article · FUDMA Journal of Accounting and Finance Research [FUJAFR]
This research assesses how board attributes influence the relationship between environmental disclosure and market value among manufacturing companies in Nigeria. Using secondary data drawn from the published annual reports of 45 manufacturing firms listed on the Nigerian Exchange Group between 2013 and 2022, the investigation examined trends through descriptive statistics and regression methods within the framework of legitimacy theory. The findings show that environmental disclosure has a negative and insignificant direct relationship with market value. However, board attributes significantly moderate this dynamic, shaping how environmental reporting connects to firm valuation. The study suggests that forming varied boards of directors with solid market understanding encourages creativity, better decision-making, innovation, and stronger assessment of strategic alternatives to help improve overall market value.
Companies face growing pressure to report on environmental practices, but the financial implications remain complex. Understanding that corporate board characteristics actively shape how markets interpret environmental disclosures helps businesses structure their leadership to balance sustainability reporting with market valuation.
This empirical work provides strategic governance guidance for corporate executives, nomination committees, and listed manufacturing firms looking to align board composition with corporate disclosure practices. Because it offers analytical insights rather than a product or operational technology, it serves as an advisory evidence base rather than a direct commercial application.
AI-generated from the published abstract. Always read the original work before citing.
This research work assessed the interacting effect of board attributes on the relationship between environmental disclosure and market value. The study made use of secondary data from the published annual reports and accounts of selected quoted manufacturing companies in Nigeria. The study made use of forty five (45) manufacturing quoted on the Nigerian Exchange Group (NGX) for ten (10) years covering the period 2013-2022. The study was anchored on the Legitimacy theory. Descriptive statistics and regression techniques were used to carry out data analysis. The result of the study indicated that there is a negative and insignificant relationship between environmental disclosure and market value and further revealed that board attributes significantly moderates the relationship between environmental disclosure and market value of the selected manufacturing companies listed on the NGX. The study recommends that varied board of directors with an understanding of the markets will promote creativity, decision-making, innovativeness, enhanced evaluation of additional alternatives that will boosted market value.
This page summarises published work. The authoritative version sits with the publisher.
DOI: 10.33003/fujafr-2025.v3i1.153.31-39
Is something wrong with this record? Report it or request removal.
Discussion
Have you built on this work, tried to replicate it, or seen it applied in practice? Share what you know. Verified researchers and MARATTO™ domain experts can open a discussion, and any member can reply. Contributions are reviewed before they appear.
No discussion yet. Open the first thread.
New to MARATTO™? Create a free account.
