Value Relevance of GRI Economic and Ethics/Integrity Disclosure among Listed Manufacturing Firms in Nigeria: The Role of Ownership Concentration

Abstract

This study evaluates the value relevance of GRI Economic and Ethics/Integrity Disclosures among listed Manufacturing Firms in Nigeria. It also investigates the role of ownership concentration in influencing the value relevance of GRI disclosures. The study adopted the purposive sampling technique to select a sample of 43 listed Manufacturing Firms on the Nigerian Exchange Group (NGX) for the 8-year period from 2014–2021. The study used the Ohlson (1995) model to analyze the value relevance of GRI Economic and Ethics/Integrity Disclosures. The results of the study showed that GRI Economic Disclosure, Ethics/Integrity Disclosure and Ownership Concentration are value relevant in the Nigerian listed Manufacturing Firms. Further, the study found that ownership concentration has a significant moderating influence on the value relevance of GRI Economic and Ethics/Integrity Disclosures among listed Manufacturing Firms in Nigeria. The results of the study provide evidence that listed Manufacturing Firms should pay special attention to GRI Economic and Ethics/Integrity Disclosures in order to enhance firm value and investor decision-making. The study contributes to the extant literature by being the first to investigate the value relevance of GRI Economic and Ethics/Integrity Disclosures and the role of ownership concentration among listed Manufacturing Firms in Nigeria. The study recommends that listed Manufacturing Firms should respond to the GRI Economic and Ethics/Integrity Disclosure requirements in order to enhance firm value.