Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 i Gusau Journal of Accounting and Finance (GUJAF) Vol. 3 Issue 3, October, 2022 ISSN: 2756-665X A Publication of Department of Accounting and Finance, Faculty of Management and Social Sciences, Federal University Gusau, Zamfara State -Nigeria Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 ii © Department of Accounting and Finance Vol. 3 Issue 3 October, 2022 ISSN: 2756-665X A Publication of Department of Accounting and Finance, Faculty of Management and Social Sciences, Federal University Gusau, Zamfara State -Nigeria All Rights reserved Except for academic purposes no part or whole of this publication is allowed to be reproduced, stored in a retrieval system or transmitted in any form or by any means be it mechanical, electrical, photocopying, recording or otherwise, without prior permission of the Copyright owner. Published and Printed by: Ahmadu Bello University Press Limited, Zaria Kaduna State, Nigeria. Tel: 08065949711, 069-879121 e-mail: abupress2013@gmail.com abupress2020@yahoo.com Website: www.abupress.com.ng mailto:abupress2013@gmail.com mailto:abupress2020@yahoo.com http://www.abupress.com.ng/ Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 iii EDITORIAL BOARD Editor-in-Chief: Prof. Shehu Usman Hassan Department of Accounting, Federal University of Kashere, Gombe State. Associate Editor: Dr. Muhammad Mustapha Bagudo Department of Accounting, Ahmadu Bello University Zaria, Kaduna State. Managing Editor: Umar Farouk Abdulkarim Department of Accounting and Finance, Federal University Gusau, Zamfara State. Editorial Board Prof.Ahmad Modu Kumshe Department of Accounting, University of Maiduguri, Borno State. Prof Ugochukwu C. Nzewi Department of Accounting, Paul University Awka, Anambra State. Prof Kabir Tahir Hamid Department of Accounting, Bayero University, Kano, Kano State. Prof. Ekoja B. Ekoja Department of Accounting, University of Jos. Prof. Clifford Ofurum Department of Accounting, University of PortHarcourt, Rivers State. Prof. Ahmad Bello Dogarawa Department of Accounting, Ahmadu Bello University Zaria. Prof. Yusuf. B. Rahman Department of Accounting, Lagos State University, Lagos Stat Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 iv Prof. Suleiman A. S. Aruwa Department of Accounting, Nasarawa State University, Keffi, Nasarawa State. Prof. Muhammad Junaidu Kurawa Department of Accounting, Bayero University Kano, Kano State. Prof. Muhammad Habibu Sabari Department of Accounting, Ahmadu Bello University, Zaria. Prof. Okpanachi Joshua Department of Accounting and Management, Nigerian Defence Academy, Kaduna. Prof. Hassan Ibrahim Department of Accounting, IBB University, Lapai, Niger State. Prof. Ifeoma Mary Okwo Department of Accounting, Enugu State University of Science and Technology, Enugu State. Prof. Muhammad Aminu Isa Department of Accounting, Bayero University, Kano, Kano State. Prof. Ahmadu Bello Department of Accounting, Ahmadu Bello University, Zaria. Prof. Musa Yelwa Abubakar Department of Accounting, Usmanu Danfodiyo University, Sokoto State. Prof. Salisu Abubakar Department of Accounting, Ahmadu Bello University Zaria, Kaduna State. Dr. Isaq Alhaji Samaila Department of Accounting, Bayero University, Kano State. Prof. Fatima Alfa Department of Accounting, University of Maiduguri, Borno State. Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 v Dr. Sunusi Sa'ad Ahmad Department of Accounting, Federal University Dutse, Jigawa State. Dr. Nasiru A. Ka’oje Department of Accounting, Usmanu Danfodiyo University Sokoto State. Dr. Aminu Abdullahi Department of Accounting, Usmanu Danfodiyo University Sokoto, State. Dr. Onipe Adebenege Yahaya Department of Accounting, Nigerian Defence Academy, Kaduna State. Dr. Saidu Adamu Department of Accounting, Federal University of Kashere, Gombe State. Dr. Nasiru Yunusa Department of Accounting, Ahmadu Bello University Zaria. Dr. Aisha Nuhu Muhammad Department of Accounting, Ahmadu Bello University Zaria. Dr. Lawal Muhammad Department of Accounting, Ahmadu Bello University Zaria. Dr. Farouk Adeiza School of Business and Entrepreneurship, American University of Nigeria, Yola. Dr. Bashir Umar Farouk Department of Economics, Federal University Gusau, Zamfara State. Dr Emmanuel Omokhuale Department of Mathematics, Federal University Gusau, Zamfara. State Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 vi ADVISORY BOARD MEMBERS Prof. Kabiru Isah Dandago, Bayero University Kano,Kano State. Prof A M Bashir, Usmanu Danfodiyo University Sokoto, Sokoto State. Prof. Muhammad Tanko, Kaduna State University, Kaduna. Prof. Bayero A M Sabir, Usmanu Danfodiyo University Sokoto, Sokoto State. Prof. Aliyu Sulaiman Kantudu, Bayero University Kano, Kano State. Editorial Secretary Usman Muhammad Adam Department of Accounting and Finance, Federal University Gusau, Zamfara State. Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 vii CALL FOR PAPERS The editorial board of Gusau Journal of Accounting and Finance (GUJAF) is hereby inviting authors to submit their unpublished manuscript for publication. The journal is published in two issues of April and October annually. GUJAF is a double-blind peer reviewed journal published by the Department of Accounting and Finance, Faculty of Management and Social Sciences, Federal University Gusau, Zamfara State Nigeria The Journal accepts papers in all areas of Accounting and Finance for publication which include: Accounting Standards, Accounting Information System, Financial Reporting, Earnings Management, , Auditing and Investigation, Auditing and Standards, Public Sector Accounting and Auditing, Taxation and Revenue Administration, Corporate Governance Issues, Corporate Social Responsibility, Sustainability and Environmental Reporting Issue, Information and Communication Technology Issues, Bankruptcy Prediction, Corporate Finance, Personal Finance, Merger and Acquisitions, Capital Structure, Working Capital Management, Enterprises Risk Management, Entrepreneurship, International Business Accounting and Finance, Banking Crises, Bank’s Profitability, Risk and Insurance Issue, Islamic Finance, Conventional and Islamic Banks and so forth. 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Finally, manuscript should be send to our email address elfarouk105@gmail.com and a copy to our website on journals.gujaf.com.ng mailto:elfarouk105@gmail.com http://www.gujaf.com.ng/ Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 viii PUBLICATION PROCEDURE After receiving a manuscript that is within the similarity index threshold, a confirmation email will be send together with a request to pay a review proceeding fee. At this point, the editorial board will take a decision on accepting, rejecting or making a resubmission of the manuscript based on the outcome of the double-blind peer review. Those authors whose manuscript were accepted for publication will be asked to pay a publication fee, after effecting all suggested corrections and changes made on the manuscript. All corrected papers returned within the specified time frame will be published in that issue. PAYMENT DETAILS Bank: FCMB Account Number: 7278465011 Account Name: Gusau Journal of Accounting and Finance FOR INQUIRY The Head, Department of Accounting and Finance, Federal University Gusau, Zamfara State. elfarouk105@gmail.com +2348069393824 FOR MORE INFORMATION, CONTACT The Editor-in-Chief on +2348067766435 The Associate Editor on +2348036057525 OR visit our website on www.gujaf.com.ng or journals.gujaf.com.ng mailto:elfarouk105@gmail.com mailto:05@gmail.com http://www.gujaf.com.ng/ http://www.gujaf.com.ng/ Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 ix CONTENTS Capital Structure and Firm Financial Performance of Listed Deposit Money Banks in Nigeria: Moderating Effect of Board Financial Literacy Anas Idris Abdulwahab, Hussaini Bala Ph.D, Mansur Lubabah Kwambo Ph.D, & Abubakar Adamu 1 Influence of Socialization On MSME Compliance by Mediating Understanding and Moderating Knowledge of Tax Visits Yayuk Ngesti Rahayu 17 Does International Financial Reporting Standard Narrows Audit Expectation Gap? Musa Ibrahim Dauda, Ibrahim Adagye Dauda, PhD 35 Sustainability Reporting and Financial Performance of Listed Manufacturing Firms in Nigeria Aiyesan, Olabode Olutola Ph.D 49 Firm Attributes and Financial Reporting Timeliness of Listed Consumer Goods Firms in Nigeria Akume James Terkende, Dele Ikese Karim 67 Value Relevance of Accounting Information for Listed Financial Service Firms in Nigeria Kassim Busari, Ishaya Luka Chechet Ph.D, Aliyu Ahmed Abdullahi Ph.D, & Ibrahim Mohammed Ph.D 87 Nigeria Economic Growth and Capital Market Development: Does Contributory Pension Scheme Matter? Akinwumi Ayorinde Olutimi, Toluwa Celestine Oladele Ph.D, &Adeboye Emmanuel Sanmi 101 Audit Committee and Financial Reporting Quality: The Moderating Effect of Board Independence of Listed Deposit Money Banks in Nigeria Kassim Yusha’u Shika, Mark David Kantiyok 117 Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 x Determinants of Financial Performance of Listed Deposit Money Banks in Nigeria Mary Seansu Lazarus, Nurradden Usman Miko Ph.D, & Saifulahi Abdullahi Mazadu Ph.D 140 Human Resource Accounting and Profitability of Listed DepositMoney Banks in Nigeria Ahmad Adamu Ibrahim, Ahmad Rufa’I Adamu, Fatihu Mahmud