ENVIRONMENTAL RISK DISCLOSURES AND MARKET VALUE OF LISTED CONSUMER GOODS FIRMS IN NIGERIA

Copyright © Author(s) 2025. All Rights Reserved. Published by GLOBAL PUBLICATION HOUSE. | Int. Journal of Business Management Page 68 of 91 ENVIRONMENTAL RISK DISCLOSURES AND MARKET VALUE OF LISTED CONSUMER GOODS FIRMS IN NIGERIA By: VICTORIA LINUS UDOFIA DEPARTMENT OF ACCOUNTING, AKWA IBOM STATE UNIVERSITY DR EMMANUEL O. EMENYI DEPARTMENT OF ACCOUNTING, AKWA IBOM STATE UNIVERSITY [email protected] and emmanuelemen[email protected] DR ENO G. UKPONG DEPARTMENT OF ACCOUNTING, AKWA IBOM STATE UNIVERSITY Abstract the Environmental risk disclosures is the practice of companies transparently reporting on the potential environmental risks associated with their operations, products, or services, including climate change, biodiversity loss, pollution, and other ecological impacts. The main objective of this study was to investigate the relationship between environmental risk disclosures and market value of listed consumer goods firms in Nigeria. This study adopted an ex-post facto research design. The population of this study comprised of all consumer goods firms listed on the floor of the Nigerian Exchange Group (NGX), i.e from 2014 to 2023. A purposive sampling technique was employed to select the required sample for this study. The study adopted panel multiple regression to analyze data via Eviews 10.0. Finding of the study revealed among others, that Carbon emission disclosure has a significant positive relationship (Coeff. = 0.0238{0.0048}) with market capitalization of listed consumer goods firms in Nigeria; The study concluded that firms that disclose more information about their environmental risks and management practices tend to have higher market value, possibly due to increased transparency and stakeholder trust. It was recommended that lsted consumer goods firms in Nigeria should prioritize carbon emission disclosure by implementing robust measurement and reporting systems to track their greenhouse gas emissions and Firms should integrate biodiversity conservation into their sustainability strategies and disclose their biodiversity impact in their annual reports. How to cite: UDOFIA, V., EMENYI, E., & UKPONG, E. (2025). ENVIRONMENTAL RISK DISCLOSURES AND MARKET VALUE OF LISTED CONSUMER GOODS FIRMS IN NIGERIA. GPH-International Journal of Business Management, 8(10), 68-91. https://doi.org/10.5281/zenodo.17558265 ARTICLE ID: #02152 10.5281/ZENODO.17558265 VOLUME 08 ISSUE 10 OCT - 2025 e-ISSN 3027-0537 p-ISSN 3027-0375 UDOFIA, V., EMENYI, E., & UKPONG, E. (2025). ENVIRONMENTAL RISK DISCLOSURES AND MARKET VALUE OF LISTED CONSUMER GOODS FIRMS IN NIGERIA. GPH-International Journal of Business Management, 8(10), 68-91. https://doi.org/10.5281/zenodo.17558265 © 2025 GLOBAL PUBLICATION HOUSE | International Journal of Business Management INTRODUCTION Environmental risk disclosures is the practice of companies transparently reporting on the potential environmental risks associated with their operations, products, or services, including climate change, biodiversity loss, pollution, and other ecological impacts. This involves providing stakeholders with information on the potential environmental consequences of their activities, strategies for managing these risks, and progress towards mitigating them. Environmental risk disclosures can take various forms, including narrative descriptions, quantitative metrics, and discussion of risk management practices, and are typically included in annual reports, sustainability reports, or other publicly available documents (Fizzah et al., 2023 & Emenyi,20241). The world has witnessed a significant shift in the way businesses operate, with a growing emphasis on sustainability and environmental responsibility. This shift is driven by the increasing awareness of environmental issues such as climate change, biodiversity loss, and waste management, which have become major concerns for stakeholders, including investors, customers, and regulators. As a result, companies are expected to not only manage their environmental footprint but also to be transparent about their practices and progress towards sustainability goals (Singleton-Green et al., 2019). Environmental risk disclosures have become an essential tool for companies to demonstrate their commitment to sustainability and transparency, and for stakeholders to make informed decisions. Environmental risk disclosures, including climate change risk disclosure, biodiversity impact disclosure, and waste management disclosure, regulatory compliance, environmental incidents disclosure, have become crucial in this regard. By disclosing their environmental impacts and management practices, companies in the consumer goods industry can demonstrate their commitment to sustainability and transparency, and enhance their reputation and stakeholder