Environmental, Social and Governance (ESG) disclosure and firm value of manufacturing firms: The moderating role of profitability

https://doi.org/10.35912/ijfam.v5i3.1466
Published: Dec 5, 2023

Abstract:

Purpose: This study examines the impact of environmental, social, and governance disclosure on firm value. This study empirically examines the impact of profitability on the relationship between ESG and firm value.

Research methodology: This study uses a panel dataset of 12 industrial goods manufacturing firms listed during the 2014-2020 period. The direct effects were tested using an FEM and the Two-Stage Least Squares was used to account for the endogeneity problem.

Results: This study finds a positive effect of ESG disclosures on firm value. The coefficients of ESG in the FEM and 2SLS results were not significant. The interaction between ROA and ESG also showed higher coefficients that were not statistically significant. The empirical analysis was robust to the use of two-stage least squares regression.

Limitations: This study presents evidence from a single sector based on a prior literature review, which may affect the generalizability of the findings to other sectors.

Contribution: This work adds to the broad ESG literature and methodologically extends past results by exploring the moderating influence of profitability.

Practical implications: This study has implications for managers and firms that are increasingly desirous of improving their firm performance by presenting a positive image to their stakeholders and how this is linked to their profitability over time.

Novelty: This study adds new aspects to the broad discussion on ESG and firm value in a developing-country context, which is consistent with the view that profitable firms mainly address ESG issues in such economies.

Keywords:
1. ESG Disclosure
2. Tobin’s Q
3. ROA
Authors:
1 . Olufemi Yeye
National Universities Commission, Nigeria
2 . Chinedu F. Egbunike
Nnamdi Azikiwe University, Nigeria
View PDF
How to Cite
Yeye, O., & Egbunike, C. F. (2023). Environmental, Social and Governance (ESG) disclosure and firm value of manufacturing firms: The moderating role of profitability. International Journal of Financial, Accounting, and Management, 5(3), 311–322. https://doi.org/10.35912/ijfam.v5i3.1466
Download Citation
  1. Endnote/Zotero/Mendeley (RIS)
  2. BibTeX

Downloads

Download data is not yet available.
Issue & Section
Vol. 5 No. 3 (2023): December
Articles
Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

References

    Abdi, Y., Li, X., & Càmara-Turull, X. (2022). Exploring the impact of sustainability (ESG) disclosure on firm value and financial performance (FP) in airline industry: the moderating role of size and age. Environment, Development and Sustainability, 24(4), 5052-5079.

    Ajayi, S., & Ovharhe, L. (2016). The effect of corporate social responsibility on the performance and growth of the oil & gas industry in Nigeria a case study of Nigeria LNG limited. Available at SSRN 2745079.

    Albitar, K., Hussainey, K., Kolade, N., & Gerged, A. M. (2020). ESG disclosure and firm performance before and after IR: The moderating role of governance mechanisms. International Journal of Accounting & Information Management.

    Alikhani, R., & Maranjory, M. (2013). An investigation on the relationship between social and environmental information disclosure level and firms performance in Iran. International Research Journal of Applied and Basic Sciences, 5(1), 125-128.

    Alnafea, F. S. (2014). Developing the Conceptual Framework of Sustainability Accounting Reporting: Field Study in Saudi Commercial Banking Sector. Global Journal of Management And Business Research, 14(D4), 9-39.

    Alsayegh, M. F., Abdul Rahman, R., & Homayoun, S. (2020). Corporate economic, environmental, and social sustainability performance transformation through ESG disclosure. Sustainability, 12(9), 3910.

    Asuquo, A. I., Dada, E., & Onyeogaziri, U. (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.

    Azzone, G., Brophy, M., Noci, G., Welford, R., & Young, W. (1997). A stakeholders' view of environmental reporting. Long range planning, 30(5), 699-709.

    Bassey, B. E., Effiok, S. O., & Eton, O. E. (2013). The impact of environmental accounting and reporting on organizational performance of selected oil and gas companies in Niger Delta Region of Nigeria. Research Journal of finance and accounting, 4(3), 57-73.

    Bhatia, A., & Tuli, S. (2017). Corporate attributes affecting sustainability reporting: an Indian perspective. International Journal of Law and Management, 59(3), 322-340.