Alhassan &Muhammad Iliyas Abdulsalam 158 Board Independence, Audit Effectiveness and The Quality of Reported Earnings in The Nigerian Consumer Goods Firms Isah Shittu Ph.D, Misbahu, Abubakar Muhammad 175 Impact of Capital Structure On Financial Performance of Listed Agricultural Companies in Nigeria Ahmad Muhammad Ahmad, Shehu Usman Hassan Ph.D., &Abubakar Abubakar 192 Trade Oriented Money Laundering and Era of Cybersecurity Tax Evasion in Nigeria Oluwayemi Joseph Kayode, Adewole Joseph Adeyinka Ph.D, Adewale Abass Adekunle & Kadiri Kayode Ph.D 205 Effect of Females in the Boardroom on Corporate Sustainability Reporting Salami Suleiman Ph. D, Olanrewaju Atanda Aliu Ph.D 224 Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 49 SUSTAINABILITY REPORTING AND FINANCIAL PERFORMANCE OF LISTED MANUFACTURING FIRMS IN NIGERIA Aiyesan, Olabode Olutola Ph. D Department of Accounting Adekunle Ajasin University, Akungba-Akoko, Ondo State Nigeria olabodeaiyesan@yahoo.com Abstract This study examines the effect of sustainability reporting (SR) on financial-performance of listed manufacturing firms in Nigeria from 2010 to 2020. Ex-post facto research design was employed and 24 firms form 8 sectors were sampled. Data were sourced from their annual report and analysed using Panel-regression technique. The study found positive significant connection linking DP, ERS and R&D and financial performance while CRS has negative insignificant effect on financial- performance. Base on the findings, the study concluded that SR has positive influence on financial- performance of listed manufacturing firms in Nigeria. The study recommended that relevant authorities should encourage firms to report SR on real-time and make reporting compulsory and not voluntary. There should be strict enforcement on firms to increase investment in R&D as this will increase profitability and help climate change. Keywords: community relation, research & development, dividend, employee relation and financial performance DOI: https://doi.org/10.57233/gujaf. v3i3.180 1. Introduction Sustainability Reporting is the incorporation of the environmental, social and economic aspects of an organization to the reporting and communication to the interested parties (Camelia, et al, 2020). It is either voluntary or mandatory information disclosed by firms (Garg, 2015; Fodio, Abu-abdissamad, & Oba, 2013). SR Guidelines were developed by the Global Reporting Initiative (GRI) and they are reviewed as the exigency for them arise. Principles prescribed by AA1000 APS Standard (Accountability Principles Standard 2008) issued by the Accountability Institute, Business Charter for sustainable development, developed by the International Chamber of Commerce (ICC) in this area and other instructions. All these instructions and guidelines have been adopted to help business around the world and develop the reporting framework on economic, environmental and social aspects of business operations. SR gives a framework on how activities that happen in firms outside its business operations are reported to stakeholders. mailto:olabodeaiyesan@yahoo.com Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 50 The dividend policy and financial-performance was developed as a base for the decision whether or not profit made from the business transaction by firms after all expenses incurred were deducted would be distributed to the shareholders in form of dividend or plough back to the organization for reinvestment (Enekwe, Nweze & Agu 2015). Companies are today required to raise financial reporting requirements, which is crucial to their survival, especially in a time when environmental challenges are having a severe influence on human lives, agricultural goods, and marine life (Clerverline, 2021; Asaju & Aome, 2015; Atanu & Olorundare, 2017; Bassey, 2019; Alshbili & Elamer, 2019). As a result, stakeholders are currently pressuring enterprises to start creating their sustainability report (KPMG, 2011; Emuebie, 2021; Owolabi & Okulenu, 2020). By communicating a company's commitment to all stakeholders, sustainability reporting (SR) improves the corporate image of a company's products and services and increases credibility. Some researchers suggested that SR has a beneficial impact on financial performance (Hongming, Ahmed, and Hussan, 2020); Awadzie, Soku & Botchwey, 2022) while other scholars have cont opinion about SR and financial accomplishment (Ordu & Amah, 2021; Clarissa & Rasmini, 2018; Wasara & Ganda, 2019). Consequently, SR is a report created and distributed by businesses to promote sustainable development. In order to meet the needs of the present without jeopardizing the capacity of