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International Journal of Research in Business, Economics and Management

Vol.3 Issue 6 Nov-Dec. 2019

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Effect of Firm Characteristics On Environmental Performance of Quoted

Industrial Goods Firms in Nigeria

Egolum Priscilla Uche Department of Accountancy

Nnamdi Azikiwe University

Awka, Anambra State

Amahalu Nestor Ndubuisi

Department of Accountancy

Nnamdi Azikiwe University

Awka, Anambra State

Obi Juliet Chinyere Department of Accountancy

University of Nigeria, Enugu Campus

Enugu State

ABSTRACT

This study was set out to determine the effect of firms’ characteristics on corporate

environmental performance of quoted industrial goods firms in Nigeria from 2008-2017. To

achieve these objectives, three research questions and hypotheses were raised and related

literatures to the study were reviewed. The study adopted the ex-post facto research design.

Population of the study is made up of eleven industrial goods firms quoted on the Nigerian stock

exchange. Complete enumeration of the population was adopted as the sample size. This study

utilized secondary data sourced from annual reports and accounts of the sampled firms for the

study period. Inferential statistics of the hypotheses were tested using Pearson correlation

coefficient and multiple regression analysis. The result of findings revealed that firm

characteristics (proxied by firm size, profitability and firm age) have a significant positive effect

on environmental performance (measured by waste management cost) at 5% significant level.

The study recommends industrial goods firms should engage more in waste management

policies, since such practice significantly improves their financial performance in terms of value

added and profitability.

Keywords: Environmental Performance, Firm Characteristics, Profitability.

INTRODUCTION

Background of the Study

Traditionally, annual reports have served as a medium to inform stakeholders about the

accounting and economic performance of the corporation. In the light of the growing magnitude

of ecological patterns, the natural environment has become an important avenue for firms to gain

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competitive advantage. A firm is a form of business enterprise where the operations and all the

factors that support operational activities are gathered. A firms’ goal to make profit must be

supported with significant funds to run its operations. For the go-public firms, one of the many

ways to obtain fund is to trade it shares on stock exchange (Amahalu, Egolum & Obi, 2019). The

federal government has adopted comprehensive energy legislation such as the energy policy Act

of 2005, which incites businesses to pursue efficient environmental strategies by providing tax

deductions for energy improvements. These developments have significantly changed corporate

perception of environmental practices.

With the shift in economic focus towards social/environmental longevity, firms are encouraged

to look at the big picture and see their impact in the world around them. A fundamental

philosophy propagated today is how imperative it is that firms address all values in reporting in

order to lessen the chance that their activities will cause harm to global resources, not only for

today’s population but for future generations. Strategies for enhancing competitiveness in

manufacturing firms have become the need of the hour. A number of research studies to establish

the effect of firm characteristics on financial performance have been carried out but no distinct

research has been carried out to establish its effect on environmental performance (Amahalu,

Egolum, Ezechukwu & Obi, 2018). Studies on the effect of firm characteristics on firm

performance have generated mixed results ranging from those supporting a positive relationship

to those opposing it. A positive relationship between firm size and performance was found by

Vijayakumar and Tamizhselvan (2010). Majumdar (2011) investigated the impact that firm size

has on profitability and productivity of a firm. While controlling for other variables that can

influence firm performance, he found evidence that larger firms are less productive but more

profitable. Ezechukwu and Amahalu (2017) documented that firm characteristics play a pivotal

role in determining not only the performance of the firm but also how well entrepreneurship can

be developed in firms.

The effect of firm characteristics on environmental performance is yet to be explored, hence a

gap in literature. Therefore, this study seeks to determine the effect of firm characteristics on

corporate environmental performance of firms in Nigeria.

Objectives of the Study

The main objective of this study is to ascertain the effect of firm characteristics on environmental

performance of quoted industrial goods firms in Nigeria.

Specifically, this study tends to:

i. Ascertain the effect of firm size on waste management cost of quoted industrial goods firms

in Nigeria.

ii. Determine the effect of firms’ profitability on waste management cost of quoted industrial

goods firms in Nigeria.

iii. Evaluate the effect of firms’ age on waste management cost of quoted industrial goods firms

in Nigeria.

