Research Article

SUSTAINABILITY REPORTING AND FINANCIAL PERFORMANCE OF QUOTED NON-FINANCIAL COMPANIES IN NIGERIA

Volume: 14 Number: 2 December 31, 2025
Journal of Business Economics and Finance Cover
Journal of Business Economics and Finance
PDF Download

SUSTAINABILITY REPORTING AND FINANCIAL PERFORMANCE OF QUOTED NON-FINANCIAL COMPANIES IN NIGERIA

Abstract

Purpose- The study investigated the relationship between sustainability reporting and the financial performance of listed non-financial firms in Nigeria. Methodology- The sample comprised twenty-eight non-financial firms listed on the Nigeria Exchange Group over 2018-2022. Data from audited financial statements of companies were analysed using descriptive statistics, correlation analysis, panel data regression, and a generalized linear model. The results indicate that corporate governance reporting and the environmental reporting index have a positive correlation with sustainability reporting, whereas social reporting disclosures exhibit a negative relationship with sustainability reporting in Nigeria. Corporate governance reporting significantly and positively influences return on assets in non-financial firms within Nigeria. Similarly, the environmental reporting index has a notable and positive impact on return on assets among non-financial companies in Nigeria. Conversely, social reporting disclosures show an insignificant and negative effect on return on assets in Nigeria. Findings- The results show that research enhances the understanding of sustainability reporting practices. The findings suggest that companies should proactively involve stakeholders in sustainability reporting efforts, as this engagement will improve the firms' reputation, attract investments, and enhance customer loyalty, ultimately leading to better performance. Conclusion- Sustainabilty reporting by companies that often adopt eco-friendly and socially responsible practice often adopt cost-saving eco- friendly practices and also improve financial stabilty.

Keywords

References

  1. Adejola, P.A. & Joseph, B.O. & Ojuola, O.K. (2024). Sustainability reporting and financial performance of listed agriculture and natural resources firms in Nigeria. International Journal of Social Sciences and Management Reviews, 7(2), 16-32.
  2. Akhter, F., Hossain, M.R., Elrehail, H., Rehman, S.U. and Almansour, B. (2023). Environmental disclosures and corporate attributes, from the lens of legitimacy theory: a longitudinal analysis on a developing country. European Journal of Management and Business Economics, 32(3), 342-369.
  3. Akinleye, G. T., & Owoniya, B. O. (2024). Sustainability reporting and performance of selected quoted firms in Nigeria. Asian Journal of Economics, Business and Accounting, 24(6), 53-67.
  4. Ali, W., Wilson, J., & Husnain, M. (2022). Determinants/motivations of corporate social responsibility disclosure in developing economies: a survey of the extant literature. Sustainability, 14(6), 3474.
  5. Bahodirovich, K. B., (2024). Financial leverage ratios and analysis. Ethiopian International Journal of Multidisciplinary Research, 11(11), 418– 426.
  6. Bansal, M., Samad, T. A., & Bashir, H. A. (2021). The sustainability reporting- firm performance nexus: evidence from a threshold model. Journal of Global Responsibility, 12(4), 491-512.
  7. Chikwendu, O. U., Okafor, G. O., & Jesuwunmi, C.D.A. (2020). Effect of sustainability reporting on the financial performance of listed companies in Nigeria. Canadian Contemporary Research Journal, 1(1), 96-111.
  8. Dincer, B., Keskin, A. I., & Dincer, C. (2023). Nexus between sustainability reporting and firm performance: considering industry groups, accounting, and market measures. Sustainability, 15(7), 5849.

