Effect of Social Disclosures on the Financial Performance of Selected Food and Beverage Manufacturing Firms in Nigeria
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Abstract
This study investigated the effect of social disclosure on the financial performance of selected Nigerian food and beverage industries. Ex-post facto research is used in this study. The information was gathered from the annual reports of the selected food and beverage companies listed on the Nigerian Stock Exchange from 2016 to 2020. The study used content analysis to approach social disclosure data and Stata to analyse the acquired data. As a result, a panel data regression technique was used. For the period under consideration, 2011-2020, there were negative but negligible connections between the various scores assessing social and environmental disclosures and the financial performance of food and beverage manufacturers listed on the Nigerian Stock Exchange. Given the foregoing, the study recommends that government regulatory authorities and policymakers utilise important theoretical guidance to promote the establishment of a standard reporting guideline for the process of creating a company's non-financial report, or better yet, encourage the process of creating standalone reports and developing standard information disclosure templates, encouraging organisations to disclose corporate environmental monetary information.
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