    Bofinger, Y., Heyden, K. J., & Rock, B. (2022). Corporate social responsibility and market efficiency: Evidence from ESG and misvaluation measures. Journal of banking & finance, 134, 106322.

    Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal, 30(1), 98-115.

    Chen, Z., & Xie, G. (2022). ESG disclosure and financial performance: Moderating role of ESG investors. International Review of Financial Analysis, 83, 102291.

    Cortez, M. A. A., & Cudia, C. P. (2011). Sustainability and firm performance: a case study of Japanese electronics companies. Ritsumeikan international affairs= Ritsumeikan international affairs, 10, 321-339.

    D'Amato, A., & Falivena, C. (2020). Corporate social responsibility and firm value: Do firm size and age matter? Empirical evidence from European listed companies. Corporate Social Responsibility and Environmental Management, 27(2), 909-924.

    Ebimobowei, A. (2011). A study of social accounting disclosures in the annual reports of Nigerian companies. Asian Journal of Business Management, 3(3), 145-151.

    Egbunike, A. P., & Okoro, G. E. (2018). Does green accounting matter to the profitability of firms? A canonical assessment. Ekonomski horizonti, 20(1), 17-26.

    Ekwe, M., Odogu, L., & Mebrim, A. (2017). Triple bottom line accounting pattern and profitability of firms (An empirical study of oil and gas companies in Nigeria). International Journal for Research in Business, Management and Accounting, 3(9), 44-56.

    Faris, C., Gilbert, B., LeBlanc, B., Ballou, B., & Heitger, D. L. (2013). Integrating the triple bottom line into an enterprise risk management program. Retrieved from https://www.sechistorical.org/collection/papers/2010/2013_0501_COSODemystifying.pdf

    Freeman, R. (1984). Strategic management: A stakeholder approach.

    Freeman, R. E., Harrison, J. S., Wicks, A. C., Parmar, B. L., & De Colle, S. (2010). Stakeholder theory: The state of the art.

    Gerged, A. M., Beddewela, E., & Cowton, C. J. (2021). Is corporate environmental disclosure associated with firm value? A multicountry study of Gulf Cooperation Council firms. Business Strategy and the Environment, 30(1), 185-203.

    Guo, Z., Hou, S., & Li, Q. (2020). Corporate social responsibility and firm value: the moderating effects of financial flexibility and R&D investment. Sustainability, 12(20), 8452.

    Haji, A. A. (2013). Corporate social responsibility disclosures over time: evidence from Malaysia. Managerial auditing journal, 28(7), 647-676.

    Halaby, C. N. (2004). Panel models in sociological research: Theory into practice. Annu. Rev. Sociol., 30, 507-544.

    Hamzah, R. S., Gozali, E. O. D., Annisa, M. L., & Pratiwi, C. N. (2022). The Role of Corporate Social Responsibility on the Performance of Indonesian Banking Corporation. International Journal of Financial, Accounting, and Management, 4(3), 365-377.

    Harrison, J. S., & Freeman, R. E. (1999). Stakeholders, social responsibility, and performance: Empirical evidence and theoretical perspectives. Academy of Management Journal, 42(5), 479-485.

    Hillman, A. J., & Keim, G. D. (2001). Shareholder value, stakeholder management, and social issues: what's the bottom line? Strategic management journal, 22(2), 125-139.

    Husna, A., & Satria, I. (2019). Effects of return on asset, debt to asset ratio, current ratio, firm size, and dividend payout ratio on firm value. International Journal of Economics and Financial Issues, 9(5), 50-54.

    Ifurueze, M., Lydon, M., & Bingilar, P. (2013). The impact of environmental cost on corporate performance: A study of oil companies in Niger Delta States of Nigeria. Journal of Business and Management, 2(2), 1-10.

    Ijeoma, N. B. (2015). Evaluation of companies environmental practices in Nigeria. Social and Basic Sciences Research Review, 3(7), 349-364.

    Innocent, O. C., Okafor, T., & Egolum, P. (2014). An assessment of environmental information disclosure practices of selected Nigerian manufacturing companies. International Journal of Finance and Accounting, 3(6), 349-355.

    Jadiyappa, N., Iyer, S. R., & Jyothi, P. (2021). Does social responsibility improve firm value? Evidence from mandatory corporate social responsibility regulations in India. International Review of Finance, 21(2), 653-660.

