Title: Sustainability disclosures and firm value: evidence from the Ghana Stock Exchange

Authors: Joseph Adu Boahen; Nicholas Asare; Frank Antwi; Abukari Salifu Atchulo

Addresses: Department of Accounting and Finance, KNUST School of Business, Kwame Nkrumah University of Science and Technology, Private Mail Bag, AK-385-1973, University Post Office, KNUST – Kumasi, Ghana ' Department of Accounting, University of Ghana Business School, University of Ghana, GPS GA-490-9425, P.O. Box LG 25 Legon-Accra, Ghana ' Faculty of Business Administration, Department of Accounting and Finance, Pentecost University Ghana, GC-003-9723, P.O. Box KN 1739, Kaneshie, Accra, Ghana ' Department of Accounting and Finance, KNUST School of Business, Kwame Nkrumah University of Science and Technology, Private Mail Bag, AK-385-1973, University Post Office, KNUST – Kumasi, Ghana

Abstract: This study examines sustainability disclosures (SD) and its influence on the value of listed firms in Ghana. In this study, we examine SD within the framework of GRI G4 Standard. Data is extracted from audited annual reports of 28 listed firms from 2010 to 2020. The study computes SD (i.e., Environmental, Social and Governance disclosures) scores using metrics in literature whilst firm value is measured by the market and book values of the firms. Findings reveal that listed firms' SD is largely driven by governance disclosures. The study also finds that SD does not significantly affect firm value. However, environmental disclosures have a positive effect on the market value of firms. The results highlight SD as a determinant of the value of listed firms. This study contributes to sustainability accounting and firm valuation literature from an emerging market context, where regulatory frameworks and reporting practices are still developing.

Keywords: sustainability; disclosures; firm value; listed firms; GSE; Ghana Stock Exchange.

DOI: 10.1504/IJMABS.2025.146960

International Journal of Markets and Business Systems, 2025 Vol.6 No.1, pp.66 - 89

Received: 07 Jan 2025
Accepted: 06 Mar 2025
Published online: 27 Jun 2025 *

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