trust (Amahalu, 2020; EmekeNwokeji et al., 2021). The significance of this study lies in its potential to contribute to the existing literature on environmental risk disclosures and market value. By exploring the relationship between environmental risk disclosures and market value of companies in the consumer goods industry, this study can provide insights for companies, policymakers, and stakeholders on the importance of environmental transparency and sustainability. This study seeks to address the lack of empirical evidence on the relationship between environmental risk disclosures (including climate change risk disclosure, biodiversity impact disclosure, waste management disclosure, regulatory compliance disclosure and environmental incidents disclosure) and market value of listed consumer goods firms in Nigeria. By investigating this relationship, this study aims to provide insights into the impact of environmental risk disclosures on market value and contribute to the development of more sustainable and responsible business practices in Nigeria. Page No. 69 ENVIRONMENTAL RISK DISCLOSURES AND MARKET VALUE OF LISTED CONSUMER GOODS FIRMS IN NIGERIA Volume 8 Issue No 10 (2025) Access: https://gphjournal.org/index.php/bm 1.1 Objectives of the study The main objective of this study was to investigate the relationship between environmental risk disclosures and market value of listed consumer goods firms in Nigeria. However, the specific objectives were to: 1. Determine the relationship between climate change risk disclosure and market capitalization of listed consumer goods firms in Nigeria. 2. Appraise the relationship between biodiversity impact disclosure and market capitalization of listed consumer goods firms in Nigeria. 3. Ascertain the relationship between waste management disclosure and market capitalization of listed consumer goods firms in Nigeria. 4. Evaluate the relationship between regulatory compliance disclosure and market capitalization of listed consumer goods firms in Nigeria. 5. Examine the relationship between environmental incidents disclosure and market capitalization of listed consumer goods firms in Nigeria. REVIEW OF RELATED LITERATURE 2.1.1 Environmental risk disclosures Environmental risk disclosures refer to the reporting of potential or actual risks and impacts that a company's operations or activities may have on the environment, including issues such as pollution, climate change, resource depletion, and biodiversity loss. Environmental risk disclosures is the practice of organizations revealing information about potential environmental risks associated with their operations, products, or services. This can include disclosures about climate change risks, pollution, resource depletion, and other environmental issues that may impact the organization's financial performance or reputation (Deswanto & Siregar, 2018). Enefiok et al., (2024). commented that by providing transparent including investors, customers, and regulators, make informed decisions about their involvement with the organization. 2.1.2 Components of environmental risk disclosures Climate change risk disclosure has become an increasingly critical aspect of corporate reporting, especially for consumer goods firms operating in Nigeria. As the global climate crisis intensifies, companies are facing growing pressure from investors, regulators, and consumers to address and disclose the risks associated with climate change (Amira et al., 2019). These risks can manifest in various ways, including physical risks related to extreme weather events, such as floods, droughts, and hurricanes, as well as transitional risks stemming from shifts towards a low-carbon economy, such as regulatory changes, market disruptions, and reputational harm. Biodiversity impact disclosure refers to the practice of organizations reporting on the positive and negative impacts of their operations, products, or services on biodiversity, ecosystems, and natural habitats. This disclosure provides stakeholders with information on how an organization's activities affect the environment, species, and ecosystems, enabling UDOFIA, V., EMENYI, E., & UKPONG, E. (2025). ENVIRONMENTAL RISK DISCLOSURES AND MARKET VALUE OF LISTED CONSUMER GOODS FIRMS IN NIGERIA. GPH-International Journal of Business Management, 8(10), 68-91. https://doi.org/10.5281/zenodo.17558265 © 2025 GLOBAL PUBLICATION HOUSE | International Journal of Business Management informed decision-making and promoting transparency and accountability in environmental stewardship. Biodiversity impact disclosure is the practice of organizations reporting on the effects of their operations, products, or services on ecosystems, species, and natural habitats (Al-waeli et al., 2021). Waste management disclosure refers to the practice of organizations reporting on their waste generation, management