Title: SUSTAINABILITY REPORTING, INDUSTRY SENSITIVITY AND MARKET VALUE OF LISTED COMPANIES IN NIGERIA

Authors: Omonade Onoriode and Okolie Augustine Oke

Abstract: This study examined the effect of sustainability reporting on the market value of listed firms in Nigeria, with emphasis on economic, social, governance, and environmental sustainability dimensions, and the moderating role of industry sensitivity. The study was anchored on Stakeholder Theory. An ex-post facto research design was adopted, utilizing panel data obtained from the annual reports of selected listed firms in Nigeria from 2015 to 2024. Market value was measured using Tobin’s Q, while robust regression analysis was employed to test the formulated hypotheses. The overall regression model indicated that industry sensitivity significantly moderates the relationship between sustainability reporting and market value among listed firms in Nigeria. The study concludes that sustainability reporting plays a crucial role in shaping firm valuation in Nigeria, although the effects vary across sustainability dimensions. The study recommends that firms strengthen sustainability disclosure practices, particularly in the areas of social responsibility and corporate governance, while regulators should promote industry-specific sustainability reporting standards to enhance transparency and investor confidence.

Keywords: Sustainability Reporting, Market Value, Economic Sustainability, Social Sustainability, Governance Sustainability, Environmental Sustainability, Industry Sensitivity.

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