Environmental disclosure quality and firm characteristics: evidence from the emerging market of Nigeria

Muhammad Atiku Sa'id, Omaima A.G. Hassan and Xin Zhang

International Journal of Accounting, Auditing and Performance Evaluation, 2025, vol. 21, issue 3/4, 448-476

Abstract: Prior studies reveal a dearth of literature on corporate environmental disclosure quality (EDQ) in emerging markets. This study advances the literature by investigating EDQ and its association with firm characteristics in one of the top 20 global climate polluters and employing a multi-theory approach. It uses hand-collected data for all listed companies on the Nigerian stock exchange (NSE) for the year 2017, which makes the largest dataset used about Nigeria in this research area. It measures EDQ using a self-constructed disclosure index. Ordinary least squares (OLS) and stepwise regression analysis were adopted to investigate the association between EDQ and various company characteristics. The results show low-quality environmental disclosure among listed companies on the NSE. Consistent with predictions from stakeholder, agency, and legitimacy theories, large, more profitable, and multinational companies, and those from environmentally sensitive industries, are associated with higher EDQ. These results are of interest to investors, companies, regulators, and academics.

Keywords: environmental disclosure; voluntary; quality; Nigeria; emerging; developing. (search for similar items in EconPapers)
Date: 2025
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