NON FINANCIAL DISCLOSURE AND FIRM PERFORMANCE OF QUOTED MANUFACTURING COMPANIES IN NIGERIA

ABSTRACT

The study examined the impact of qualitative information disclosures on the performance of listed manufacturing firms in Nigeria. he sample consists of forty-seven (47) manufacturing companies listed on the Nigerian Group Exchange (NGX) and covered a 10-year period (2011 - 2020). The secondary data were sourced from the annual reports of the selected companies. The data were analyzed using descriptive statistics, correlation matrix and panel regression techniques. The result of the first model showed that risk management disclosure and intangible assets disclosure have significant positive and negative impacts, respectively, on firm performance when measured using ROA; while corporate governance and corporate social responsibility disclosures do not have  significant impact on ROA. The result of the second model showed that all four independent variables of corporate governance, risk management, corporate social responsibility and intangible assets disclosures have significant relationships with the Tobin’s q measure of firm performance. The study recommends, among others, the need for manufacturing firms to improve on their level and quality of qualitative information disclosures in order to improve their overall performance. The study concludes that there is a significant positive effect of non-financial disclosure on firm performance using the accounting and market base measures as non-financial information makes firms to carefully take risk.

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