Financial Performance, Risk Factors and Sustainability Reporting Among Nigerian Consumer Goods Firms

This study investigated the impact of financial performance and risk-related variables on sustainability reporting among listed consumer goods firms in Nigeria, using panel regression analysis. The analysis revealed that Return on Assets (ROA) and Operating Profit Margin (OPM) positively influence sustainability disclosure (CSR Index), while Overhead Ratio (OR) and Days Inventory Outstanding (DIO) exert negative effects. Moderation effects highlight that Credit Risk weakens the ROA-CSR relationship, while Liquidity Risk strengthens the OPM-CSR nexus. Control variables such as Debt-to-Equity Ratio (DER) and Foreign Direct Investment (FDI) further demonstrate significant influences. The findings underscored the importance of financial efficiency and risk considerations in shaping corporate sustainability strategies in emerging markets.