Environmental Cost Accounting and Firm Value of Listed Multinational Firms in Nigeria
Festus Taiwo SOLANKE (Ph.D.), Olusola Esther IGBEKOYI (Ph.D.), Oluwatosin Emmanuel AKINSUROJU, Oloruntoba Ige BAMIKOLE, Fawziyah Abimbola BELO, Betty Oluwayemisi ALI-MOMOH (Ph.D.), Adeoba Asaolu ADEPOJU (Ph.D.) & Adesodun Isaac ADEBAYO (Ph.D.)
Nigerian atmospheric and social environments had suffered environmental abuse and degradation occasioned by the indiscreet acts of firms in a bid to improve their values. This study investigated environmental cost accounting and firm value of listed multinational firms in Nigeria. The study adopted ex-post facto and longitudinal research designs, and population comprises 50 multinational firms listed on Nigeria Exchange Group as at 31st December, 2022. The population formed the sample size of the study using census sampling method. The data obtained were from secondary source through published annual reports between 2008 and 2022. Descriptive statistics and panel regression analysis were used for the analysis. In the findings, environmental cost accounting’ results revealed that environmental prevention cost; environmental internal failure cost, and environmental external failure cost have positive relationship on firm value. However, environmental protection cost showed an insignificant effect. It was concluded that environmental cost accounting significantly influence firms’ value. The study recommended that multinational firms should maximize opportunities of the identified environmental accounting to improve their environmental responsibility and promote business operation in line with global best practices.