Sustainability Reporting and Firm Value: Evidence from Selected Deposit Money Banks in Nigeria
Keywords:
sustainability disclosure, firm value, economic sustainability, environmental sustainability, social sustainability
Abstract
The challenges faced by sustainable banking operations have brought about new possibilities and new models of reporting that the value creation potentials of financial institutions. This study examines the effect of sustainability disclosure on firm value, drawing data from ten randomly selected listed deposit money banks, covering the period 2014-2018. We employ qualitative content analysis, using the information obtained from audited reports and accounts, to measure overall sustainability disclosure index and its three dimensions (environmental, social and economic) and use descriptive tools and ordinary least square fixed-effects regression for analysis. We find consistent and strong evidence that banks with high overall sustainability and environmental sustainability disclosure tend to have low firm value. However, social sustainability disclosure exerts a more pronounced positive impact while the insignificant effect of economic sustainability disclosure suggests that its increase will not enhance firm value. These results indicate that overall sustainability and environmental sustainability disclosures were detrimental, rather than beneficial, to firm value. We conclude that sustainability reporting of deposit money banks in Nigeria does not enhance firm value, it only legitimizes their operations. We recommend quantitative disclosure of environmental and economic sustainability activities of the banks as well as their contributions to productive sectors and stakeholders’ economic circumstances.
References
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Bharadwaj, A. S., Bharadwaj, S. G. & Konsynski, B. R. (1999). Information Technology Effects on Firm Performance as Measured by Tobin’s Q. Management Science, 45, 1008-24.
Chaklader, B. & Gulati, P. A. (2015). A study of corporate environmental disclosure practices of companies doing business in India. Global Business Review, 16(2), 321–35. http://doi.org/10.1177/0972150914564430
Charlo, M., Moya, J. & Muñoz, I. (2017). Financial performance of socially responsible firms: The short-and long-term impact. Sustainability, 9, 1622. http://doi.org/10.3390/su9091622
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Christofi, A., Christofi, P. & Sisaye, S. (2012). Corporate sustainability: historical development and reporting practices. Management Research Review, 35(2), 157-72.
Cormier. D. & Gordon, I. (2001). An examination of social and environmental reporting strategies, Accounting, Auditing & Accountability Journal, 14 (5), 587-617. https://doi.org/10.1108/EUM0000000006264.
Deegan, C. (2000). Financial Accounting Theory. Beijing: Journal of Business Ethics, https://doi.org/1010077/s10551-013-1730-2
Deegan, C., Rankin, M. & Tobin, J. (2002). An examination of the corporate, social and environmental disclosures of BHP from 1983-1997: a test of legitimacy theory, Accounting, Auditing & Accountability Journal, 15(3), 312-43.
Dhaliwal, D.S., Li, O.Z., Tsang, A. & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: the initiation of corporate social responsibility reporting, The Accounting Review, 86(1), 59–100. https://doi.org/10.2308/accr. 00000005.
Dowling, J. & Pfeffer, J. (1975). Organizational legitimacy: social values and organizational behavior, The Pacific Sociological Review, 18(1), pp. 122-36.
Ehrhard, M. & Brigham, E. (2003). Corporate Finance – A focused approach, 1st Edition, Mason, Thomson.
Emeka-Nwokeji, N. & Osisioma, B. (2019). Sustainability disclosures and market value of firms in emerging economy: evidence from Nigeria. European Journal of Accounting, Auditing and Finance Research, 7(3), 1-19.
Feihn, S. & Struck, H. (2011). The impact of smoothening on firm value – An industry analysis. Masters thesis, Lund University.
Garcia, A. S., Mendes-Da-Silva, W. & Orsato, R. (2017). Sensitive industries produce better ESG performance: Evidence from emerging markets. Journal of Clean, 150, 135–47.
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Retrieved on Dec., 20th, 2019 from https://www.globalreporting.org/guidelinesx
Goosen, K.R., Jensen, R. & Wells, R. (1999). Purpose and learning benefits of simulations: A design and development perspective. Development in Business Simulation and Empirical Learning, 26, 133-45.
