CORPORATE VOLUNTARY DISCLOSURES AND VALUE OF QUOTED INDUSTRIAL COMPANIES IN NIGERIAThe study examines the effect of voluntary disclosures on value of quoted industrial companies in Nigeria. Specifically, voluntary environmental, social and risk disclosure

Abstract

The study examines the effect of voluntary disclosures on value of quoted industrial companies in Nigeria. Specifically, voluntary environmental, social and risk disclosures on firm value. The study adopts ex-post facto research design. The population of the study comprises of all the thirteen (13) industrial companies quoted on the Nigerian Exchange Group as at 2025. The whole companies were used for the purpose of data collection. The data were collected from the annual reports of the sampled companies for a period of ten (10) years. This study measures firm value using Tobins Q. While, environmental and social disclosures were measured using estimates from GRI (2016) indicators as index of the percentage of the number of items disclosed to the total number of items expected to be disclosed and risk disclosure was measured using dichotomous 1 and 0 for disclosure and non-disclosure respectively. The study employs multiple regression technique for analysis. The result of the pooled OLS regression as favoured by the Hausman Specification Test revealed that voluntary environmental and social disclosures have positive and significant effect on firm value while voluntary risk disclosure has positive insignificant effect on risk disclosure of quoted industrial companies in Nigeria. The study concluded that voluntary disclosures are additional corporate disclosures in satisfying information needs of stakeholders thus improving the overall value of industrial companies in Nigeria. The conclusion, the study recommends that the financial reporting council of Nigeria makes it mandatory for industrial companies to report their environmental and social information in their annual financial statements.