GREENHOUSE GAS EMISSION DISCLOSURES AND FINANCIAL PERFORMANCE OF LISTED PHARMACEUTICAL FIRMS IN NIGERIA
Abstract
This study examined the relationship between greenhouse gas emission disclosures and financial performance of listed pharmaceutical firms in Nigeria. However, the specific objectives were to evaluate the relationship between emission intensity disclosure and financial performance of listed pharmaceutical firms in Nigeria, to examine the relationship between energy efficiency disclosure and financial performance of listed pharmaceutical firms in Nigeria, to determine the relationship between renewable energy consumption disclosure and financial performance of listed pharmaceutical firms in Nigeria, to analyze the relationship between carbon footprint disclosure and financial performance of listed pharmaceutical firms in Nigeria and to investigate the relationship between emission trends disclosure and financial performance of listed pharmaceutical firms in Nigeria. The study adopted an ex-post facto research design and utilized a panel data of seventy (70) pooled observations gathered from seven (7) listed pharmaceutical firms in Nigeria over ten (10)-year period (2015-2024). The study however employed a panel multiple regression technique to analyze the data via E-views 10.0 statistical package. The study findings revealed that emission intensity disclosure has a significant negative relationship (Coeff. = -0.000619, p-value = 0.0088) with financial performance of listed pharmaceutical firms in Nigeria, energy efficiency disclosure has no significant relationship (p-value = 0.3780) with financial performance of listed pharmaceutical firms in Nigeria, renewable energy consumption disclosure has a significant negative relationship (Coeff. = -0.069355, p-value = 0.0460) with financial performance of listed pharmaceutical firms in Nigeria while carbon footprint disclosure has no significant relationship (p-value = 0.1095) with financial performance of listed pharmaceutical firms in Nigeria. It also revealed that emissions trend disclosure has a significant positive relationship (Coeff. = 0.085349, p-value = 0.0099) with financial performance of listed pharmaceutical firms in Nigeria. It was thus concluded that greenhouse gas emission disclosures have a significant relationship with financial performance of pharmaceutical firms listed on the Nigerian Exchange Group (NGX). The recommendations made included that pharmaceutical firms in Nigeria should prioritize reducing their emission intensity, as high emission intensity is negatively associated with financial performance. This can be achieved by implementing energy-efficient practices, investing in cleaner production technologies, and adopting sustainable supply chain practices.
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