Effluent Disclosure and market Value of Listed Food and Beverage Firms in Nigeria

Authors: AKPAN, Dorathy Christopher

Affiliation: Department of Accounting, Faculty of Management Sciences Akwa Ibom State University

Corresponding Author: [email protected]

March 31, 2026

SIAR-Global Journal of Economics, Finance & Accounting

DOI: 10.5281/zenodo.19386961

Effluent Disclosure and market Value of Listed Food and Beverage Firms in Nigeria

Research Article Management

Abstract

The increasing negative environmental footprints arising from firms’ economic activities have triggered adverse investor reactions thereby affecting the market value of these firms. The main objective of this study was to examine the effect of effluent disclosure on the market value of listed food and beverage firms in Nigeria. The research design adopted was ex post facto; secondary data were employed and the population comprised 10 listed food and beverage companies in Nigeria. The method of data analysis employed was ordinary least squares (OLS) regression and the statistical package employed was EViews version 13. The result of the analysis revealed that effluent disclosure exerts a positive and statistically significant effect on market capitalization (β = 0.182; p = 0.028) while effluent disclosure has no significant effect on earnings per share of listed food and beverage companies in Nigeria (β = 0.139; p = 0.573). It was thus concluded that firms that provide comprehensive information on effluent treatment and environmental compliance are perceived as having lower exposure to environmental penalties, litigation, and regulatory sanctions. Therefore, it was recommended that firms should enhance the quality, consistency, and credibility of their effluent disclosure practices in line with global reporting standards to attract investors and improve market valuation.

Keywords

Effluent disclosure, earnings per share, market capitalization, environmental accounting

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AKPAN, Dorathy Christopher (2026). Effluent Disclosure and market Value of Listed Food and Beverage Firms in Nigeria. SIAR-Global Journal of Economics, Finance & Accounting, Vol. 2, No. 1. DOI: 10.5281/zenodo.19386961

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Effluent Disclosure and market Value of Listed Food and Beverage Firms in Nigeria

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