practices, and efforts to minimize waste. This includes disclosing information on the types and quantities of waste generated, waste reduction targets, and strategies implemented to reduce, reuse, and recycle waste. By disclosing waste management information, organizations demonstrate transparency and accountability for their environmental impact, enabling stakeholders to assess their environmental performance and progress towards sustainability goals as postulated by Smith and McCrea, (2018). Regulatory compliance disclosure is a critical aspect of environmental risk management for listed consumer goods firms. It involves the public disclosure of information related to a company's adherence to environmental laws, regulations, and standards. This transparency enables stakeholders, including investors, customers, and regulatory bodies, to assess a company's commitment to environmental responsibility and compliance with relevant laws (Lourenco et al., 2017). By disclosing regulatory compliance information, companies can demonstrate their proactive approach to managing environmental risks and mitigating potential liabilities. This, in turn, can enhance their reputation, build trust with stakeholders, and ultimately contribute to their market value (Sumiati et al., 2021). Environmental incident disclosure is the practice of publicly reporting and disclosing information about environmental incidents, such as pollution, spills, or other accidents, that have occurred within an organization or its operations. This transparency is essential for promoting accountability and trust among stakeholders, including investors, customers, and communities. By disclosing environmental incidents, organizations can demonstrate their commitment to environmental responsibility and sustainability, which can ultimately contribute to a more positive reputation and long-term success (Emenyi,20241 & (Emenyi,20242). 2.1.3 Market value Market value refers to the estimated price at which a company's shares or assets would trade in the open market, reflecting the perceived worth of the firm by investors, analysts, and other stakeholders. It is a key indicator of a company's financial health, growth prospects, and overall performance. Market value is influenced by various factors, including the company's financial performance, industry trends, economic conditions, and investor sentiment (Pucheta-Martinez et al., 2016). Market value is particularly important, as it can impact the company's ability to attract investors, raise capital, and achieve its strategic objectives as seen in Chen et al., (2016) and Dikeh, (2020). The market value of a company is typically measured by its market capitalization, which is calculated by multiplying the total number of outstanding shares by the current market price of one share. Market value can Page No. 71 ENVIRONMENTAL RISK DISCLOSURES AND MARKET VALUE OF LISTED CONSUMER GOODS FIRMS IN NIGERIA Volume 8 Issue No 10 (2025) Access: https://gphjournal.org/index.php/bm fluctuate constantly due to changes in market conditions, investor perceptions, and companyspecific events (Chinedu & Ogochukwu, 2020). 2.1.3.1 Market capitalization (Mcap) Market capitalization (Mcap) is a widely used metric that represents the total value of a company's outstanding shares. It is calculated by multiplying the total number of outstanding shares by the current market price of one share. Mcap is an important metric for investors, analysts, and other stakeholders because it provides insights into a company's size, market influence, and investor confidence. 2.1.4 Relationship between environmental risk disclosures and market capitalization The relationship between environmental risk disclosures and market capitalization (Mcap) is significant, as companies that proactively disclose environmental risks and demonstrate strong sustainability practices tend to experience a positive impact on their market capitalization. Effective environmental risk disclosure can enhance investor confidence, reduce perceived risks, and increase transparency, ultimately leading to a higher market value (Haixia & Jianping, 2022). Conversely, companies with poor environmental track records or inadequate disclosure practices may face negative market consequences, including decreased market capitalization, as investors factor in potential environmental liabilities and reputational damage. Dewi et al., (2019) alongside Dumitru and Urga, (2022) documented that by prioritizing environmental risk disclosure, companies can mitigate risks, capitalize on opportunities, and potentially increase their market capitalization, while also contributing to a more sustainable future. METHODOLOGY 3.1 Research design This study adopted an ex-post facto research design. This design was suitable because the data for the analysis had already exist, leaving no room for the researcher to manipulate the variables under study. The population of this study comprised of all consumer goods firms listed on the floor of the Nigerian Exchange Group (NGX), i.e from 2014 to 2023. As of December 31st, 2023, the total number of consumer goods firms listed were 21 (twentyone). This study adapted and modified the model from Emenyi,(2024)1 . In order to achieve the stated objectives of the study and as well as testing the study hypotheses, a multiple linear regression model was adapted as follows; Y = βo + β1X1 + β2X2+ β3X3 + β4X4+ β5X5+ μ …………………………………..........