Research Hypotheses




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The following null hypotheses were formulated to guide the study:

HO1: Firm size has no significant effect on waste management cost of quoted industrial goods

firms in Nigeria.

HO2: Firm profitability has no significant effect on waste management cost of quoted industrial


HO3: Firm age has no significant effect on waste management cost of quoted industrial goods

firms in Nigeria.

Conceptual Framework

Firm Characteristics

Firm resources and objectives can be analyzed using three criteria namely; structure, market and

capital related firm characteristics (Kisengo & Kombo 2012) Structural firm characteristics

include firm size, age, profitability and ownership. Moreover, market related variables include

industry type, environmental uncertainty and market environment while capital related variables

consist of liquidity and capital intensity.

Firm Size

Firm size is one of the most influential characteristics in organizational studies. It reflects how

large an enterprise is in infrastructure and employment terms.

Profitability

Profitability is the measurement of excess revenue over expenses incurred. It is the ultimate

output of a company. It is defined as an indicator to the firms’ performance in managing its

assets.

Firm Age

Firm age refers to the number of years since when the firm was established and started to operate

in the business market. It is conceptualized as the number of years since the firm was listed in the

registration authority database (Mgeni & Nayak, 2016).

Environmental Performance

Environmental performance is an assessment of the extent to which the company can perform

environmental management. It is the performance of the firm in creating a good environment

(Amahalu, Okoye & Obi, 2018). The firm gives attention to the environment as a form of

corporate responsibility and care to the environment. ISO in the field of environment is ISO

14001 on environmental system management. Firms that get ISO 14001 can be said to be in the

management of the environment into the category of good, because it uses international

standards issued by competent institutions. Environmental performance is the performance of a

company in creating a good or green environment.

Firm Size and Environmental Performance




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Previous literature has explained different relations between firm size and environmental

performance. Prior studies revealed a positive relationship between firm size and performance,

for instance: Amahalu, Ezechukwu and Obi (2017); Michelon and Parbonetti (2012); Montero,

Perez and Esteban, (2011); while Hartikayanti, Trisyardi and Saptono, (2016); Andrikopoulos

and Kriklani (2013) reported a negative relationship between firm size and performance.

Profitability and Environmental Performance

Profitability is considered an indicator for satisfying the firm’s performance (Ebrahim, Soliman

& Rezk, 2015). Umoren (2016) found a positive relationship between profitability and

environmental performance. Kathyayini, (2012) reported a negative relationship between

profitability and environmental performance while Zeng, Xu, Yin and Tam (2012) documented

no relationship between profitability and environmental performance.

Firm Age and Corporate Environmental Performance

Age could actually help firms to be more efficient. Overtime, firms discover what they are good

at and learn how to do things better. Elshabasy (2017), and Kipesha, (2013) found strong

negative and significant correlation between firms’ size and organizational performance

measured in terms of firm profitability while age had a positive correlation with firm

performance.

Firm Characteristics and Environmental Performance

The causal relationships between size and environmental performance have been widely tested

with ambiguous results. Several studies suggest that a positive relationship exist between firm

size and environmental performance (Michelon & Parbonetti, 2012). Bigger firms are presumed

to be more efficient than smaller ones. The market power and access to capital markets of large

firms may give them access to investment opportunities that are not available to smaller ones.

Firm size helps in achieving economics of scale.

Theoretical Framework

Resource based Theory

This theory addresses performance differences between firms using asymmetries in knowledge.

At the corporate strategy level, theoretical interest in economies of scale and transaction costs

focus on the role of corporate resources in determining the industrial and geographical

boundaries of the firms’ activities. At the business strategy level, explorations of the

relationships between resources, competition and profitability include the analysis of competitive

imitation, the appropriateness of returns to innovations and the role of imperfect information in

creating profitability differences between competing firms. A firms’ ability to earn a rate of

profit in excess of its cost of capital depends upon the attractiveness of the industry in which it is

located and its establishment of competitive advantage over rivals. Industrial organization

economics emphasizes industry attractiveness as the primary basis for superior profitability, the

implication being that strategic management is concerned primarily with seeking favourable

industry environments, locating attractive segments and strategic groups within industries and




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moderating competitive pressures by influencing industry structure and competitor’s behavior.

