DefinePK

Abstract

This work empirically assessed whether corporate disclosures exert significant influence on stock performance of publicly listed firms in Nigeria. Specifically, we measured corporate disclosures using four dimensions – profit-related disclosure, governance-related disclosure, dividend-related disclosure, and CSR-related disclosure; whereas stock performance was gleaned by the published stock prices of companies for the relevant years. Secondary data from 25 sampled companies proportionately drawn from 5 different industrial groupings on the Nigerian Exchange Group (NGX) were obtained and analysed with the least square regression technique along with selected tools and diagnostic tests. The study covered a time frame of 10 years (2012 to 2021). Research evidence proved that corporate disclosures which encompass all such disclosures that are either profit-related, governance-related, dividend-related or CSR-related significantly influence stock performance of publicly quoted firms. Pursuant of the findings, our recommendation amongst others was that public firms should improve on the volume, timeliness and accuracy of their disclosures to further improve positive stock performance.
Keywords: Disclosures, Profitability, Governance, Dividend, Social Responsibility, Stock, Nigeria.