International Research Journal of Accounting, Finance and Banking (IRJAFB)

WASTE ACCOUNTING PRACTICES AND MARKET CAPITALIZATION OF CONSUMER GOODS COMPANIES IN NIGERIA

Authors

  • Ubong Okon Nkanta Department of Accounting, Faculty of Management Sciences Akwa Ibom State University, Obio Akpa Campus.
  • Nkanikpo Ibok Ibok Professor of Marketing, Department of Marketing, Faculty of Management Sciences Akwa Ibom State University, Obio Akpa Campus.
  • Usen Paul Umo Department of Accounting, Faculty of Management Sciences Akwa Ibom State University, Obio Akpa Campus.
  • Dorathy Christopher Akpan Department of Accounting, Faculty of Management Sciences Akwa Ibom State University, Obio Akpa Campus.

Abstract

Global warming caused by greenhouse gas emissions and poor waste management systems has posed serious threats to human lives and ecosystems. This has made investors value companies that are committed to promoting the principles of circular economy, reducing waste generation, and driving resource efficiency. The main objective of this study was to examine the effect of WAPs on the market capitalization of listed consumer goods firms in Nigeria from 2014 to 2023. The research design adopted for the study was ex post facto, secondary data were employed, and a purposive sampling technique was adopted to select 16 out of 21 listed consumer goods firms in Nigeria. Ordinary least square regression analysis was used to analyze the data, and E-views version 10 was used as the statistical package. The findings revealed that carbon and waste recycling disclosures have a significant positive effect on market capitalization, whereas effluent and water disclosures have no significant effect on the market capitalization of listed consumer goods firms in Nigeria. Thus, waste accounting practices have a significant effect on the market value of listed consumer goods firms in Nigeria. Therefore, it was recommended that management of consumer goods firms in Nigeria should implement robust waste management systems and effectively communicate their progress and achievements to stakeholders as this boosts the investors’ confidence, builds a reputation for environmental stewardship, and potentially boosts their market value over the long term

Keywords:

Waste accounting, Market capitalization, carbon disclosure, waste recycling disclosure, water and effluent disclosure.

Downloads

Published

2025-09-09

DOI:

https://doi.org/10.5281/zenodo.17085165

Issue

Vol. 16 No. 9 (2025): September

Section

Articles

How to Cite

Ubong , O. N., Nkanikpo, I. I., Usen , P. U., & Akpan, D. C. (2025). WASTE ACCOUNTING PRACTICES AND MARKET CAPITALIZATION OF CONSUMER GOODS COMPANIES IN NIGERIA. International Research Journal of Accounting, Finance and Banking (IRJAFB), 16(9), 1–12. https://doi.org/10.5281/zenodo.17085165

License

Copyright (c) 2025 Ubong Okon Nkanta, Nkanikpo Ibok Ibok, Usen Paul Umo , Dorathy Christopher Akpan

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

References

Akpan, D. C. (2024). Environmental, social and governance disclosures and shareholders’ Wealth maximization: Nigeria’s industrial goods companies Journal of Global Accounting, 10(3), 203-219

Akpan, D. C. & Nkanta, U. O. (2023). Green accounting practices and the value of shareholders listed consumer goods companies in Nigeria. European Journal of Accounting, Auditing and Finance Research, 11(6), 1-23.

Alao, M. A., Oloke, C. O., Ayeni, O. O., & Aworinde, O. O. (2021). Cost of Solid Waste Management in Nigeria: An Assessment of Determinants and Solutions Sustainable Cities and Society, 69, 102-804.

Aulia, A. M., and Safitri, U. N. Hwihanus, U. N (2024). Impact of carbon emission disclosure on firm value. Journal of Environmental Economics and Sustainability, Vol. 1, No. 3, pp. 1-6, 2024

Bogdan, V., Saba˘u-Popa, C. D., Bolos,, M. I., Popa, D.-N., & Belenes,i, M. (2022). Tracking waste management information disclosure behavior connected to financial performance through moderating variables. Int. J. Environ. Res. Public Health, 19(1), 1-26

Bockreis, A., Ragossnig, A. M., 2013. Celebrating waste management and R’s first 40 years. Journal of Waste Management Research. 2023; 41(1):1-2.

Charles, I. I., & Uford, I. C. (2023). Comparative analysis and evaluation of business and financial performance of Amazon. Com: A critical review of the three-year period exceptional success. European Journal of Business, Economics and Accountancy, 11(2), pp. 57-76. 69-92.

Choi, H. M. (2019). Effect of green human resource management on hotel employees’ eco-friendly behavior and environmental performance. International Journal of Hospitality Management, 76, 83-93.

Comincioli N, Poddi L, Vergalli S. 2012. Corporate Social Responsibility and Firms’ performance: A stratigraphic analysis,” Sustainability, vol. 2, no. 7, pp. 22-34

Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling Theory: A Review and Assessment Journal of Management, vol. 37, pp. 39–67.

Duh, H. I., & Uford, I. C. (2019). Examining customer- and employee-based contributions brand equity to a retail bank’s market performance using resource-based theory and Marketing Review, 15(1), 27-38.

Dwi, R., Mail, R., Cahyonowati, N., & Janie, N. A. (2024). The role of the environment Performance in mediating the relationship between GA and CSR. Environmental Economics, 15(1), 46-55

Elsayed, R. A. (2023). Exploring the financial consequences of biodiversity disclosure: Does biodiversity disclosure affect firms’ financial performance? Future Business Journal, 9-22. https://doi.org/10.1186/s43093-023-00202-7

Elsayed, M. O., and Z. Hoque. 2012. Perceived International Environmental Factors and Corporate Voluntary Disclosure Practices: An Empirical Study. The British Accounting Review, 42(1), 17-35.

