Managerial Ownership Diversity, ESG Disclosure and Firms’ Value of listed Nigerian Main Board Equity Markets.

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🔬研究者:Provides empirical evidence on ESG disclosure value relevance in an African emerging market, useful for comparative studies on disclosure frameworks.

🏢実務担当者:Corporate sustainability and governance teams in Nigeria can use the findings to prioritize governance disclosure for enhancing firm value.

🏛政策担当者:Nigerian regulators can draw on the results to advocate for mandatory sustainability reporting and governance transparency.

This study examined the impact of managerial ownership diversity, sustainability reporting, and value of listed Nigerian main board equity markets using an ex-post facto research design. Utilizing firms’ sample of 84 listed equity markets for 10 years from 2015 to 2024 study period.  The study collected secondary data from annual reports and accounts of the sampled firms for data related to moderating, and dependent variables, while for the independent variables, content analysis was utilized for ESG scores as specified in the GRI, 2021 framework. The study employed descriptive statistics, inferential analysis, and multiple regression techniques to analyse relationships between the study variables. Empirical results revealed that, the governance sustainability reporting has significant, and positive relation with Tobin’s Q at coefficient of 0.8036, and P-value of 0.000.  Similarly, fixed effect regression output re-emphasis the governance sustainability reporting value relevance. In contrast, environmental sustainability, social sustainability and the ownership structure variables exerted a mixed finding. On direct effect, they provide positive and significant relationship with Tobin’s Q, while on moderation, the positive relationship was reverse both at statistically significant level. Therefore, the study recommends that management of main board equity markets in Nigeria should prioritize high-quality governance practices and transparent reporting, as governance has the strongest impact on firm value. And they should also, design managerial ownership structures that enhance alignment with shareholder interests while avoiding excessive concentration that may distort ESG effectiveness. Additionally, regulatory authorities should make sustainability reporting mandatory in Nigeria to improve transparency, trust and accountability. Future studies should examine threshold and non-linear effects of managerial ownership to better capture its complex moderating role. Further research should analyse the joint moderating effects of managerial and institutional ownership.  

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