IMPACT OF FIRM CHARACTERISTICS ON SUSTAINABILITY REPORTING OF LISTED MANUFACTURING FIRMS IN NIGERIA

This study examines the impact of firm characteristics on sustainability reporting of Listed Manufacturing firms in Nigeria from 2014-2023. The listed manufacturing firms in Nigeria are 64 as at 31st December, 2023, out of which 49 firms were selected as sample of the study after applying a filter. Specifically, the study seeks to identify the effect of firm size, leverage, managerial ownership, institutional ownership, foreign ownership and return on asset on the sustainability reporting of listed manufacturing firms in Nigeria. The study adopts ex-post facto research design and data were analyzed with the aid of multiple regression technique using 490 firm-year panel observations. Data were extracted from the audited annual reports and accounts of the selected firms. The study reveals that leverage, managerial ownership, institutional ownership and foreign ownership have positive and significant impact on the sustainability reporting of listed manufacturing firms in Nigeria at 1%, 5% and 10% level of significance respectively. The study also finds out that firm size and return on asset have no significant impact on the sustainability reporting of listed manufacturing firms in Nigeria. The study concludes that leverage, managerial ownership, institutional ownership and foreign ownership constitute significant variables of sustainability reporting of listed manufacturing firms in Nigeria. Therefore, the study recommends among others that government should come up with a regulatory policy that will encourage managers to acquire share in companies they manage as this was found to encourage more in sustainability reporting.