Environmental Sustainability Investment and Value Creation of Listed Non-Financial Firms in Nigeria.

Environmental sustainability has become an increasingly critical concern for stakeholders, particularly in emerging economies that rely on natural resource exploitation for growth. This study therefore investigates the effect of environmental sustainability investment on value creation of listed non-financial firms in Nigeria. Using a longitudinal research design, the study examines a ten-year panel dataset from 2014 to 2023 drawn from a population size of 104 non-financial firms listed on the Nigerian Exchange Group as at 31st December 2023. A sample size of 35 firms was selected using a criterion sampling method. Data were extracted from annual reports and financial statements. Data collected were analysed using descriptive statistics and panel corrected standard error regression. The findings revealed that investment in renewable energy (INRE) showed a positive but insignificant effect on value creation. It, however, showed that expenditure on pollution control (EXPC) showed a positive and significant effect on value creation. Also, Green research and development expenditure (GRDE) showed a positive but insignificant effect on value creation. However, environmental certification and compliance cost (ECCC) had a significant but negative effect on value creation. It is concluded, therefore, that the investment of companies in environmental conservation and preventive measures can create firm value. The study therefore recommends that firms should not limit themselves only to pursuing strategies that will earn them environmental preservation certification alone, as it could have a diverse impact on their value creation, but invest more in activities that will lead to pollution reduction and environmental conservation to earn the trust of stakeholders.

Environmental certification and compliance cost, Green R&D, Market value added, Renewable energy

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