    Jeroh, E., & Okoro, G. (2016). Effect of environmental and dismantling costs on firm performance among selected oil and gas companies in Nigeria. Sahel Analyst: Journal of Management Sciences, 14(5), 14-26.

    Jiraporn, P., Jiraporn, N., Boeprasert, A., & Chang, K. (2014). Does corporate social responsibility (CSR) improve credit ratings? Evidence from geographic identification. Financial Management, 43(3), 505-531.

    Jo, H., & Harjoto, M. A. (2012). The causal effect of corporate governance on corporate social responsibility. Journal of Business Ethics, 106, 53-72.

    Kim, B., & Lee, S. (2020). The impact of material and immaterial sustainability on firm performance: The moderating role of franchising strategy. Tourism management, 77, 103999.

    Laplume, A. O., Sonpar, K., & Litz, R. A. (2008). Stakeholder theory: Reviewing a theory that moves us. Journal of management, 34(6), 1152-1189.

    Lee, D. D., & Faff, R. W. (2009). Corporate sustainability performance and idiosyncratic risk: A global perspective. Financial review, 44(2), 213-237.

    Lee, J., Pati, N., & Roh, J. J. (2011). Relationship between corporate sustainability performance and tangible business performance: evidence from oil and gas industry. International Journal of Business Insights and Transformation, 3(3), 72-82.

    Lee, M.-j. (2002). Panel data econometrics: methods-of-moments and limited dependent variables. (No Title).

    Li, Y., Gong, M., Zhang, X.-Y., & Koh, L. (2018). The impact of environmental, social, and governance disclosure on firm value: The role of CEO power. The British accounting review, 50(1), 60-75.

    Little, A. D. (2003). The business case for Corporate Responsibility. Business in the Community.

    Mohammad, W. M. W., & Wasiuzzaman, S. (2021). Environmental, Social and Governance (ESG) disclosure, competitive advantage and performance of firms in Malaysia. Cleaner Environmental Systems, 2, 100015.

    Nnamani, J., Onyekwelu, U., & Ugwu, O. (2017). Effect of sustainability accounting and reporting on financial performance of firms in Nigeria brewery sector. European Journal of Business and Innovation Research, 5(1), 1-15.

    Noor, S., Saeed, A., Baloch, M. S., & Awais, M. (2020). CSR permanency, family ownership, and firm value: Evidence from emerging economies. Corporate Social Responsibility and Environmental Management, 27(5), 2135-2149.

    Nze, D. O., Okoh, J., & Ojeogwu, I. C. (2016). Effect of Corporate Social Responsibility on earnings of quoted firms in Nigeria. ESUT Journal of Accountancy, 1, 260-267.

    Ogbodo, O. C. (2015). The Imperatives of Sustainability Management Accounting System (SMAS) For Developing Country: The case of Nigeria. 2(7B), 779-785.

    Okoye, P., & Asika, E. R. (2013). An appraisal of sustainability environmental accounting in enhancing corporate productivity and economic performance. International Journal of Advanced Research, 1(8), 685-693.

    Oluwagbemiga, E. O. (2014). The use of voluntary disclosure in determining the quality of financial statements: evidence from the Nigeria listed companies. Serbian Journal of Management, 9(2), 263-280.

    Ong, T., & Djajadikerta, H. G. (2017). Impact of corporate governance on sustainability reporting: Empirical study in the Australian resources industry. Paper presented at the 8th Conference on Financial Markets and Corporate Governance (FMCG).

    Onyekwelu, U., & Ekwe, M. (2014). Does corporate social responsibility predicate good financial performance. ESUT Journal of Management Sciences, 8(1), 1-10.

    Orlitzky, M., Louche, C., Gond, J.-P., & Chapple, W. (2017). Unpacking the drivers of corporate social performance: A multilevel, multistakeholder, and multimethod analysis. Journal of Business Ethics, 144, 21-40.

    Peloza, J., & Shang, J. (2011). How can corporate social responsibility activities create value for stakeholders? A systematic review. Journal of the Academy of Marketing Science, 39, 117-135.

    Perrini, F., & Tencati, A. (2006). Sustainability and stakeholder management: the need for new corporate performance evaluation and reporting systems. Business Strategy and the Environment, 15(5), 296-308.

    Post, J. E., Preston, L. E., & Sachs, S. (2002). Managing the extended enterprise: The new stakeholder view. California management review, 45(1), 6-28.

