Firm-Specific Characteristics and Voluntary Disclosure of Listed Manufacturing Firms in Nigeria

Jibril Ramalan, Aminu Kado Kurfi, Aminu Muhammad Bello and Adam Muhammad Saifullahi
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Jibril Ramalan: Department of Business Administration and Entrepreneurship, Bayero University, Kano Nigeria
Aminu Kado Kurfi: Department of Business Administration and Entrepreneurship, Bayero University, Kano Nigeria
Aminu Muhammad Bello: Department of Business Administration and Entrepreneurship, Bayero University, Kano Nigeria
Adam Muhammad Saifullahi: Department of Business Administration and Entrepreneurship, Bayero University, Kano Nigeria

International Journal of Research and Innovation in Social Science, 2021, vol. 05, issue 07, 101-108

Abstract: This study examined firm specific characteristics and the voluntary disclosure of information of listed manufacturing firms in Nigeria. The study collected its data from secondary source by means of the annual reports and account of firms under the study. The analysis was conducted on thirty-eight (38) out of the fifty-four (54) listed manufacturing firms in the Nigeria Stock Exchange (NSE) for a period of ten years 2009-2018. The firm specific characteristics such as firm size, firm age, leverage, profitability, liquidity and information and communication technology on the voluntary information disclosure of listed manufacturing firms in Nigeria were used. 97 disclosure items were used as disclosure index drawn from the companies’ background general information, corporate strategic information, corporate governance information, financial performance information, risk management information, forward looking information, human intellectual information, the outlook of competitive environment and corporate social responsibilities. To achieve this objective, ordinary least square (OLS), generalized least square (GLS), descriptive statistics and correlation matrix were employed in carrying out the analysis, after the employment of the assumptions of regression model using STATA version 15. The findings of the study reveal that a positive and significant effect exists between firm size, firm age, leverage, and voluntary disclosure of the study firms. The study also shows a positive and insignificant association between ICT and voluntary disclosure. However, it recorded a negative and insignificant relationship between profitability, liquidity and voluntary disclosure of the firms under study. It recommended, among others, that the management of listed manufacturing firms should increase and expand their total asset by effective acquiring and efficient utilizing of its assets, maintained it sustainability to remain older in business, keep their leverage optimally for separation of risk, and upgrade their ICT.

Date: 2021
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