Sustainability disclosures and firm value: evidence from the Ghana Stock Exchange

Joseph Adu Boahen, Nicholas Asare, Frank Antwi and Abukari Salifu Atchulo

International Journal of Markets and Business Systems, 2025, vol. 6, issue 1, 66-89

Abstract: This study examines sustainability disclosures (SD) and its influence on the value of listed firms in Ghana. In this study, we examine SD within the framework of GRI G4 Standard. Data is extracted from audited annual reports of 28 listed firms from 2010 to 2020. The study computes SD (i.e., Environmental, Social and Governance disclosures) scores using metrics in literature whilst firm value is measured by the market and book values of the firms. Findings reveal that listed firms' SD is largely driven by governance disclosures. The study also finds that SD does not significantly affect firm value. However, environmental disclosures have a positive effect on the market value of firms. The results highlight SD as a determinant of the value of listed firms. This study contributes to sustainability accounting and firm valuation literature from an emerging market context, where regulatory frameworks and reporting practices are still developing.

Keywords: sustainability; disclosures; firm value; listed firms; GSE; Ghana Stock Exchange. (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.inderscience.com/link.php?id=146960 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ids:ijmabs:v:6:y:2025:i:1:p:66-89

Access Statistics for this article

More articles in International Journal of Markets and Business Systems from Inderscience Enterprises Ltd
Bibliographic data for series maintained by Sarah Parker ().