    Qureshi, M. A., Kirkerud, S., Theresa, K., & Ahsan, T. (2020). The impact of sustainability (environmental, social, and governance) disclosure and board diversity on firm value: The moderating role of industry sensitivity. Business Strategy and the Environment, 29(3), 1199-1214.

    Renneboog, L., Ter Horst, J., & Zhang, C. (2008a). The price of ethics and stakeholder governance: The performance of socially responsible mutual funds. Journal of Corporate Finance, 14(3), 302-322.

    Renneboog, L., Ter Horst, J., & Zhang, C. (2008b). Socially responsible investments: Institutional aspects, performance, and investor behavior. Journal of banking & finance, 32(9), 1723-1742.

    Rizk, R., Dixon, R., & Woodhead, A. (2008). Corporate social and environmental reporting: a survey of disclosure practices in Egypt. Social responsibility journal, 4(3), 306-323.

    Ruan, L., & Liu, H. (2021). Environmental, social, governance activities and firm performance: Evidence from China. Sustainability, 13(2), 767.

    Samosir, D. K. B. M., Murwaningsari, E., Augustine, Y., & Mayangsari, S. (2020). The benefit of green building for cost efficiency. International Journal of Financial, Accounting, and Management, 1(4), 209-219.

    Schaltegger, S., & Burritt, R. L. (2010). Sustainability accounting for companies: Catchphrase or decision support for business leaders? Journal of World Business, 45(4), 375-384.

    Seneviratne, S. C., & Kalpani, G. (2020). Environmental management accounting and waste management practices: A case of a manufacturing company. Annals of Management and Organization Research (AMOR), 2(2), 97-112.

    Servaes, H., & Tamayo, A. (2013). The impact of corporate social responsibility on firm value: The role of customer awareness. Management science, 59(5), 1045-1061.

    Tukur, S., Shehu, J., Mammadi, A., & Sulaiman, U. A. (2019). An assessment of corporate social responsibility of property developers in Bauchi Metropolis, Nigeria. International Journal of Financial, Accounting, and Management, 1(2), 119-129.

    Udeh, F., & Ezejiofor, R. (2018). Effect of sustainability cost accounting on financial performance of telecommunication firms. Journal for Studies in Management and Planning Nigeria, 4(6), 223-250.

    Vallesi, M., D’Andrea, A., & Eswarlal, V. K. (2012). Evaluation of sustainable accounting practices in the Italian bioenergy sector. Retrieved from

    Wong, W. C., Batten, J. A., Mohamed-Arshad, S. B., Nordin, S., & Adzis, A. A. (2021). Does ESG certification add firm value? Finance Research Letters, 39, 101593.

    Yu, E. P. y., Guo, C. Q., & Luu, B. V. (2018). Environmental, social and governance transparency and firm value. Business Strategy and the Environment, 27(7), 987-1004.

    Zulaecha, H. E., & Murtanto, M. (2019). Foreign ownership and sustainability performance in Indonesia. International Journal of Financial, Accounting, and Management, 1(1), 1-15.