future generations to do the same, sustainable development must be practiced (Brundtland report, 1992). The practice of SR, sometimes known as corporate social responsibility, has not sufficiently gained popularity in developing nations, particularly Nigeria. According to earlier studies (Igbekoyi, Ogungbade & Olaleye, 2021; Owolabi & Okulenu, 2020), SR is insufficient and insignificant in Nigeria since SR variables are not incorporated into enterprises' accounting frameworks and it is more of an ethical practice than resource base. In Sri Lanka (Thayaraj & Karunarathe, 2021) and Indonesia (Clarissa & Rasmini, 2018), SR was found to be extremely low due to the absence of parliamentary legislation and the accounting body's lack of any unique economic, social, or environmental standards. Due to a lack of a suitable framework for environmental disclosure and qualified environmental auditors to conduct audits, SR in South Africa was determined to be low (Wasara & Ganda, 2019). SR is said to have made little impact in sub-Sahara Africa Kenya and Mauritius (Wachira & Bendt, 2019) because reporting SR is not mandatory. There Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 51 is low performance in Bangladesh (Qamruzzaman, Jahan & Karim, 2021) because Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 52 of different voluntary disclosure creates inconsistency. SR had low performance in Pakistan (Mahmood, Kouser & Masuad, 2019) also because disclosure is voluntary. The glitches in SR in developing countries speak volume, and they imply the weak implementation of SR because disclosure is not mandatory. Low investment in R&D, poor employee relations, low risk management, poor health and safety management, customer satisfaction, dividend payout, waste production, operating costs, energy waste, earnings-per-share, return-on-capital-employed, return-on- assets, labor practices, training and education, human rights, sewage treatment, and gas emission are key issues in SR which made companies dis-trust their host communities. This study contributes to SR and financial-performance literature by adding to the empirical research body of SR in Nigeria (Uyagu, et al, 2017; Nzekwe, Okoye & Amahalu, 2021; Onoja, Okoye & Nwoye, 2021). Financial-performance measures a firms’ overall financial level over a particular time duration and is used for comparism of general performance of different firms’ operating in identical industry (Henri and Journeoult, 2010). Therefore, the study ascertains the effect of SR on financial-performance of listed firms in Nigeria. To achieve this feat dividend policy, community cost, research and development, employee cost and return-on-assets are proxies used. Dowwling and Pfeffer (1975) propounded legitimacy theory. It is an assumption that the steps taken by an entity are most appropriate within which the social culture, norms and values are aligned with (Suchman, 1995) as cited in (Bassey, Effiok & Eton 2013). Therefroe, this study is anchored on legitimacy theory because the policies of the society and that of the firms’ align. 2. Review of Empirical Studies Taib and Ameer (2012) investigated the connection linking corporate- sustainability-practices and financial-performance in the UK and US between 2005 and 2009. Annual reports recorded and multiple-regression models were used. The finding revealed negative insignificant outcome on financial accomplishment. Community, business ethics and environment indices do negative effect financial- performance of companies. This imply that innovation in computing power and language would ease the choice of reporting medium in the future and it is advisable to report community, diversity, environment, recruitment, and promotion in real- time as they occur. The aspect of reporting community relation achieve real-time Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 53 as it occurs is quite missing in developing countries as they are report later. Agba, Mboto & Micheal (2013) evaluated the influence of wages and other conditions of service on employees’ performance. Primary data were collected and presented in graph, pie chart and bar chart. The finding revealed significant positive influence on employee performance. Job performance are shaped by regular and good wages; followed by conducive work environment, availability of internet facilities, good library, recognition/award, regular promotion, training opportunities, access to medical care and communication flow. The study suggest that managers of formal organizations should properly remunerate workers as well as provide conducive work environment for their employees. Singh (2014) investigated the