OWNERSHIP STRUCTURE AND CORPORATE VOLUNTARY DISCLOSURE OF LISTED INDUSTRIAL GOODS FIRMS IN NIGERIA

The firms in the world today exercise caution in making voluntary disclosures as there is a concern about competitive disadvantage as disclosing too much strategic or sensitive information can be exploited by competitors. They also fear the potential negative market reactions that might arise from revealing unfavorable information which could impact stock prices and investor perceptions. Additionally, the complexity and technicality of industrial operations can result in disclosures that are difficult for stakeholders to interpret accurately, reducing their utility. The objective of the study is to determine the effect of ownership structure on voluntary disclosure of listed industrial firms in Nigeria. It’s also investigate the effect of institutional ownership corporate voluntary disclosure of listed industrial goods firms in Nigeria, to determine how managerial ownership affect voluntary disclosure of industrial goods firms in Nigeria, and to examine the effect of block ownership on corporate voluntary disclosure of industrial goods firms in Nigeria. The study adopted an ex-post facto research design. The population for this study comprises all 34 manufacturing firms listed on the Nigerian Exchange Group as of December 31, 2023. A total number of 10 manufacturing firms listed on the Nigerian Exchange Group were purposively sampled using descriptive statistics, correlation analysis, and regression modeling. The results of the empirical findings with respect to each specific objective of the study, managerial ownership [coef. = 0.001 (p = 0.034)] has a significant positive effect on corporate social responsibility disclosure of listed industrial firms in Nigeria during the period under study. Institutional ownership [coef. = 0.001 (p = 0.042)] has a significant positive effect on corporate social responsibility disclosure of listed industrial firms in Nigeria during the period under study.Block ownership concentration [coef. = -0.002 (p = 0.047)] has a significant negative effect on corporate social responsibility disclosure of listed industrial firms in Nigeria during the period under study. The key findings from the study reveal that managerial and institutional ownership have a significant positive effect on CSR disclosure. This suggests that as managers and institutional investors gain more equity in a firm, they are more inclined to promote transparency through CSR disclosures. This study contributes to the existing body of knowledge in several ways. Contextually, it provides evidence from the Nigerian industrial sector, shedding light on how ownership structure influences corporate social responsibility disclosure in an emerging market.