  1. Abdi, Y., Li, X., & Càmara-Turull, X. (2022). Exploring the impact of sustainability (ESG) disclosure on firm value and financial performance (FP) in airline industry: the moderating role of size and age. Environment, Development and Sustainability, 24(4), 5052-5079.
  2. Ajayi, S., & Ovharhe, L. (2016). The effect of corporate social responsibility on the performance and growth of the oil & gas industry in Nigeria a case study of Nigeria LNG limited. Available at SSRN 2745079.
  3. Albitar, K., Hussainey, K., Kolade, N., & Gerged, A. M. (2020). ESG disclosure and firm performance before and after IR: The moderating role of governance mechanisms. International Journal of Accounting & Information Management.
  4. Alikhani, R., & Maranjory, M. (2013). An investigation on the relationship between social and environmental information disclosure level and firms performance in Iran. International Research Journal of Applied and Basic Sciences, 5(1), 125-128.
  5. Alnafea, F. S. (2014). Developing the Conceptual Framework of Sustainability Accounting Reporting: Field Study in Saudi Commercial Banking Sector. Global Journal of Management And Business Research, 14(D4), 9-39.
  6. Alsayegh, M. F., Abdul Rahman, R., & Homayoun, S. (2020). Corporate economic, environmental, and social sustainability performance transformation through ESG disclosure. Sustainability, 12(9), 3910.
  7. Asuquo, A. I., Dada, E., & Onyeogaziri, U. (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.
  8. Azzone, G., Brophy, M., Noci, G., Welford, R., & Young, W. (1997). A stakeholders' view of environmental reporting. Long range planning, 30(5), 699-709.
  9. Bassey, B. E., Effiok, S. O., & Eton, O. E. (2013). The impact of environmental accounting and reporting on organizational performance of selected oil and gas companies in Niger Delta Region of Nigeria. Research Journal of finance and accounting, 4(3), 57-73.
  10. Bhatia, A., & Tuli, S. (2017). Corporate attributes affecting sustainability reporting: an Indian perspective. International Journal of Law and Management, 59(3), 322-340.
  11. Bofinger, Y., Heyden, K. J., & Rock, B. (2022). Corporate social responsibility and market efficiency: Evidence from ESG and misvaluation measures. Journal of banking & finance, 134, 106322.
  12. Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal, 30(1), 98-115.
  13. Chen, Z., & Xie, G. (2022). ESG disclosure and financial performance: Moderating role of ESG investors. International Review of Financial Analysis, 83, 102291.
  14. Cortez, M. A. A., & Cudia, C. P. (2011). Sustainability and firm performance: a case study of Japanese electronics companies. Ritsumeikan international affairs= Ritsumeikan international affairs, 10, 321-339.
  15. D'Amato, A., & Falivena, C. (2020). Corporate social responsibility and firm value: Do firm size and age matter? Empirical evidence from European listed companies. Corporate Social Responsibility and Environmental Management, 27(2), 909-924.
  16. Ebimobowei, A. (2011). A study of social accounting disclosures in the annual reports of Nigerian companies. Asian Journal of Business Management, 3(3), 145-151.
  17. Egbunike, A. P., & Okoro, G. E. (2018). Does green accounting matter to the profitability of firms? A canonical assessment. Ekonomski horizonti, 20(1), 17-26.
  18. Ekwe, M., Odogu, L., & Mebrim, A. (2017). Triple bottom line accounting pattern and profitability of firms (An empirical study of oil and gas companies in Nigeria). International Journal for Research in Business, Management and Accounting, 3(9), 44-56.
  19. Faris, C., Gilbert, B., LeBlanc, B., Ballou, B., & Heitger, D. L. (2013). Integrating the triple bottom line into an enterprise risk management program. Retrieved from https://www.sechistorical.org/collection/papers/2010/2013_0501_COSODemystifying.pdf
  20. Freeman, R. (1984). Strategic management: A stakeholder approach.
  21. Freeman, R. E., Harrison, J. S., Wicks, A. C., Parmar, B. L., & De Colle, S. (2010). Stakeholder theory: The state of the art.
  22. Gerged, A. M., Beddewela, E., & Cowton, C. J. (2021). Is corporate environmental disclosure associated with firm value? A multicountry study of Gulf Cooperation Council firms. Business Strategy and the Environment, 30(1), 185-203.
  23. Guo, Z., Hou, S., & Li, Q. (2020). Corporate social responsibility and firm value: the moderating effects of financial flexibility and R&D investment. Sustainability, 12(20), 8452.
  24. Haji, A. A. (2013). Corporate social responsibility disclosures over time: evidence from Malaysia. Managerial auditing journal, 28(7), 647-676.
