., Ng, A., Dewandaru, G., Nagayew, R., & Nkoba, M. A. (2019). The impact of social and environmental sustainability on financial performance: A global analysis of the manufacturing companies sector. Journal of Multinational Financial Management, 49(5), 35–53.
Obiora, F., Onuoha, J. K. J., & Okoye, O. C. (2022). Environmental accounting practices, social responsibility disclosures and firm value; Evidence from listed manufacturing firms in Nigeria. International Journal of Economics and Business Management, 6(3), 29-36.
Ofoegbu, G. N., & Megbuluba, A. (2016). Corporate environmental accounting information disclosure in the Nigeria manufacturing firms. International Journal of Management Sciences and Business Research, 5(12), 1-13.
Ogiri, T., & Igo, O. T. (2022). Indicators of sustainability reporting and performance of non-financial companies in Nigeria. International Journal of MultiDisciplinary Research and Analysis, 5(5), 890-897. https://doi.org/10.47191/ijmra/v5-i5-01
Okolie, O. A., & Igaga, A. C. (2020). Sustainability reporting and financial performance of manufacturing companies in Nigeria. International Business & Economics Studies, 2(2), 68-87.
Okerekeoti, C. U. (2022). Effect of profitability on sustainability reporting of listed oil and gas Firms in Nigeria. Research Journal of Management Practice, 2(4), 1-12.
Okutu, N., & Adegbie, F. F. (2023). Sustainability reporting and financial performance of oil and gas companies listed in Nigeria. International Journal of Research and Innovation in Social Science, 6(12). https://doi.org/10.47772/IJRISS
Olowolaju, P., & Adelola, F. (2020). Effect of corporate social responsibility on profitability of selected quoted manufacturing companies in Nigeria. International Journal of Economics, Business and Management Research, 4(7), 15-29.
Omaliko, E., & Nwadialor, E., & Nweze, A. (2020). Effect of non-financial disclosures on performance of non-financial firms in Nigeria. Journal of Accounting and Financial Management, 6(1), 16-39.
Onoh, U. A., Kayadi, B., & Ndubuisi, O. C. (2023). Sustainability reporting and firm value of listed oil and gas companies in Nigeria. Journal of Development Economics and Finance, 4(1), 177-223. https://doi.org/10.47509/JDEF.2023.v04i01.09
Orazalin, N. (2020). Do board sustainability committees contribute to corporate environmental and social performance? The mediating role of corporate social responsibility strategy. Business, Strategy and Environment, 29(4), 140–153.
Pareek, R., Pandey, K. D., & Sahu, T. N. (2019). Corporate governance, firms’ characteristics and environmental performance disclosure practices of Indian companies. Indian Journal of Corporate Governance, 12(2), 142-155. https://doi.org/10.1177/0974686219881091
Samuel, B., Richard, R., Raymond, K. D., & Yong-Seok, L. (2023). Corporate social responsibility and dividend payout in extraordinary time: Empirical study of South Africa. Corporate Social Responsibility and Environmental Management, 31(2) 514 – 527.
Shuremo, G. A. (2016). Determinants of manufacturing companies’ profitability: Evidence from manufacturing companies industry in Ethiopia. International Journal of Economics, Commerce and Management, 4(2), 341-359.
Yakubu, I. N. (2016). Bank-specific and macroeconomic determinants of commercial manufacturing companies profitability in Ghana. International Finance and Manufacturing companies (Macrothink Institute), 3(2), 234-241.
Yusuf, O. M., Emmanuel, U. I., Akpan, E. O., & Odumegwu, E. C. (2020). Impact of sustainability reporting on corporate performance: Evidence from Nigeria stock exchange. Journal of Management Science & Entrepreneurship, 20 (7), 345-367.
Zabolotnyy, S., & Wasilewski, M. (2019). The concept of financial sustainability measurement: A case of food companies from Northern Europe. Sustainability, 11(18), 5139. https://doi.org/10.3390/su11185139
Published
2024-11-29
How to Cite
Emmanuel, C., Folorunsho, A., Atanda, O., & Akintoye, I. R. (2024). SUSTAINABILITY REPORTING AND SHAREHOLDERS’ INVESTMENT DECISIONS IN AFRICA. International Journal of Accounting & Finance Review, 15(1), 10-19. https://doi.org/10.46281/ijafr.v15i1.2257
Section
Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
Copyright (c) 2024 Chinanu Emmanuel, Akande Folorunsho, Olabamiji Atanda, Ishola Rufus Akintoye
This work is licensed under a Creative Commons Attribution 4.0 International License.
