Abstract
Listed firms in Nigeria have been implementing integrated reporting without being compelled to do so by law, yet there is anecdotal evidence of its impact on firm value. The study seeks to examine whether the implementation of integrated reporting by the listed firms in Nigeria is value-relevant to enhance stakeholders’ information environment. The study sampled 126 quoted companies on the floor of the Nigerian exchange group between 2010 and 2022 based on the availability of relevant data on IR and other variables for 1,638 firm-year observations. Tobin’s Q and Integrated Reporting Index (IRI) represent firm value and integrated reporting respectively. The regression results revealed an insignificant negative connection between the main variables. This suggests that integrated reporting practices are still at the infancy stage in Nigeria to serve as a signal to reducing information asymmetry between companies and their stakeholders and thus, the study supports the notion of implementing IR for stakeholders’ impression management and gaining legitimacy rather than signaling purpose. It was recommended that the current effort of the Financial Reporting Council of Nigeria, regulators, and professional accountancy bodies on the adoption of integrated reporting practices as a new framework for corporate reporting in Nigeria should not be relaxed. The study contributes to IR-firm value nexus from an economy-wide standpoint that permits generalization of outcome. Besides, it provided alternative measure of, and captured IR content elements not used in the previous studies.