The Effect of Integrated Reporting Adoption on Firm Value: Evidence from the Nigerian Exchange Group

This study examines the effect of integrated reporting (IR) adoption on firm value among listed firms on the Nigerian Exchange Group (NGX). Using a balanced panel dataset of 148 firms over the period 2010-2024, we employ fixed effects regression models to investigate the relationship between IR adoption and firm value, measured by Tobin's Q and Earnings Per Share (EPS). The study controls for firm size, profitability, growth opportunities, firm age, and liquidity. Results indicate that IR adoption has a statistically significant positive effect on both measures of firm value, with Tobin's Q increasing by approximately 0.187 units and EPS improving by ₦2.34 following IR adoption. The effect is more pronounced in larger firms and those with higher profitability. These findings suggest that IR adoption enhances information transparency, reduces information asymmetry, and signals management quality to stakeholders, thereby improving firm valuation in the Nigerian context. The study contributes to the growing literature on corporate reporting quality and firm value in emerging markets and provides empirical evidence supporting policy initiatives promoting integrated reporting frameworks in Nigeria. Implications for regulators, investors, and corporate managers are discussed.