Horn, R., De- Klerk, M. & De Villiers, C. (2018). The association between corporate social responsibility reporting and firm value for South African firms. South African Journal of Economic and Management Sciences, 21(1), 2236. https://doi.org/10.4102.sajems.v21i12236
Hussain, A. (2015). Impact of sustainability performance on financial performance: An empirical evidence study of global fortune 100 firms. UCFV Working paper No. 2015/01. https://doi.org/10.3390/su/10020494
Hussain, N., Rigoni, U. & Orij, R. P. (2016). Corporate governance and sustainability performance: Analysis of triple bottom line performance. Journal of Business Ethics. https://doi.org/10.1007/s10551-0163099-5
Ihlen, O. &Roper, J. (2014). Corporate reports on sustainability and sustainable development: we have arrived. Sustainability Development, 22(1), 42–51. https://doi.org/10.1002/sd.524
Islam, M. A., Jain, A, & Thomson, D. (2016). Does the global reporting initiative influence sustainability disclosures in Asia-Pacific banks? Australian Journal of Environmental Management, 23(3), 298–313. https://doi.org/10.1007/s11135-014-0155
Jizi, M., Salama, A., Dixon, R. & Stratling, R. (2014). Corporate governance and corporate social responsibility disclosure: evidence from the US banking sector, Journal of Business Ethics, 125(4), 601-15. https://doi.org/101007/s10551-013-19292-2
Johnsen, D. B. (2003). Socially responsible investing: a critical appraisal. Journal of Business Ethics, 43, 219–22. https://doi.org/10.1023/A: 1022998232503
Kaveen, B., Rebecca, T. & Mark, W. (2013). Firm value and the quality of sustainability reporting in Australia. Australia Accounting Review, 23 (1), 67-87.
Khan, M., Halabi, A. & Samy, M. (2009). CSR reporting practice: a study of selected banking companies in Bangladesh. Social Responsibility Journal, 5(3), 344–57.
KPMG (2008). International survey of corporate responsibility reporting, from http://www.kpmg.com/EU/en/Documents/KPMG_International_survey_Corporate-responsibility_Survey _Reporting_2008.pdf
KPMG (2013). KPMG International survey of corporate sustainability reporting. Amsterdam: KPMG Global Sustainability Services.
Kurshev, A. & Strebulaev, I.A. (2015). Firm size and capital structure. Quarterly Journal of Finance, 5(3), 15-26. https://doi.org/10.1142/52010139215500081
Laskar, N. & Maji, S. (2018). Disclosure of corporate sustainability performance and firm performance in Asia. Asian Review of Accounting, October, 1-32. https://doi.org/10.1108/ARA-02-2017-0029.
Lawrence L., Thomas, T. & Yu, W. (2017). Sustainability reporting and firm value: Evidence from Singapore-Listed Companies, sustainability, MDPI Open Access Journal, 9(11), 1-12, Handle: RePEc:gam:jsusta:v:9:y:2017:i:11:p:2112-:d:119271. https://doi.org/10.3390/su9112112
Lewis-Beck, M. S., (1993). Regression Analysis, International Handbooks of Quantitative Applications in the Social Sciences, London: Sage Publication/Toppan Publishing.
Maignan, I., (2001). Consumers’ perceptions of corporate social responsibilities: A cross-cultural comparison. Journal of Business Ethics, 30, 57–72. https://doi.org/1023/A:1006433928640
Makela, M. (2012). The effect of smooth performance in firm value: European evidence. Master’s thesis. Aalto University, school of Economics. https://doi.org/10.1108/IJAIM-07-2014-00-50
Minna, Yu. & Ronald, Z. (2015). sustainability and firm valuation: an international investigation, International Journal of Accounting and information Management, 23(3), 289-307, https://doi.org/10.1108/IJAIM- 07-2014-00-50
Miller, M. H. & Modigliani, F. (1961). Dividend policy, growth and the valuation of shares. Journal of Business, 34, 411-33.
Morck, R., Shleifer, A. & Vinshny, R. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20 (1-2), 293-315 .
Musikamski, L. (2012). How to account for sustainability. A business guide to measuring and managing sustainability. 1st edition, p. 119. https://doi.org/10.3390/builf
Nnamani, J., Onyekwelu, U. & Ugwu, O. (5019). Effect of sustainability accounting and reporting on financial performance of firms in Nigerian brewery sector. European Journal of Business and Innovation Research, 5(1), 1-15.
Nwobu, L. (2015). The relationship between corporate sustainability reporting and profitability and shareholders fund in Nigerian banks. Journal of Accounting and Management, 5(3), 1-12.
OECD (2001). Analytical Report on sustainable development SG/SD. Paris OECD, 1-14. https://doi.org/
Oyewo, B. & Badejo, S. (2014). Sustainable development in reporting practices by Nigerian banks. Mediterranean Journal of Social Sciences, 5(23), 2535-2544.
