SUSTAINABILITY REPORTING AND CORPORATE IMAGE STATUS OF LISTED FIRMS IN NIGERIA
DOI:
https://doi.org/10.18623/rvd.v22.n3.3610Keywords:
Corporate Image, Sustainability Reporting, Entities, NigeriaAbstract
The effect of sustainability reporting on the corporate image status of listed entities in Nigeria was investigated using quantitative approach and data extracted from the annual reports of 76 listed companies spanning fourteen years (2010–2023). The sustainability reporting variables included economic, environmental, social, and governance disclosures, while the performance indicator entailscorporate image status. Panel regression analysis, specifically the random effects model, was conducted based on the Hausman test results, ensuring robust and reliable findings.Corporate Image Status (CIS), a measure of public perception and reputation, was found to be significantly influenced by sustainability reporting, though the impact varied across the components of economic, environmental, social, and governance disclosures. Governance disclosures exhibited a strong and positive effect on corporate image.Interestingly, social disclosures demonstrated a significant negative relationship with CIS. Economic and environmental disclosures had no significant relationship with CIS in this study. While the findings align partially with legitimacy theory,governance disclosures, which positively impact CIS, support the argument that addressing stakeholder concerns enhances corporate legitimacy and reputation. However, the negative effect of social disclosures challenges these theories, highlighting the importance of aligning sustainability practices with stakeholder expectations. Based on the findings, recommendations were suggested.
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