(1) Where; Y = Market value (dependent variable) X = Environmental risk disclosures (explanatory & independent variable) Explicitly, the equation was defined as: UDOFIA, V., EMENYI, E., & UKPONG, E. (2025). ENVIRONMENTAL RISK DISCLOSURES AND MARKET VALUE OF LISTED CONSUMER GOODS FIRMS IN NIGERIA. GPH-International Journal of Business Management, 8(10), 68-91. https://doi.org/10.5281/zenodo.17558265 © 2025 GLOBAL PUBLICATION HOUSE | International Journal of Business Management Market value (MV) = ƒ (climate change risk disclosure, biodiversity impact disclosure, waste management disclosure, regulatory compliance disclosure, environmental incidents disclosure) + μ Therefore, the broad model for this study will be modified as; Mcapit = β0 + β1CCRD it + β2BID it + β3WMD it + β4RCD it+ β5EID it+ µ it …………. (2) Where; Mcapit = Market capitalization of firm i in period t CCRDit = Climate change risk disclosure of firm i in period t BIDit = Biodiversity impact disclosure of firm i in period t WMDit = Waste management disclosure of firm i in period t RCDit = Regulatory compliance disclosure of firm i in period t EIDit = Environmental incidents disclosure of firm i in period t β0 = Intercept or regressional constant. β1, β2 β3 = Regression coefficients to be estimated for firm i in period t µ = Stochastic error term. 3.2 Decision rule The decision was based on 5% level of significance. Accept null hypothesis (Ho) if probability value (i.e. P-value or Sig.) is greater than or equals to (≥) stated 5% level of significance (α); otherwise, reject and accept alternate hypothesis (H1), if p-value or sig calculated is less than 5% level of significance. DATA PRESENTATION, ANALYSIS AND DISCUSSION OF FINDINGS 4.1 Data presentation 4.2 Data analysis 4.2.1 Descriptive statistics This was conducted to understand the behaviour of the data using various statistics including mean, standard deviation, skewness, and kurtosis. The result for the descriptive statistics analysis is as presented in table 4.2 below; Page No. 73 ENVIRONMENTAL RISK DISCLOSURES AND MARKET VALUE OF LISTED CONSUMER GOODS FIRMS IN NIGERIA Volume 8 Issue No 10 (2025) Access: https://gphjournal.org/index.php/bm Table 4.2 Descriptive statistics of variables MCAP CCRD BID WMD RCD EID Mean 23.82640 52.68519 36.75926 39.90741 64.44444 57.68519 Median 23.96914 50.00000 33.33333 33.33333 66.66667 50.00000 Maximum 27.31468 83.33333 83.33333 66.66667 83.33333 83.33333 Minimum 20.07612 16.66667 16.66667 16.66667 33.33333 16.66667 Std. Dev. 2.057953 17.89374 15.02091 14.68659 14.24709 15.39506 Skewness -0.369023 0.111009 0.595202 -0.020660 -0.334110 -0.226902 Kurtosis 1.854925 2.414065 3.302643 2.244195 2.442163 2.862142 Jarque-Bera 13.91931 2.944586 11.31490 4.297109 5.682759 1.687070 Probability 0.000949 0.229399 0.003491 0.116653 0.058345 0.430187 Sum 4288.752 9483.333 6616.667 7183.333 11600.00 10383.33 Sum Sq. Dev. 758.0954 57313.27 40387.35 38609.57 36333.33 42424.38 Observations 180 180 180 180 180 180 Source: Researcher’s computation using E-views 10.0 (2025) The results in table 4.2 above indicates that the dependent variableMarket capitalization and the independent variables which were Climate change risk disclosure, Biodiversity impact disclosure, waste management disclosure, Regulatory compliance disclosure and environmental incidents disclosure of listed consumer goods firms in Nigeria have mean scores of approximately 23.83, 52.69%, 36.76%, 39.91%, 64.44% and 57.69 % respectively. This indicates the central or average values for these variables from 2013 to 2022. The median values obtained for market capitalization and the independent variables which were Climate change risk disclosure, Biodiversity impact disclosure, waste management disclosure, Regulatory compliance disclosure and Environmental incidents disclosure of listed consumer goods firms in Nigeria were approximately 23.97, 50%, 33.33%, 33.33%, 66.67% and 50% respectively. These constituted the middle values for the distributions of these variables under the period covered in this study (2014-2023). 4.2.2 Model evaluation Residual and coefficient diagnostics were however conducted to assess the suitability of the model as stated in the previous section. These include normality test, multicollinearity test, heteroscedasticity test and autocorrelation assessment. 