Porter, M. & Kramer, M. (2011). Creating shared value. How to reinvent capitalism and unlease a wave of innovation and growth. Harvard Business Review, Jan.-Feb. pp.1-17.
Priyanka, A. (2013). Impact of sustainability performance of company on its financial performance: A study of listed Indian companies. Global Journals, 13(11), 58-78.
Rajhans, K. R. & Kaur, K. (2013). Financial determinants of firm value: Evidence from India firms. International Journal of Business Economics and Management Research, 3(5), 2249-88. https://ssrn.com/abstract=2305950
Ramadan, Z. (2016). Panel data approach of the firms’s value determinants: evidence from the Jordanian industrial firms. Modern Applied Science, 10(5), 163-69.
Ramly, Z. & Rashid, H. M. (2010). Critical review of literature on corporate governance and the cost of capital: The value creation perspective. African Journal of Business Management, 2198-2204.
Roman, L. & Grant, R. (2012). Corporate social responsibility and tax aggressiveness; a test of legitimacy theory. Accounting, Auditing and Accounting Journal, 26, 75-100. https://doi.org/10.1108/09513571311285621
Rountree, B., Weston, J.P. &Allayannis, G. (2008). Do investors value smooth performance? Journal of Financial Economics, 90, 237-51. https://doi.org/10.1016/j.jfineco.2008.02.002
Sahoo, P. & Nayak, B.P. (2007). Green banking in India. The Indian Economic Journal, 55(3), 82–98. https://doi.org/10.177/0019466220070306
Salawu, R. (2010). The dynamic model of capital structure and business risk of listed non-financial companies in Nigeria (1990-2006). An unpublished PhD thesis submitted to the Department of Management and Accounting, Obafemi Awolowo University, Ile-Ife, Nigeria.
Scholtens, B. (2006). Finance as a driver of corporate social responsibility. Journal of Business Ethics, 68(1), 19–33. https://doi.org/10.1007A10551-006-9037-1
Scholtens, B. J. (2009). Corporate social responsibility in the international banking industry. Journal of Business Ethics, 86, 158. https://doi.org/10.1007/s10551-008-9841-x
Schwartz, S. H. (2012). An overview of the Schwartz theory of basic values. Online Readings in Psychology and Culture, 2(1), 21-33. https://doi.org/10.9707/2307-0919.1116.
Swarnapali, RMNC., Wuhan, P.R., Mihintale, S. L. & Luo, L. (2018). Corporate sustainability reporting and firm value: evidence from developing country. International Journal of Organizational Innovation, 10(4), 69-78.
Sri, W.L., & Muhameed, B. D. (2017). Disclosure of sustainability report and moderating of profitability and its impact on firm value. 17 (1), 13-18.
Taye, F., Amodu, M. & Iliemena, R. (2019). Value relevance of sustainability reporting in Nigerian manufacturing companies. Journal of Global Accounting, 6(2), 131-142.
Tilling, M. (2004). Communication at the edge: voluntary social and environmental reporting in the annual report of legitimacy threatened corporation. APIRA Conference Paper, 20041.
Weber, O. & Blair, F. (2016). Sustainable banking and managing the social and environmental impact of financial institutions. Toronto, ON: University of Toronto Press.
Wikipedia. (2018), May 18. List of Corporate Collapses and Scandals. Retrieved from Wikipedia.org: en.wikipedia.org/wiki/list-of-corporate-collapses-and-scandals.
Yuanyuan, H., Shouming, C., Yuexin, S. & Su, G. (2018). CSR and Firm Value: Evidence from China. Sustainability, 10(12), 4589-4608. https://doi.org/10.3390/su10124597.
Aggarwal, P. (2013). Impact of sustainability performance of company on its financial performance: A study of listed Indian companies. Global Journal of Management and Business Research Finance, 13(11), 61- 69. http://doi.org/10.2139/ssrn.2152124
American Petroleum Institute (API) (2004). Compendium of greenhouse gas emission estimation methodologies for the oil and gas industry. (Washington, D.C.: American Petroleum Institute, February). apiec.api.org/filelibrary/Compendium2004Word.zip. http://doi.org/10.1007/s10584-010-9909-3
Asaolu, T. O., Agboola, A. A., Ayoola, T. J. & Salawu, M. K. (2011). Sustainability reporting in the Nigerian oil & gas sector. Journal of Environmental Management Conference, 1(4), 12-20. http://www.unaab.edu.ng
Asuquo, I., Dada, E.T. & Onyeogaziri, L. (2018). The effect of sustainability reporting on corporate performance of selected quoted brewery firms in Nigeria. International Journal of Business & Law Research, 6(3), 1-10, ISSN: 2360-8986. http://doi.org/10.14414/jebav.v15i2.79
Atanda, F., Asaolu, T. & Oyerinde, A. (2015). Macroeconomic variables and value creation in the Nigerian quoted companies. International Journal of Economics and Finance, 7(6), 252-62.