  25. Halaby, C. N. (2004). Panel models in sociological research: Theory into practice. Annu. Rev. Sociol., 30, 507-544.
  26. Hamzah, R. S., Gozali, E. O. D., Annisa, M. L., & Pratiwi, C. N. (2022). The Role of Corporate Social Responsibility on the Performance of Indonesian Banking Corporation. International Journal of Financial, Accounting, and Management, 4(3), 365-377.
  27. Harrison, J. S., & Freeman, R. E. (1999). Stakeholders, social responsibility, and performance: Empirical evidence and theoretical perspectives. Academy of Management Journal, 42(5), 479-485.
  28. Hillman, A. J., & Keim, G. D. (2001). Shareholder value, stakeholder management, and social issues: what's the bottom line? Strategic management journal, 22(2), 125-139.
  29. Husna, A., & Satria, I. (2019). Effects of return on asset, debt to asset ratio, current ratio, firm size, and dividend payout ratio on firm value. International Journal of Economics and Financial Issues, 9(5), 50-54.
  30. Ifurueze, M., Lydon, M., & Bingilar, P. (2013). The impact of environmental cost on corporate performance: A study of oil companies in Niger Delta States of Nigeria. Journal of Business and Management, 2(2), 1-10.
  31. Ijeoma, N. B. (2015). Evaluation of companies environmental practices in Nigeria. Social and Basic Sciences Research Review, 3(7), 349-364.
  32. Innocent, O. C., Okafor, T., & Egolum, P. (2014). An assessment of environmental information disclosure practices of selected Nigerian manufacturing companies. International Journal of Finance and Accounting, 3(6), 349-355.
  33. Jadiyappa, N., Iyer, S. R., & Jyothi, P. (2021). Does social responsibility improve firm value? Evidence from mandatory corporate social responsibility regulations in India. International Review of Finance, 21(2), 653-660.
  34. Jeroh, E., & Okoro, G. (2016). Effect of environmental and dismantling costs on firm performance among selected oil and gas companies in Nigeria. Sahel Analyst: Journal of Management Sciences, 14(5), 14-26.
  35. Jiraporn, P., Jiraporn, N., Boeprasert, A., & Chang, K. (2014). Does corporate social responsibility (CSR) improve credit ratings? Evidence from geographic identification. Financial Management, 43(3), 505-531.
  36. Jo, H., & Harjoto, M. A. (2012). The causal effect of corporate governance on corporate social responsibility. Journal of Business Ethics, 106, 53-72.
  37. Kim, B., & Lee, S. (2020). The impact of material and immaterial sustainability on firm performance: The moderating role of franchising strategy. Tourism management, 77, 103999.
  38. Laplume, A. O., Sonpar, K., & Litz, R. A. (2008). Stakeholder theory: Reviewing a theory that moves us. Journal of management, 34(6), 1152-1189.
  39. Lee, D. D., & Faff, R. W. (2009). Corporate sustainability performance and idiosyncratic risk: A global perspective. Financial review, 44(2), 213-237.
  40. Lee, J., Pati, N., & Roh, J. J. (2011). Relationship between corporate sustainability performance and tangible business performance: evidence from oil and gas industry. International Journal of Business Insights and Transformation, 3(3), 72-82.
  41. Lee, M.-j. (2002). Panel data econometrics: methods-of-moments and limited dependent variables. (No Title).
  42. Li, Y., Gong, M., Zhang, X.-Y., & Koh, L. (2018). The impact of environmental, social, and governance disclosure on firm value: The role of CEO power. The British accounting review, 50(1), 60-75.
  43. Little, A. D. (2003). The business case for Corporate Responsibility. Business in the Community.
  44. Mohammad, W. M. W., & Wasiuzzaman, S. (2021). Environmental, Social and Governance (ESG) disclosure, competitive advantage and performance of firms in Malaysia. Cleaner Environmental Systems, 2, 100015.
  45. Nnamani, J., Onyekwelu, U., & Ugwu, O. (2017). Effect of sustainability accounting and reporting on financial performance of firms in Nigeria brewery sector. European Journal of Business and Innovation Research, 5(1), 1-15.
  46. Noor, S., Saeed, A., Baloch, M. S., & Awais, M. (2020). CSR permanency, family ownership, and firm value: Evidence from emerging economies. Corporate Social Responsibility and Environmental Management, 27(5), 2135-2149.
  47. Nze, D. O., Okoh, J., & Ojeogwu, I. C. (2016). Effect of Corporate Social Responsibility on earnings of quoted firms in Nigeria. ESUT Journal of Accountancy, 1, 260-267.
  48. Ogbodo, O. C. (2015). The Imperatives of Sustainability Management Accounting System (SMAS) For Developing Country: The case of Nigeria. 2(7B), 779-785.