4.2.2.1 Normality test 0 4 8 12 16 20 -4 -3 -2 -1 0 1 2 3 4 Series: Standardized Residuals Sample 2014 2023 Observations 180 Mean 1.39e-15 Median 0.506138 Maximum 4.574902 Minimum -4.197921 Std. Dev. 1.784141 Skewness -0.534230 Kurtosis 2.501144 Jarque-Bera 10.42847 Probability 0.165439 Fig. 4.1 Jarque-Bera Normality test results Source: E-views 10.0 Output in Appendix II UDOFIA, V., EMENYI, E., & UKPONG, E. (2025). ENVIRONMENTAL RISK DISCLOSURES AND MARKET VALUE OF LISTED CONSUMER GOODS FIRMS IN NIGERIA. GPH-International Journal of Business Management, 8(10), 68-91. https://doi.org/10.5281/zenodo.17558265 © 2025 GLOBAL PUBLICATION HOUSE | International Journal of Business Management The essence of a normality test is to determine if a dataset or sample follows a normal distribution. This is important because many statistical models assume normality, and deviations from normality can affect the validity of statistical inference. The Jarque-Bera test was employed in this case. As applied, if the p-value associated with the Jarque-Bera test is below a predetermined significance level (p<0.05), then we reject the null hypothesis and conclude that the data do not follow a normal distribution. With a p-value of 0.165439, there is sufficient evidence to conclude that the data were normally distributed. 4.2.2.2 Multicollinearity test Table 4.3 Variance inflation factors Coefficient Uncentered Centered Variable Variance VIF VIF C 0.856608 47.08603 NA CCRD 6.97E-05 11.84872 1.219311 BID 8.16E-05 7.068745 1.006617 WMD 9.19E-05 9.127850 1.083450 RCD 0.000106 25.26290 1.170938 EID 8.49E-05 16.62253 1.099490 Source: E-views 10.0 Output in Appendix II Multicollinearity tests evaluate the degree of correlation between predictors, as high multicollinearity can lead to unreliable coefficient estimates and difficulties in interpretation. These tests typically involve examining the correlation matrix, variance inflation factors (VIFs), and condition indices. VIF value of less than 10.0 signifies that no severe multicollinearity exists in the model. With a centered variance inflation factor (VIF) values of 1.219311, 1.006617, 1.083450, 1.170938, 1.099490, there is sufficient evidence to conclude that the explanatory variables in the regression model are not highly correlated with each other. Page No. 75 ENVIRONMENTAL RISK DISCLOSURES AND MARKET VALUE OF LISTED CONSUMER GOODS FIRMS IN NIGERIA Volume 8 Issue No 10 (2025) Access: https://gphjournal.org/index.php/bm 4.2.2.3 Heteroscedasticity test Table 4.4 Heteroscedasticity test Test Statistic d.f. Prob. Breusch-Pagan LM 254.7803 153 0.1242 Pesaran scaled LM 4.789402 0.0310 Pesaran CD 0.032989 0.1737 Source: E-views 10.0 Output in Appendix II Heteroscedasticity refers to the unequal spread of residuals (or errors) across the range of predictor variables in a regression model. Heteroscedasticity tests aim to detect this violation of the assumption of constant variance. Common tests include the Breusch-Pagan test and the White test, which assess the relationship between the squared residuals and the predictor variables. The statistics and probability value associated with the Breusch-Pagan LM test otherwise known as the Breusch-Pagan Godfrey test help determine whether there is evidence of heteroscedasticity in the regression model. A low p-value (p<0.05) suggests evidence against the null hypothesis in favour of the alternate hypothesis which indicates the presence of heteroscedasticity in the regression model. With a p-value of 0.1242, there is sufficient evidence to accept the null hypothesis, thus, conclude that the predictor variables in the regression model were homoscedastic. 4.3 Test of hypotheses Each of the hypotheses in this study was tested based on the result obtained from the panel multiple regression analysis. The result that relates to these hypotheses is summarized in table 4.5 below; Table 4.5 Panel multiple regression results Variable Coefficient Std. Error t-Statistic Prob. C 17.34456 0.925531 18.74011 0.0000 CCRD 0.023823 0.008347 2.854192 0.0048 BID 0.019593 0.009034 2.168736 0.0315 WMD 0.012513 0.009586 1.305290 0.1935 UDOFIA, V., EMENYI, E., & UKPONG, E. (2025). ENVIRONMENTAL RISK DISCLOSURES AND MARKET VALUE OF LISTED CONSUMER GOODS FIRMS IN NIGERIA. GPH-International Journal of Business Management, 8(10), 68-91. https://doi.org/10.5281/zenodo.17558265 © 2025 GLOBAL PUBLICATION HOUSE | International Journal of Business Management REFERENCES Adebayo, W., Oyewole, P. O., & Uwuigbe, U. (2020). Environmental disclosure and financial performance of listed firms in Nigeria. Journal of Accounting and Management, 10(1), 1-14. Adediran, O. & Agberemi, A. F. (2020). Corporate response to the carbon disclosure project (CDP) initiative: Evidence from listed firms in Nigeria. 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