Corporate Environmental Disclosures and Market Value of Quoted Companies in Nigeria.
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The Academy of Business and Retail Management
This paper examined the impact of environmental information disclosures on Market Value of fifty quoted companies in Nigeria for the period 2003-2011. The aggregate and individual impact of Corporate Environmental Disclosure (CED) were regressed on Market Value (Tobin’s Q) while Firm size was factored in as an extraneous variable. The result of the descriptive analysis showed that the mean and median values are within the minimum values and the standard deviation is low which indicated that the deviation of the actual data from their mean value is very low. Our empirical analysis revealed that CED has a significant positive impact on Market Value when considered in aggregate. In turn, considering the impact of each of the variables, Energy policy (ENP), Impact on Biodiversity (BIO), Award Received for installing Environmental Management System (AWR) have an insignificant positive impact on Market Value with the exception of Environmental Research and Development cost (ERD). Also, Environmental pollution and control policy (EPC), Waste Management Cost (WSM), and Cost of compliance with environmental Laws (CEL) have a negative impact on Market Value. The study recommends that business should take caution in areas where environmental activities impacts negatively on the Value of the firm and also invest in areas that enhance value for the firm
Market Value , Energy policy (ENP) , environmental information
Akinlo O. O. & Iredele O.O. (2014): Corporate Environmental Disclosures and Market Value of Quoted Companies in Nigeria. International Trade & Academic Research Conference (ITARC), 3-4th November 2014 UK. The Business & Management Review, Vol 5, No. 3, pp 171-184.