INFORMATION ASYMMETRY AND NON-FINANCIAL INFORMATION DISCLOSURE QUALITY IN SELECTED PUBLIC LIABILITY COMPANIES IN NIGERIA
Abstract
Information disclosure is supposed to be the channel that connects the shareholders with the managers according to agency assumption. However, this connection is strained when the credibility of the information disclosed by companies becomes questionable, especially when it relates to non-financial information such as; environmental, social, and governance disclosure that are voluntary in a country like Nigeria. This study investigated the effect of information asymmetry on quality of non-financial disclosed by publicly listed companies in Nigeria. The study is quantitative research; so, the longitudinal research design was adopted. The study focused on ten companies listed on the Nigeria Exchange Group purposively selected from the consumer goods sector. Data were collected from the annual reports of the targeted companies, for a coverage period of 2013 to 2022. Data collected were analysed using descriptive statistics and panel data regression analyses. The findings revealed that information asymmetry have positive significant effect on social disclosure of public liability companies in Nigeria. It was also found that its effect on governance was positive but, insignificant. It however also showed significant and positive effect on environmental disclosure. The study concluded that information asymmetry can be reduced when full disclosure of non-financial information particularly the Environmental Social Governance (ESG) disclosure is maintained; thereby leading to reduction in agency problem. The study recommends that companies’ shareholders should glamour for more robust non-financial disclosure to reduce information asymmetry problem and gain global relevance and acceptability for sustainable development.
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Published in AFRICAN JOURNAL OF ORGANIZATIONAL PERSPECTIVES AND ECONOMY
ISSN: 988-47877
This article appears in our peer-reviewed academic journal
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