Abstract
The Nigerian Exchange Group (NGX) issued Sustainability Reporting Guidelines in 2018 which requires that listed firms provide sustainability report, in their annual reports or as a standalone report, from 2019. The purpose is to provide additional information to assist investors in investment decisions. This study investigated the value relevance of sustainability reporting by non-financial listed firms on NGX from 2016 to 2020. All the 97 non-financial listed firms on NGX form the population for the study and sample consists of 30 most capitalised firms, proportionally selected from the 7 sectors of the non-financial firms on NGX. Content analysis and panel least square was used as methods of data analysis. Results show that sustainability reporting quantity disclosure has an insignificant negative effect (-0.01) on share price, while sustainability quality disclosure has an insignificant positive effect (0.07) on share price. It was recommended that the regulatory authorities, the Nigerian Financial Reporting Council and the NGX in addition to making sustainability reporting mandatory should enforce the assurance of the report by qualified professionals. Keywords: Agency theory, Information asymmetry, Legitimacy, Signaling theory, Sustainability reporting quality, Sustainability reporting quantity, Value relevance.
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