Emeka Nwokeji. A (2019). Nexus between CSR disclosure and the market value of listed non-finance firms in Nigeria. International Journal for Innovative Research in Multidisclipinary Field, 5(3), 247-255

S. Enefiok, E. Emenyi & Uwah, E. (2024). Voluntary environmental disclosure and market value of listed Nigerian consumer goods firms International Journal of Economics, Business, and Social Science Research, 2, 69-94.

Etim, E. O., Umo, U. P., Udoh, O. A., & Edet, J. P. (2024). Exploratory research on the effect of green accounting on the financial performance of oil and gas companies in Nigeria. International Journal of Economic and Financial Management, vol. 9, no. 1, pp. 81-95

Etuk, A. J., Emenyi, E. O., & Ekanem, E. N. (2024). Environmental waste management disclosure and financial performance of Nigerian listed consumer goods firms. Advanced Journal of Management Accounting and Finance, vol. 9, no. 5, pp. 33-53

Federal Ministry of Environment. (2016). National Solid Waste Management Policy Retrieved fromhttp://www.environment.gov.ng/index.php?option=com_content&view=article&id=82&Itemi d=133

Haboye, E.I. Sdeniyi, S. I. (2020). Effects of waste accounting on firm values of listed Nigerian companies: A study of the brewing industry Arabian Journal of Business and Management Review, 4(2), 52-67

Hague, S. (2013). Performance analysis of private conventional banks: A case study of Bangladesh. IOSR Journal of Business and Management, 2, 19-25

Hardiyansah, M., Agustini, A., & Purnamawati, I. (2021). Effect of carbon emission disclosure on firm value: Environmental performance and industrial type, Journal of Asian Finance, Economics and Business, 8(1), 123–133. https://doi.org/10.1016/j.jfeb.2018.01.013.

Kameri-Mbote, P., Pisupati, B., Smagadi, A., Meso, A., Sung, H., and Gachie, A. (2023). United Nations Environment Program: The role of environmental law and governance in transformational change to address the triple planetary crisis: The role of environmental law and governance Law, Environment and Development Journal, 19(1), 251-265.

Kornom-Gbaraba, M. E., & Chukwuemeka, J. (2022). Impact of the waste management cost disclosure on corporate financial performance of quoted oil companies in Nigeria, British International Journal of Applied Economics, Finance and Accounting 6(2),21-19

Kurnia, P., Darlis, E., & Putra, A. A. (2020). Carbon emission disclosure, good corporate governance, financial performance, and firm value. Journal of Asian Finance, Economics and Business, Vol. 7, No. 12, pp. 223–231.

Laabs, J. (2012). What is your business worth? The business center. Extracted from http;//www.businesssalecenter.com/new.page3

Lee, J. (2020). Theoretical translation of clean water to wastewater oxygen transfer rates Journal of Environmental Engineering, vol. 149, no. 1, pp. 40-58.

Mattos, F., & Calmon, J. (2023). Social life cycle assessment of municipal solid waste management systems with the contribution of waste pickers: Literature review and proposals for new studies Sustainability. 15(2),17-27.

Mohammad, H., & Aisa, T. A. (2020). Carbon emissions disclosure and firm value analysis: type of the industry as a moderating model. International Journal of Scientific and Technology Research, 9(2), 35-49

Naddeo, V., & Liu, H. (2020). 2019 novel coronavirus (SARS-CoV-2): what is its fate in urban water cycle and how can the water research community respond? Environmental Science: Water Research & Technology, 6(5), 1213-1216.

Nkanga, E. N., Akpan, D. C., Nsentip, E. B., & Isaac, N. E. (2023). Voluntary disclosures and the market value of deposit money banks in Nigeria. International Journal of Management Technology, 10(1), 38-58

Okeke, E. E., Ifurueze, M. S. & Nwadiaro, E.O. (2021). Effect of carbon emission disclosure on the economic value added of oil and gas firms. International Academy Journal of Management, Marketing and Entrepreneurial Studies, 8(4), 7-29.

Omran, M. A., & El-Galfy, A. M. (2014). Theoretical perspectives on corporate disclosure: a critical evaluation and literature survey. Asian Review of Accounting, 10(1), 54-66. doi:10.1016/j.aaa.2019.01.004.

Riyadh, H. A., Al-Shmam, M. A., Huang, H. H., Gunawan, B., and Alfaiza, S. A. (2020). The Analysis of the impact of green accounting cost on corporations’ financial performance. International Journal of Energy Economics and Policy, 10(6): 421-426.

Sudibyo, Y. A. (2018). Carbon emission disclosure: Does it matter? IOP Conference Series: Earth and Environmental Science, 106(1). https://doi.org/10.1088/17551315/106/1/012036

Tang, Y. (2024). Empirical analysis of the impact of carbon disclosure on Firms’ market value in a "dual carbon" context. Frontiers in Humanities and Social Sciences, 4(3), 323-337.

Ubokudom, A. I., Akpan, D. C., & Akinninyi, P. E. (2024). Environmental remediation costs and financial performance of oil and gas companies listed in Nigeria. International Journal of Accounting Intelligence (2024), 2(1), 41-58

Uford, I. C. (2017). Customer- and Employee-Based Brand Equity Driving United Bank for Africa’s Market Performance (Doctoral dissertation, Faculty of School of Economics and Business Sciences).

Wu, L., Shao, Z., Yang, C., Ding, T., & Zhang, W. (2020). The impact of CSR and financial distress on financial performance—evidence from Chinese listed companies in the manufacturing industry. Sustainability 12(17), 67-99

Similar Articles

1 2 3 4 > >> 

You may also start an advanced similarity search for this article.