Sustainability Disclosure and Sustainable Business Growth in Developing Countries: Evidence from Nigeria Using Panel Corrected Standard Errors, Feasible Generalized Least Squares and Quantile Regression Techniques
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Date
2026-01
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Journal ISSN
Volume Title
Publisher
Journal of Business and Technology
Abstract
The introduction of sustainability practices into sustainable business growth model remains a
pressing concern, despite the emergence of sustainability disclosure being a critical tool for
communicating firm’s commitment to sustainable practices. More so, sustainability disclosures
vary significantly across developing economies like Nigeria where economic challenges and
regulatory frameworks often lag behind global standards. This study therefore examined the
impact of sustainability disclosure on sustainable business growth among listed companies in
Nigeria. The study covers 94 sampled listed companies on the Nigerian Exchange Group (NGX)
spanning across all sectors.The study relies on secondary data drawn from the audited annual
reports and sustainability reports of the sampled companies between 2016 to 2022. Using robust
regression techniques, including Panel-Corrected Standard Errors (PCSE), Feasible Generalized
Least Squares (FGLS), and Simultaneous Quantile Regression (QR), the findings revealed that
sustainability disclosures significantly enhance sustainable business growth. Environmental,
social, and economic disclosures contribute positively to sustainable business growth, with the
strongest impact observed among firms at higher levels of sustainable growth. The study
concluded that sustainability disclosures, and its individual pillars significantly enhance
sustainable business growth. Regulatory authorities are advised to encourage comprehensive
sustainability disclosures for companies in order to maximize the benefits of sustainability
practices.