Details

Primary Language

English

Subjects

Finance

Journal Section

Research Article

Authors

Olasumbo Maryam Bello Olatunji This is me
0009-0008-8428-769X
Nigeria

Abdulganiyy Akanni Agbaje This is me
0000-0002-5558-7481
Nigeria

Opeyemi Ayomide Davies This is me
0009-0008-3855-0880
Nigeria

Publication Date

December 31, 2025

Submission Date

March 3, 2025

Acceptance Date

September 29, 2025

Published in Issue

Year 2025 Volume: 14 Number: 2

DOI

https://doi.org/10.17261/Pressacademia.2025.2022

IZ

https://izlik.org/JA57YA47TJ

Cite

RIS / Bibtex
APA
Rajı, S., Oke, A. A., Bello Olatunji, O. M., Agbaje, A. A., & Davies, O. A. (2025). SUSTAINABILITY REPORTING AND FINANCIAL PERFORMANCE OF QUOTED NON-FINANCIAL COMPANIES IN NIGERIA. Journal of Business Economics and Finance, 14(2), 118-126. https://doi.org/10.17261/Pressacademia.2025.2022
AMA
1.Rajı S, Oke AA, Bello Olatunji OM, Agbaje AA, Davies OA. SUSTAINABILITY REPORTING AND FINANCIAL PERFORMANCE OF QUOTED NON-FINANCIAL COMPANIES IN NIGERIA. JBEF. 2025;14(2):118-126. doi:10.17261/Pressacademia.2025.2022
Chicago
Rajı, Sadiq, Adesoji Aderemi Oke, Olasumbo Maryam Bello Olatunji, Abdulganiyy Akanni Agbaje, and Opeyemi Ayomide Davies. 2025. “SUSTAINABILITY REPORTING AND FINANCIAL PERFORMANCE OF QUOTED NON-FINANCIAL COMPANIES IN NIGERIA”. Journal of Business Economics and Finance 14 (2): 118-26. https://doi.org/10.17261/Pressacademia.2025.2022.
EndNote
Rajı S, Oke AA, Bello Olatunji OM, Agbaje AA, Davies OA (December 1, 2025) SUSTAINABILITY REPORTING AND FINANCIAL PERFORMANCE OF QUOTED NON-FINANCIAL COMPANIES IN NIGERIA. Journal of Business Economics and Finance 14 2 118–126.
IEEE
[1]S. Rajı, A. A. Oke, O. M. Bello Olatunji, A. A. Agbaje, and O. A. Davies, “SUSTAINABILITY REPORTING AND FINANCIAL PERFORMANCE OF QUOTED NON-FINANCIAL COMPANIES IN NIGERIA”, JBEF, vol. 14, no. 2, pp. 118–126, Dec. 2025, doi: 10.17261/Pressacademia.2025.2022.
ISNAD
Rajı, Sadiq - Oke, Adesoji Aderemi - Bello Olatunji, Olasumbo Maryam - Agbaje, Abdulganiyy Akanni - Davies, Opeyemi Ayomide. “SUSTAINABILITY REPORTING AND FINANCIAL PERFORMANCE OF QUOTED NON-FINANCIAL COMPANIES IN NIGERIA”. Journal of Business Economics and Finance 14/2 (December 1, 2025): 118-126. https://doi.org/10.17261/Pressacademia.2025.2022.
JAMA
1.Rajı S, Oke AA, Bello Olatunji OM, Agbaje AA, Davies OA. SUSTAINABILITY REPORTING AND FINANCIAL PERFORMANCE OF QUOTED NON-FINANCIAL COMPANIES IN NIGERIA. JBEF. 2025;14:118–126.
MLA
Rajı, Sadiq, et al. “SUSTAINABILITY REPORTING AND FINANCIAL PERFORMANCE OF QUOTED NON-FINANCIAL COMPANIES IN NIGERIA”. Journal of Business Economics and Finance, vol. 14, no. 2, Dec. 2025, pp. 118-26, doi:10.17261/Pressacademia.2025.2022.
Vancouver
1.Sadiq Rajı, Adesoji Aderemi Oke, Olasumbo Maryam Bello Olatunji, Abdulganiyy Akanni Agbaje, Opeyemi Ayomide Davies. SUSTAINABILITY REPORTING AND FINANCIAL PERFORMANCE OF QUOTED NON-FINANCIAL COMPANIES IN NIGERIA. JBEF. 2025 Dec. 1;14(2):118-26. doi:10.17261/Pressacademia.2025.2022

Journal of Business, Economics and Finance (JBEF) is a scientific, academic, double blind peer-reviewed, semi-annual and open-access journal. The publication language is English. The journal publishes 2 issues a year. The issuing months are June and December. The journal aims to provide a research source for all practitioners, policy makers and researchers working in the areas of business, economics and finance. The Editor of JBEF invites all manuscripts that that cover theoretical and/or applied researches on topics related to the interest areas of the Journal. JBEF charges no submission or publication fee.



Ethics Policy - JBEF applies the standards of Committee on Publication Ethics (COPE). JBEF is committed to the academic community ensuring ethics and quality of manuscripts in publications. Plagiarism is strictly forbidden and the manuscripts found to be plagiarized will not be accepted or if published will be removed from the publication. Authors must certify that their manuscripts are their original work. Plagiarism, duplicate, data fabrication and redundant publications are forbidden. The manuscripts are subject to plagiarism check by iThenticate or similar. All manuscript submissions must provide a similarity report (up to 15% excluding quotes, bibliography, abstract, method).


Open Access - All research articles published in PressAcademia Journals are fully open access; immediately freely available to read, download and share. Articles are published under the terms of a Creative Commons license which permits use, distribution and reproduction in any medium, provided the original work is properly cited. Open access is a property of individual works, not necessarily journals or publishers. Community standards, rather than copyright law, will continue to provide the mechanism for enforcement of proper attribution and responsible use of the published work, as they do now.