  49. Okoye, P., & Asika, E. R. (2013). An appraisal of sustainability environmental accounting in enhancing corporate productivity and economic performance. International Journal of Advanced Research, 1(8), 685-693.
  50. Oluwagbemiga, E. O. (2014). The use of voluntary disclosure in determining the quality of financial statements: evidence from the Nigeria listed companies. Serbian Journal of Management, 9(2), 263-280.
  51. Ong, T., & Djajadikerta, H. G. (2017). Impact of corporate governance on sustainability reporting: Empirical study in the Australian resources industry. Paper presented at the 8th Conference on Financial Markets and Corporate Governance (FMCG).
  52. Onyekwelu, U., & Ekwe, M. (2014). Does corporate social responsibility predicate good financial performance. ESUT Journal of Management Sciences, 8(1), 1-10.
  53. Orlitzky, M., Louche, C., Gond, J.-P., & Chapple, W. (2017). Unpacking the drivers of corporate social performance: A multilevel, multistakeholder, and multimethod analysis. Journal of Business Ethics, 144, 21-40.
  54. Peloza, J., & Shang, J. (2011). How can corporate social responsibility activities create value for stakeholders? A systematic review. Journal of the Academy of Marketing Science, 39, 117-135.
  55. Perrini, F., & Tencati, A. (2006). Sustainability and stakeholder management: the need for new corporate performance evaluation and reporting systems. Business Strategy and the Environment, 15(5), 296-308.
  56. Post, J. E., Preston, L. E., & Sachs, S. (2002). Managing the extended enterprise: The new stakeholder view. California management review, 45(1), 6-28.
  57. Qureshi, M. A., Kirkerud, S., Theresa, K., & Ahsan, T. (2020). The impact of sustainability (environmental, social, and governance) disclosure and board diversity on firm value: The moderating role of industry sensitivity. Business Strategy and the Environment, 29(3), 1199-1214.
  58. Renneboog, L., Ter Horst, J., & Zhang, C. (2008a). The price of ethics and stakeholder governance: The performance of socially responsible mutual funds. Journal of Corporate Finance, 14(3), 302-322.
  59. Renneboog, L., Ter Horst, J., & Zhang, C. (2008b). Socially responsible investments: Institutional aspects, performance, and investor behavior. Journal of banking & finance, 32(9), 1723-1742.
  60. Rizk, R., Dixon, R., & Woodhead, A. (2008). Corporate social and environmental reporting: a survey of disclosure practices in Egypt. Social responsibility journal, 4(3), 306-323.
  61. Ruan, L., & Liu, H. (2021). Environmental, social, governance activities and firm performance: Evidence from China. Sustainability, 13(2), 767.
  62. Samosir, D. K. B. M., Murwaningsari, E., Augustine, Y., & Mayangsari, S. (2020). The benefit of green building for cost efficiency. International Journal of Financial, Accounting, and Management, 1(4), 209-219.
  63. Schaltegger, S., & Burritt, R. L. (2010). Sustainability accounting for companies: Catchphrase or decision support for business leaders? Journal of World Business, 45(4), 375-384.
  64. Seneviratne, S. C., & Kalpani, G. (2020). Environmental management accounting and waste management practices: A case of a manufacturing company. Annals of Management and Organization Research (AMOR), 2(2), 97-112.
  65. Servaes, H., & Tamayo, A. (2013). The impact of corporate social responsibility on firm value: The role of customer awareness. Management science, 59(5), 1045-1061.
  66. Tukur, S., Shehu, J., Mammadi, A., & Sulaiman, U. A. (2019). An assessment of corporate social responsibility of property developers in Bauchi Metropolis, Nigeria. International Journal of Financial, Accounting, and Management, 1(2), 119-129.
  67. Udeh, F., & Ezejiofor, R. (2018). Effect of sustainability cost accounting on financial performance of telecommunication firms. Journal for Studies in Management and Planning Nigeria, 4(6), 223-250.
  68. Vallesi, M., D’Andrea, A., & Eswarlal, V. K. (2012). Evaluation of sustainable accounting practices in the Italian bioenergy sector. Retrieved from
  69. Wong, W. C., Batten, J. A., Mohamed-Arshad, S. B., Nordin, S., & Adzis, A. A. (2021). Does ESG certification add firm value? Finance Research Letters, 39, 101593.
  70. Yu, E. P. y., Guo, C. Q., & Luu, B. V. (2018). Environmental, social and governance transparency and firm value. Business Strategy and the Environment, 27(7), 987-1004.
  71. Zulaecha, H. E., & Murtanto, M. (2019). Foreign ownership and sustainability performance in Indonesia. International Journal of Financial, Accounting, and Management, 1(1), 1-15.