Sustainability Disclosure, Tobin's Q, and Revenue Growth in Nigerian Listed Manufacturing Firms.

This article examines the effect of sustainability disclosures on the value of publicly listed manufacturing companies in Nigeria, with specific focus on Tobin's Q and revenue growth as firm value proxies. Anchored on the ex-post facto research design, secondary data were sourced from the annual reports and accounts of twenty (20) listed industrial and consumer goods companies in Nigeria between 2013 and 2023, yielding two hundred and twenty (220) firm-year observations. Sustainability disclosure was proxied by the sustainability disclosure index (SDI) and disclosure on environmental laws and regulations (DELR), while firm value was measured using Tobin's Q (TBQ) and revenue growth (REVGROW). Data were analysed using descriptive statistics, regression diagnostics, and fixed/random effects panel regression. Findings revealed that sustainability disclosure variables (SDI and DELR) had a statistically insignificant effect on Tobin's Q (Wald Chi2 = 0.45; p = 0.7966 > 0.05), leading to the acceptance of the null hypothesis. Conversely, sustainability disclosure variables exerted a statistically significant effect on revenue growth (Wald Chi2 = 43.10; p = 0.0000 < 0.05), leading to the rejection of the null hypothesis. The contrasting results suggest that the value-relevance of sustainability disclosure in Nigerian manufacturing firms is measure-dependent: while the market-based Tobin's Q proxy appears insensitive to sustainability disclosure, the accounting-based revenue growth proxy responds significantly to it. The study recommends that management of listed manufacturing companies pay closer attention to sustainability reporting practices that drive turnover and revenue performance, while further research should investigate why market-based value proxies remain unresponsive to sustainability disclosure in the Nigerian context.

Sustainability disclosure, Tobin's Q, revenue growth, firm value, listed manufacturing companies

1. Naburgi, M. M., Doshiru, M. U., & Yusuf, M. M. (2026). Effect of environmental, social, and governance disclosure quality on value of listed industrial goods companies in Nigeria. Journal of Emerging Trends in Management Sciences and Entrepreneurship, 8(2), 127-139. [Google Scholar] [Crossref]

2. Eruvwe, O. E., Tarurhor, E. M., Aruoren, E. E., & Omoye, E. I. (2024). Business Management ethics and customers retention in selected money-deposit banks in Delta and Edo States Nigeria. American International Journal of Business Management (AIJBM), 7(6), 30-42. [Google Scholar] [Crossref]

3. Mafiana, I. & Ebiaghan O. F. (2024). Sustainability Disclosures and the performance of listed manufacturing companies in Nigeria. African Journal of Accounting and Financial Research, 7(3), 85-98. [Google Scholar] [Crossref]

4. Nnedu, S. C., Okpanachi, J., & Achema, F. (2025). Environmental sustainability reporting and the performance of listed consumer goods firms in Nigeria: The moderating effect of firm size. International Journal of Research and Innovation in Social Science, 9(4), 2849–2865. [Google Scholar] [Crossref]

5. Ogochukwu, N. U., & Grace, N. O. (2022). Disclosure of sustainability reporting and its effect on shareholders' wealth maximization of listed Nigerian companies. Academy of Accounting and Financial Studies Journal, 26(5), 1–12. [Google Scholar] [Crossref]

6. Omoye, I. E. (2025). Innovative quality control management and employee productivity in packaged water firms in Delta State. DELSU Journal of Management Sciences, 7(2), 283-295. [Google Scholar] [Crossref]

7. Samuel, S. O., & Akinyosoye, A. O. (2025). Environmental accounting disclosure and financial performance of listed manufacturing companies in Nigeria. International Journal of Research and Innovation in Social Science, 9(6), 4995–5011. [Google Scholar] [Crossref]

8. Terkuma, S. M., & Aga, M. (2024). Effect of environmental, social and governance disclosures on market value of listed manufacturing companies in Nigeria. International Journal of Finance, Accounting and Management Studies, 1(1), 291–303. [Google Scholar] [Crossref]

9. Umoren, A. O., & Ukpong, E. G. (2022). Corporate attributes and sustainability reporting: A study of Nigerian listed companies. IDOSR Journal of Humanities and Social Sciences, 7(1), 8–22. [Google Scholar] [Crossref]

10. Yeye, O., & Egbunike, C. F. (2023). ESG and firm value in Nigeria. International Journal of Financial, Accounting, and Management, 5(3), 311–322. [Google Scholar] [Crossref]

• The Correlation of Marketing Strategies and Financial Performance of Motor Parts Businesses in the City of Mati
• The Role of Blockchain-Based Smart Contracts in Enhancing Financial Transparency and Efficiency in the Emerging Market
• Exploring Intention among Universiti Teknologi Mara Terengganu Community to Donate into Education Waqf Fund
• Utilizing AHP Method to Rank Preference of Waqf Fund Usage for UiTM Terengganu, Malaysia
• The Influence of Portfolio Diversification on Financial Performance: Evidence from Listed Banks on the Ghana Stock Exchange