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The Effect of Environmental, Social and Governance Disclosure Quality on Tobin’s Q of Listed Deposit Money Banks in Nigeria

Author

Listed:
  • Mohammed Baba Shehu

    (Al -Ansar University, Maiduguri, Borno State, Nigeria)

  • Sani. U. Gurowa (Ph.D.)

    (Department of Accounting, University of Abuja, Abuja, FCT, Nigeria)

Abstract

This study examines the effect of environmental, social and governance (ESG) disclosure quality on Tobin’s Q of listed deposit money banks (DMBs) in Nigeria over the period 2014-2024. Departing from the quantity-based indices that dominate the emerging-market literature, the study operationalizes disclosure quality through a bespoke Integrated Disclosure Quality Classification (IDQC) framework that scores forty-five GRI banking-sector indicators along four weighted dimensions: content coverage (25%), information quality (35%), presentation format (20%) and verification and assurance (20%). Content analysis of the annual reports, integrated reports and standalone sustainability reports of eleven continuously listed DMBs yields a balanced panel of 121 bank-year observations, from which a composite Weighted Disclosure Quality Index (WDQI) and three pillar indices (EDQI, SDQI, GDQI) are constructed. After establishing stationarity (CIPS), cointegration (Westerlund) and cross-sectional dependence (Pesaran CD), the dynamic relationship is estimated using a two-step System GMM estimator with Windmeijer-corrected standard errors. The composite WDQI exerts a positive and statistically significant effect on Tobin’s Q (β = 0.0028, p

Suggested Citation

  • Mohammed Baba Shehu & Sani. U. Gurowa (Ph.D.), 2026. "The Effect of Environmental, Social and Governance Disclosure Quality on Tobin’s Q of Listed Deposit Money Banks in Nigeria," International Journal of Latest Technology in Engineering, Management & Applied Science, RSIS International, vol. 15(7), pages 702-721, August.
    • Handle: RePEc:bjf:ijltem:v:15:y:2026:i:7:a:63
    DOI: 10.51583/IJLTEMAS.2026.150700058
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