Babiak, K. & Trendafilova, S. (2011). CSR and environmental responsibility: motives and pressures to adopt green management practices, Corporate Social Responsibilities and Environmental Management, 18(1), 11-24. https://doi.org/10.1002/csr.229
Bartlett, D. B. (2012). The effect of sustainability reporting on firm valuation. CMC senior Thesis. Paper 489. http://scholarship.claremont.edu/cmc_theses/489.
Bharadwaj, A. S., Bharadwaj, S. G. & Konsynski, B. R. (1999). Information Technology Effects on Firm Performance as Measured by Tobin’s Q. Management Science, 45, 1008-24.
Chaklader, B. & Gulati, P. A. (2015). A study of corporate environmental disclosure practices of companies doing business in India. Global Business Review, 16(2), 321–35. http://doi.org/10.1177/0972150914564430
Charlo, M., Moya, J. & Muñoz, I. (2017). Financial performance of socially responsible firms: The short-and long-term impact. Sustainability, 9, 1622. http://doi.org/10.3390/su9091622
Chousa, J. P., Noelia, R. C. & Marcos, V. G.(2009). Reputational risk and corporate social responsibility in the financial sector, socially responsible investment. Ecosustainable, 57, 4-16.
Christofi, A., Christofi, P. & Sisaye, S. (2012). Corporate sustainability: historical development and reporting practices. Management Research Review, 35(2), 157-72.
Cormier. D. & Gordon, I. (2001). An examination of social and environmental reporting strategies, Accounting, Auditing & Accountability Journal, 14 (5), 587-617. https://doi.org/10.1108/EUM0000000006264.
Deegan, C. (2000). Financial Accounting Theory. Beijing: Journal of Business Ethics, https://doi.org/1010077/s10551-013-1730-2
Deegan, C., Rankin, M. & Tobin, J. (2002). An examination of the corporate, social and environmental disclosures of BHP from 1983-1997: a test of legitimacy theory, Accounting, Auditing & Accountability Journal, 15(3), 312-43.
Dhaliwal, D.S., Li, O.Z., Tsang, A. & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: the initiation of corporate social responsibility reporting, The Accounting Review, 86(1), 59–100. https://doi.org/10.2308/accr. 00000005.
Dowling, J. & Pfeffer, J. (1975). Organizational legitimacy: social values and organizational behavior, The Pacific Sociological Review, 18(1), pp. 122-36.
Ehrhard, M. & Brigham, E. (2003). Corporate Finance – A focused approach, 1st Edition, Mason, Thomson.
Emeka-Nwokeji, N. & Osisioma, B. (2019). Sustainability disclosures and market value of firms in emerging economy: evidence from Nigeria. European Journal of Accounting, Auditing and Finance Research, 7(3), 1-19.
Feihn, S. & Struck, H. (2011). The impact of smoothening on firm value – An industry analysis. Masters thesis, Lund University.
Garcia, A. S., Mendes-Da-Silva, W. & Orsato, R. (2017). Sensitive industries produce better ESG performance: Evidence from emerging markets. Journal of Clean, 150, 135–47.
Global Reporting Initiative (GRI) (2002). Sustainability reporting guidelines (The Netherlands), www.globalreporting.org
Global Reporting Initiative (GRI) (2011). Sustainability reporting guidelines version 3.1. Retrieved from:https://www.globalreporting.org/resourcelibrary/G3.1-Guidelines-Incl-Technical- Protocol.pdf.
Global Reporting Initiatives (GRI) (2011). Sustainability reporting guidelines, version 3.1.
Retrieved on Dec., 20th, 2019 from https://www.globalreporting.org/guidelinesx
Goosen, K.R., Jensen, R. & Wells, R. (1999). Purpose and learning benefits of simulations: A design and development perspective. Development in Business Simulation and Empirical Learning, 26, 133-45.