consequences of corporate-social-responsibility information on the financial-performance of firms in the UK for 5 years (2008 to 2012). The survey data and ordinary-least-square model were used. The result showed negative non-significant connection linking good social-practices and financial accomplishment both in short-term scenario and long-term. In this study, philanthropy gesture by firms in developed countries do not increase profitability. Heggeseth and Moen (2016) sampled 247 Norwegian industrial companies between 2004 and 2009 on the consequences of intensity in R&D on financial accomplishment during financial crisis of Multiple-regression technique was used. The result showed that companies with more investment in R&D aid financial- performance during financial crisis. Also, R&D investment was more during the financial crisis than in other periods According to the study of Abdel and Raed (2017) examined the impact of R&D cost on financial-performance of listed pharmaceutical firms in Jordan for 4 years (2006 to 2010). Secondary data and simple-linear regression technique was use to analyse the data. The finding showed significant positive connection linking R&D cost and firm accomplishment in developed countries. Also, R&D cost lead to future benefits in current and subsequent years. The study is of the opinion that more funds should be committed to investment in research and development Freihat and Kanakriyah (2017) investigated the connection linking R&D and performance of Jordanian from 2006 to 2015. The survey data and multiple-regression technique were used for analysis. The result indicated significant positive connection linking R&D and performance measured by return-on-assets, return-on-equity, and earnings-per-share. Increased funds on research and development will increase profitability. Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 54 Abose, Eze & Sowunmi (2018) investigated the outcome of human resources management on non-financial performance of banks in Nigeria. The survey data and ordinary-least square method were used. It was discovered that reward management have positive significant effect on reward and employee performance. The scholars argued that the expectations of all firms is to manage and have an open employment policy that will enhance efficiency and effectiveness of staff member. Umobong and Agburuga (2018) assessed the connection linking financial accomplishment and corporate-social-responsibility of quoted-firms in Nigeria for 16 years (2005 to 2015). Secondary data and multiple-regression model were used. The finding revealed negative significant outcome linking community relation cost and return-on-assets and return-on-capital-employed firms with better financial accomplishment make better information make higher return-on-investment. The study is of the view that poor infrastructure could be the reason for poor relationship with performance. Ajibada, Amuda and Olurin (2019) evaluated dividend policy and financial- performance of quoted manufacturing firms in Nigeria and Kenya between 2008 and 2017. Secondary data and ordinary-least square model were used for analysis. The finding revealed significant positive connection linking financial achievement in Kenya while Nigeria recorded non-significant negative. The study suggest that companies should concentrate on dividend strategy. However, the study did not take into account the other measures of profitability since it considered 2 major economies from West and East Africa. Hashim, Ries and Huai (2019) examined the impact between corporate-social-responsibility and financial-performance in southeast African countries from 2013 to 2017. Secondary data and multiple- regression model were used for analysis. The finding unconcealed non-significant connection linking relation and financial accomplishment. The study additionally found that community relations price, worker relations cost has non-significant association with monetary performance. This discovery is an indicator that poor infrastructural amenities coupled with bad employee policy can lead to negative outcome with financial-performance. Idewere & Murad (2019) investigated dividend policy and financial-performance in Nigeria. Data were collected over a period of six (6) years (2009 to 2014) and panel-regression model was use for analysis to analyse the data. The study discovered positive important connection linking dividend payout magnitude relation and financial accomplishment. Other finding revealed negative and non-significant connection linking dividend interest and financial accomplishment. Companies ought to try to keep up healthy and some Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 55 stable dividend policies. This might be earned by investment incomes that offer positive internet gift Values, thereby generating vast earnings. Jian, Feng and Chen (2019) evaluated the association linking research-and- development, advertising and firm’s financial accomplishment in South Korea from 2012 to 2016. Multiple-regression technique and secondary data were used. The finding revealed positive significant association linking financial accomplishment with large firms’ while negative significant impact exists in tiny firms. Kayode, Adeyinka & Abiodun (2019) assessed the effect of employees’ remunerations on productivity in Nigerian breweries plc. Primary data and pearson product correlation coefficient models were applied for analysis. The outcome revealed significant positive connection linking remuneration packages and employee’s performance. Further finding revealed quick payment of remuneration has great influence on employees’ productivity. The study suggested that remuneration package such as overtime, constant remuneration payment, promotes morale and increase team cohesion and that employee benefits has great influence on employee productivity. Amankwah and Agyemang (2020) explored in their study the outcome of dividend on financial-performance in Ghana for 7 years (2012 to 2018). The survey data was obtained and panel-regression model were used for analysis. The finding revealed non-significant positive connection between variables. Companies have to be compelled to reward dividends where they are financially strong. Further finding confirmed that dividend is vital issue moving the monetary performance. Porini (2020) upshot the effect of dividend payout ratio on financial-performance in Tanzania between 2013 and 2018. Panel data extracted from audited and analysis descriptive analysis and inferential analysis that's central tendency and multiple regressions were used to analyse the data. The outcome revealed significant positive outcome on financial accomplishment. Moreover, the management variables resembling size of asset and growth in sales and leverage have connection with financial accomplishment. In the study of Adhikari, (2020) the researcher examined the connection linking staff trainings and development costs, total staff costs and profit of Nepalese firms between 2016 and 2020. Secondary source of data and panel-regression model were applied to analyse the data. This finding revealed that banks focus on trainings and development of staff. Staff cost has significant positive connection linking staff cost with operational profit. The study suggests that government should invest more on human capital development and invest more on research and development. Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 56 Several studies have been carried out on dividend policy, community relations, employee relation and research and development with divergent views on their literature but few studies have been carried out on a combination of all the variables as one and see the effect on financial performance of manufacturing companies. The study also seeks to contribute on the effect of research and development on financial performance which has not been well explored in Nigeria. In developing countries, community cost is not reported on real-time and rarely does it influence performance as seen from the literatures reviewed. 3. Methodology and Model Specification Ex-post facto research design was adopted for the study. The population is 64 listed firms and 24 were selected for 11 years (2010 to 2020) using stratified and random sampling method. The reason for choosing manufacturing firms over other firms listed on the Nigerian stock group is because manufacturing firms constitute the major area where the society is affected by these companies for example water pollution, air pollution and soil pollution. The reasons for conducting the study from 2010 is because the world just came out of recession during that period and IFRS (International Financial Reporting Standard) was also adopted in Nigeria in 2010. These manufacturing firms pollute the society and they are expected to bring back part of it to the environment. The study adopted the general multiple ordinary least square (MOLS) regression model base in line with the specific objective variables of the study. The regression model is as specified by Frances Galton (1974) modified by Nnamani, Onyekwelu & Ugwu (2017). To empirically express the relationship between return on assets and sustainability accounting reports of quoted manufacturing companies in Nigeria, the base line model equation is specified as thus; ROAit = β0 + β1DPOit + β2CRCit + β3ERCit + β4R&DCit + eit Where; i =Number of companies or cross section t=No of time periods ROA = Return on Assets of Quoted manufacturing companies, β0 = the constant term, DP = Dividend Policy, CRC = Community Relation Costs, ERC = Employee Relation Costs, and R&DC = Research & Development Costs, β1-4 = Coefficients estimated or the Coefficients of slope parameters. Et= Error term. Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 57 4. Results and discussion of findings 4.1 Descriptive Statistic Analysis Table 1: Descriptive Statistics ROA DP CRC ERC R_D Mean 0.064903 0.043952 0.014431 1.560304 0.137041 Median 0.043126 0.022769 0.001526 0.090413 0.004291 Maximum 3.237088 0.487146 1.968699 376.9860 21.80103 Minimum -2.359907 0.000000 0.000000 0.003173 0.000000 Std. Dev. 0.303419 0.060109 0.121754 23.19431 1.357415 Skewness 2.390875 2.862122 15.76020 16.15435 15.50915 Kurtosis 63.39361 15.95867 253.3415 261.9767 247.6523 Jarque-Bera 40372.78 2199.272 700308.2 749240.5 668985.9 Probability 0.000000 0.000000 0.000000 0.000000 0.000000 Source: Researcher’s Computation, 2021. Table 1 above reports the descriptive statistic such as mean, median, standard deviation, maximum, minimum, Jarque-Bera, kurtosis and skewness. Average return on asset is 0.064 and median value of 0.043. The standard deviation of 0.303, indicates the existence of low degree of disparity among the firms ROA. It shows that their ROA is close. More so, the maximum of ROA is 3.23, while -2.359 is the minimum. 4.1.2 Panel Unit Root test result Table 2 Panel Unit Root Test Variable LLC(Levin, Lin & Chu t*) LPS(Im, Pesaran and Shin W-stat) Order of Integration Remarks Statistics p-value Statistics p-value CRC -6.12411 0.0000 -2.48152 0.0065 I(0) Stationary at level DP -13.9791 0.0000 -5.98683 0.00000 I(0) Stationary at level ERC -6.31463 0.0079 -2.97528 0.0015 I(0) Stationary at level R_D -17.8788 0.0000 -8.93847 0.00000 I(0) Stationary at level ROA -9.16390 0.0000 -4.27973 0.0000 I(0) Stationary at level Source: Researcher’s Computation, 2021 Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 58 Carrying out unit root test before estimating the model was a necessary step in order to choose the most appropriate estimating technique. Studies have shown that panel data have tendency of been mean variant and therefore, there was need to test the Stationarity condition of these variables. Also, the prevailing problem of spurious regression had necessitated the test for unit root of panel series variables. However, examining the stationary property of panel data series prior to analysis the relationship among the variables has been described as fundamental due to the challenges posed by non-stationary series in regression analysis. This is important as the proposed methodology (panel regression) for the analysis can only be used to estimate models involving variables that are integrated of order zero I(0). Table 3. Correlation Analysis: Ordinary Correlation Analysis: Ordinary Correlation Probability ROA R_D ERC DP CRC ROA 1.0000 R_D -0.0996 1.0000 0.1068 ----- ERC -0.0822 0.1869 1.0000 0.1838 0.0000 ----- DP 0.0828 -0.0572 -0.0462 1.0000 0.1806 0.3532 0.4550 ----- CRC -0.0859 0.1764 0.1915 -0.0415 1.0000 0.1648 0.0000 0.0000 0.5024 ----- Source: Researcher’s Computation, 2021 The correlation results in Table 3 showed that RD cost of the firms do exhibit weak statistical correlation with ERC (r=-0.1869,p<0.05) and CRC of the firms(r=- 0.1764,p<0.05).. CRC exhibit weak correlation with other explanatory variables such as ERC(r=0.1915,p<0.05) and RD(r=0.17644, p<0.05).. It can be deduced from the correlation analysis that low level of correlation was observed among the explanatory variables. This implies the less likelihood of encountering multicollinearity problem which may understate or overstate the standard errors and thereby lead to wrong inference about the behaviour of the variable. Multicollinearity problem occurs when independent variables in a regression model are correlated. This correlation is a problem because independent variables should be independent. If the degree of correlation between variables is high enough, it can cause problems when fitting the model and interpreting the results. Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 59 Table 4: Variance Inflation Factor VIF 1/VIF ERD 2.02 0.495 CRD 3.06 0.326 RD 3.13 0.319 DRD 1.01 0.991 Source: Researchers computation 2021 Multicollinearity Test The correlation results in Table 4 report the variance Inflation Factors of the study. The centred VIF should be less than 4 in order to be free from multicollinearity. From the table all the variables report VIF less than 4. This implies that there is less likelihood of encountering multicollinearity problem which may understate or overstate the standard errors and thereby lead to wrong inference about the behaviour of the variable. Multicollinearity problem occurs when independent variables in a regression model are correlated. This correlation is a problem because explanatory variables should be independent. If the degree of correlation between variables is high enough, it can cause problems when fitting the model and interpreting the results. Table 5 Correlated Random Effects - Hausman Test (Test cross-section random effects). Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob. Cross-section random 9.6151 4 0.0474 Source: Researcher’s Computation, 2021 The section reports the influence of sustainability reporting on the financial performance of listed manufacturing firms in Nigeria. In line with the diagnostics result earlier reported in table 3 and 4, it was obvious that the assumption of homoscedasticity and no serial correlation were not violated using fixed effect model. The f-statistics statistics of the model captures the joint significance of the variables. It shows whether the variables are significantly different from zero. If the test statistics of the f-value is statistically significant, the model is established and all the variables jointly different from zero. The outcome of the f- statistics of the model (74.2600, p<0.05) shows that the model is statistically significant and the coefficients are different from zero. The independent variables explained about 67.4% variation in performance of the firms, however, he after adjusting for the Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 60 loss in degree of freedom, the model explain about 62.22% variation in the Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 61 dependent variable. Table 6 Regression and Hausman test Fixed Effect Model Random Effect Model Variable Coefficient t- Statistic Prob. Coefficient t- Statistic Prob. R_D 0.1631 7.3384 0.0000 0.1585 7.8024 0.0000 ERC 0.0132 4.5959 0.0000 0.0129 4.3099 0.0000 DP 0.4979 1.7802 0.0763 0.3645 1.4263 0.1550 CRC -0.9074 -2.2713 0.0240 -0.9268 -2.3419 0.0199 C 0.0561 2.6701 0.0081 0.0621 2.7082 0.0072 R- squared 0.6745 0.6273 Adjusted R- squared 0.6222 0.5722 F-statistic 74.2600 64.8176 Prob(F- statistic) 0.0000 0.0000 Hausman 9.6151(p=0.0474) test Source: Researcher’s Computation, 2021 Fixed Effect Model. The first hypothesis reported that DP statistical significant positive relationship with financial performance of firms with p-value less than 0.10 and coefficient of 0.4979(t=1.7802, p<0.05). This imply that rise in dividend payout of the sampled firms will aid the performance of the firms. 0.10 was taken because DP is an important variable. This result is in tandem with the studies of Ajibada, Amuda and Olurin (2019), Idewere & Murad (2019), Amankwah and Agyemang (2020), Porini (2020). The Second hypothesis reported that community relation cost of the firm exhibited negative relationship with the financial performance of the firm. The coefficient of the variable (-0.9074) and t-value of -2.2713 shows that in average across the period and within the firm, financial performance decline when the community relation cost increases. This result is in tandem with the results of Taib and Ameer (2012), Singh (2014), Umobong and Agburuga (2018), Hashim, Ries and Huai (2019), Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 62 Kayode, Adeyinka and Abiodun (2019). Gusau Journal of Accounting and Finance, Vol. 3, Issue 3, October, 2022 63 The third hypothesis discussed employee relations cost with coefficient of 0.0132(t=4.5959, p<0.05). Thus, the coefficient of 0.0132 implied that an increase in the employee relations cost will induce the likelihood of rise in financial performance of firms. This result is in tandem with the studies of Agba, Mboto and Micheal (2013), Abose, Eze and Sowunmi (2018), Adhikari, (2020). The 4th hypothesis reported the R&D cost had significant relationship with the firm’s performance. The coefficient of 0.1631(t=7.3384, p<0.05) showed that research and development contributed positively to the rise in firm performance. This result is in tandem with the results of Heggeseth and Moen (2016), Abdel and Raed (2017), Jian, Feng and Chen (2019), 5. Conclusion and Recommendation Based on the findings, the study therefore concludes that DP, R&D, ERC of listed manufacturing firms in Nigeria affect financial performance while CRS does not affect financial performance positively. 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