The traditional goal of companies is to maximize shareholders’ wealth. However, to achieve this objective, many complementary goals must be pursued alongside the traditional ones. To achieve corporate goals, businesses need to interact with the environment. The continual interaction of the corporation with the environment has definitely come with its costs and benefits, and the global interest in promoting sustainable development has made corporate ESG reporting a crucial issue. The aim of the study is to investigate the relationship between ESG reporting and firm performance among listed manufacturing firms in Nigeria. The data was collected from annual and standalone sustainability reports of companies of listed manufacturing firms in Nigeria. The Pooled-corrected standard error and the Generalized Least Square regression analysis employed on 400 firm-yearobservations indicates that that environmental, social, and governance disclosure affect market performance measured by Tobin’s Q, while governance disclosure has a positive influence on TQ, social and environmental disclosures have negative effects on TQ. The study also demonstrated that social and environmental disclosure do not affect the operational, and financial performances of firms measured by ROA and ROE, respectively, and finally, it was found that governance disclosure positively affects ROA and ROE. The study recommends integrating ESG into regulatory requirements and educating stakeholders, especially investors on the important of ESG reporting.


School of Sciences and Engineering


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Degree Name

MS in Sustainable Development

Graduation Date

Winter 2024

Submission Date


First Advisor

Dr. Angie Abdel Zaher

Committee Member 1

Prof. Shawky Farag (Internal)

Committee Member 2

Dr. Heba .Y. Abdel-Rahim



Document Type

Master's Thesis

Institutional Review Board (IRB) Approval

Not necessary for this item

Included in

Accounting Commons