Exploring High and Low ESG Disclosure Thresholds: Impact on Corporate Value in Nigeria’s Industrial and Oil & Gas Sectors

Godwin Omoregbee, Banjo Adeola Adebisi, Oluseyi Olanrewaju and Bodunde Kolawole
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Godwin Omoregbee: Department of Accounting, Lagos State University, Ojo, Lagos, Nigeria
Banjo Adeola Adebisi: Chairman, Ikorodu Local Government
Oluseyi Olanrewaju: Department of Finance, James Hope University, Lekki, Lagos, Nigeria
Bodunde Kolawole: 82 Murtala Mohammed Way, Ebute-Metta

International Journal of Research and Innovation in Social Science, 2025, vol. 9, issue 1, 705-719

Abstract: This study explores the dynamic relationship between Environmental, Social, and Governance (ESG) disclosure and corporate value among listed Oil and Gas and Industrial Goods firms in Nigeria, covering the period from 2011 to 2022. Employing a nonlinear fixed-effect panel threshold regression model, the research evaluates the effects of high and low ESG disclosure regimes on corporate performance metrics, represented by Tobin’s Q and EBITDA. The findings reveal that high ESG disclosure regimes significantly enhance corporate value across both sectors, while low ESG regimes yield mixed results, particularly in the Oil and Gas sector. These results underscore the pivotal role of ESG practices in fostering sustainable corporate performance and align with signaling theory. This study contributes to the discourse on ESG strategies, offering actionable insights for policymakers, corporate leaders, and stakeholders aiming to optimize sustainability practices and financial outcomes.

Date: 2025
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