Horn, R., De- Klerk, M. & De Villiers, C. (2018). The association between corporate social responsibility reporting and firm value for South African firms. South African Journal of Economic and Management Sciences, 21(1), 2236. https://doi.org/10.4102.sajems.v21i12236
Hussain, A. (2015). Impact of sustainability performance on financial performance: An empirical evidence study of global fortune 100 firms. UCFV Working paper No. 2015/01. https://doi.org/10.3390/su/10020494
Hussain, N., Rigoni, U. & Orij, R. P. (2016). Corporate governance and sustainability performance: Analysis of triple bottom line performance. Journal of Business Ethics. https://doi.org/10.1007/s10551-0163099-5
Ihlen, O. &Roper, J. (2014). Corporate reports on sustainability and sustainable development: we have arrived. Sustainability Development, 22(1), 42–51. https://doi.org/10.1002/sd.524
Islam, M. A., Jain, A, & Thomson, D. (2016). Does the global reporting initiative influence sustainability disclosures in Asia-Pacific banks? Australian Journal of Environmental Management, 23(3), 298–313. https://doi.org/10.1007/s11135-014-0155
Jizi, M., Salama, A., Dixon, R. & Stratling, R. (2014). Corporate governance and corporate social responsibility disclosure: evidence from the US banking sector, Journal of Business Ethics, 125(4), 601-15. https://doi.org/101007/s10551-013-19292-2
Johnsen, D. B. (2003). Socially responsible investing: a critical appraisal. Journal of Business Ethics, 43, 219–22. https://doi.org/10.1023/A: 1022998232503
Kaveen, B., Rebecca, T. & Mark, W. (2013). Firm value and the quality of sustainability reporting in Australia. Australia Accounting Review, 23 (1), 67-87.
Khan, M., Halabi, A. & Samy, M. (2009). CSR reporting practice: a study of selected banking companies in Bangladesh. Social Responsibility Journal, 5(3), 344–57.
KPMG (2008). International survey of corporate responsibility reporting, from http://www.kpmg.com/EU/en/Documents/KPMG_International_survey_Corporate-responsibility_Survey _Reporting_2008.pdf
KPMG (2013). KPMG International survey of corporate sustainability reporting. Amsterdam: KPMG Global Sustainability Services.
Kurshev, A. & Strebulaev, I.A. (2015). Firm size and capital structure. Quarterly Journal of Finance, 5(3), 15-26. https://doi.org/10.1142/52010139215500081
Laskar, N. & Maji, S. (2018). Disclosure of corporate sustainability performance and firm performance in Asia. Asian Review of Accounting, October, 1-32. https://doi.org/10.1108/ARA-02-2017-0029.
Lawrence L., Thomas, T. & Yu, W. (2017). Sustainability reporting and firm value: Evidence from Singapore-Listed Companies, sustainability, MDPI Open Access Journal, 9(11), 1-12, Handle: RePEc:gam:jsusta:v:9:y:2017:i:11:p:2112-:d:119271. https://doi.org/10.3390/su9112112
Lewis-Beck, M. S., (1993). Regression Analysis, International Handbooks of Quantitative Applications in the Social Sciences, London: Sage Publication/Toppan Publishing.
Maignan, I., (2001). Consumers’ perceptions of corporate social responsibilities: A cross-cultural comparison. Journal of Business Ethics, 30, 57–72. https://doi.org/1023/A:1006433928640
Makela, M. (2012). The effect of smooth performance in firm value: European evidence. Master’s thesis. Aalto University, school of Economics. https://doi.org/10.1108/IJAIM-07-2014-00-50
Minna, Yu. & Ronald, Z. (2015). sustainability and firm valuation: an international investigation, International Journal of Accounting and information Management, 23(3), 289-307, https://doi.org/10.1108/IJAIM- 07-2014-00-50
Miller, M. H. & Modigliani, F. (1961). Dividend policy, growth and the valuation of shares. Journal of Business, 34, 411-33.
Morck, R., Shleifer, A. & Vinshny, R. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20 (1-2), 293-315 .
Musikamski, L. (2012). How to account for sustainability. A business guide to measuring and managing sustainability. 1st edition, p. 119. https://doi.org/10.3390/builf
Nnamani, J., Onyekwelu, U. & Ugwu, O. (5019). Effect of sustainability accounting and reporting on financial performance of firms in Nigerian brewery sector. European Journal of Business and Innovation Research, 5(1), 1-15.
Nwobu, L. (2015). The relationship between corporate sustainability reporting and profitability and shareholders fund in Nigerian banks. Journal of Accounting and Management, 5(3), 1-12.
OECD (2001). Analytical Report on sustainable development SG/SD. Paris OECD, 1-14. https://doi.org/
Oyewo, B. & Badejo, S. (2014). Sustainable development in reporting practices by Nigerian banks. Mediterranean Journal of Social Sciences, 5(23), 2535-2544.
Porter, M. & Kramer, M. (2011). Creating shared value. How to reinvent capitalism and unlease a wave of innovation and growth. Harvard Business Review, Jan.-Feb. pp.1-17.
Priyanka, A. (2013). Impact of sustainability performance of company on its financial performance: A study of listed Indian companies. Global Journals, 13(11), 58-78.
Rajhans, K. R. & Kaur, K. (2013). Financial determinants of firm value: Evidence from India firms. International Journal of Business Economics and Management Research, 3(5), 2249-88. https://ssrn.com/abstract=2305950
Ramadan, Z. (2016). Panel data approach of the firms’s value determinants: evidence from the Jordanian industrial firms. Modern Applied Science, 10(5), 163-69.
Ramly, Z. & Rashid, H. M. (2010). Critical review of literature on corporate governance and the cost of capital: The value creation perspective. African Journal of Business Management, 2198-2204.
Roman, L. & Grant, R. (2012). Corporate social responsibility and tax aggressiveness; a test of legitimacy theory. Accounting, Auditing and Accounting Journal, 26, 75-100. https://doi.org/10.1108/09513571311285621
Rountree, B., Weston, J.P. &Allayannis, G. (2008). Do investors value smooth performance? Journal of Financial Economics, 90, 237-51. https://doi.org/10.1016/j.jfineco.2008.02.002
Sahoo, P. & Nayak, B.P. (2007). Green banking in India. The Indian Economic Journal, 55(3), 82–98. https://doi.org/10.177/0019466220070306
Salawu, R. (2010). The dynamic model of capital structure and business risk of listed non-financial companies in Nigeria (1990-2006). An unpublished PhD thesis submitted to the Department of Management and Accounting, Obafemi Awolowo University, Ile-Ife, Nigeria.
Scholtens, B. (2006). Finance as a driver of corporate social responsibility. Journal of Business Ethics, 68(1), 19–33. https://doi.org/10.1007A10551-006-9037-1
Scholtens, B. J. (2009). Corporate social responsibility in the international banking industry. Journal of Business Ethics, 86, 158. https://doi.org/10.1007/s10551-008-9841-x
Schwartz, S. H. (2012). An overview of the Schwartz theory of basic values. Online Readings in Psychology and Culture, 2(1), 21-33. https://doi.org/10.9707/2307-0919.1116.
Swarnapali, RMNC., Wuhan, P.R., Mihintale, S. L. & Luo, L. (2018). Corporate sustainability reporting and firm value: evidence from developing country. International Journal of Organizational Innovation, 10(4), 69-78.
Sri, W.L., & Muhameed, B. D. (2017). Disclosure of sustainability report and moderating of profitability and its impact on firm value. 17 (1), 13-18.
Taye, F., Amodu, M. & Iliemena, R. (2019). Value relevance of sustainability reporting in Nigerian manufacturing companies. Journal of Global Accounting, 6(2), 131-142.
Tilling, M. (2004). Communication at the edge: voluntary social and environmental reporting in the annual report of legitimacy threatened corporation. APIRA Conference Paper, 20041.
Weber, O. & Blair, F. (2016). Sustainable banking and managing the social and environmental impact of financial institutions. Toronto, ON: University of Toronto Press.
Wikipedia. (2018), May 18. List of Corporate Collapses and Scandals. Retrieved from Wikipedia.org: en.wikipedia.org/wiki/list-of-corporate-collapses-and-scandals.
Yuanyuan, H., Shouming, C., Yuexin, S. & Su, G. (2018). CSR and Firm Value: Evidence from China. Sustainability, 10(12), 4589-4608. https://doi.org/10.3390/su10124597.
Published
2021-06-08
How to Cite
Atanda, F. A., Osemene, F., & Ogundana, H. F. (2021). Sustainability Reporting and Firm Value: Evidence from Selected Deposit Money Banks in Nigeria. Global Journal of Accounting, 7(1), 47-68. Retrieved from http://gja.unilag.edu.ng/article/view/1253
Section
Articles