Thus, a resource based theory of the firm entails a knowledge based perspective.

Empirical Review

Mgeni and Nayak (2016) determined the relation between structural firm characteristics and

business performance of agribusiness SMEs in Tanzania. The study was based on field data

collected by mailed questionnaires from 60 agribusiness SMEs and analysed quantitatively by

Pearson product moment correlation and multiple regression by SPSS. The findings suggested

that firm age has a significant moderate positive correlation with business performance of SMEs

while firm size and ownership have insignificant and weak negative correlation with business

performance.

Erhun (2016) examined the effect of firm characteristics on segment reporting in Nigeria.

Independent variable, firm characteristic was decomposed into firm size, profitability, audit firm

and leverage. Proxies were used to measure them and secondary data were collected from the

2013 and 2014 annual reports of 121 companies sampled using simple random sampling method.

Results revealed low level of segment reporting among firms. Size, was found to have positive

significant relationships with adequate segment reporting. Profitability however showed no

relationship.

Elshabasy (2017) assessed the impact of several corporate characteristics on environmental

information disclosure (EID) of the listed firms in a developing country. It selects the 50 most

active firms in the Egyptian stock exchange and the analysis is done using the financial

statements from the disclosure book for the period 2007-2011. The tests for this research were

done using the multiple regression model applied using the SPSS. Findings found that there is an

insignificant relationship between two factors of firms’ characteristics (firm size and firm

financial leverage) and EID, while firm’s age showed a negative significant relationship with

EID and finally, firm’s profitability showed a positive significant relationship with EID.

Methodology

Research Design

Ex-Post Facto research design was employed in this study. This is because this study seeks to

establish the cause-effect relationship and the researcher has no control over the variables under

study. This design is very appropriate where it is not possible for the researcher to directly

manipulate the variables of the study.

Population of the Study

The population of the study consists of Eleven (11) Industrial Goods firms listed on Nigeria

Stock Exchange as at 31st December, 2017. The firms include; - Ashaka Cement Plc, Avon

Crowncaps & Containers, Berger Paints Plc, Beta Glass Co. Plc, CAP Plc, Cutix Plc, Dangote

Cement Plc, First Aluminum Nigeria Plc, Lafarge Nigeria Plc, Meyer Plc, Portland Paints &

Products Nigeria Plc. This study covered a ten (10) year period from 2008-2017.




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Sample Size

Complete enumeration of the population was adopted as the sample size. Therefore, Eleven (11)

industrial firms represent the sample size for this study.

Source of Data

This study employed the use of secondary data. Data were sourced from fact book of the selected

firms as at 31st Dec. 2017 and annual reports and account of the selected firms for the period of

ten (10) years spanning from 2008-2017.

Variables Definition and Measurement Units

Variable

Type

Indicators Measurement

Unit

Variable

Symbols

Variables Explanation

Independent Variables (Firms Characteristics)

Firm Size FSZ Natural logarithm of total

assets

Profitability Net Profit

Margin

NPM (Total Revenue – Total

Expenses)/Total Revenue

Firms’ Age FAG Logarithm of number of

years listed on Nigeria Stock

Exchange

Dependent Variable (Environmental Performance)

Waste management

Cost

WMC The amount spent on Waste

management Cost

Control Variables

Leverage LEV Total Debt/Total Equity

Board Size BSZ logarithm of the total

number of directors

Model Specification

A multivariate regression equation was set up to investigate the hypothesized relationships

between the dependent variable and the independent variables in this study. The econometric

form of the equation is given as:

Y = β0 + β1X+ µit - - - - - - equ 1

Where:

β0 = Constant (intercept)

β1 = Coefficient of the independent variable

Y = Dependent Variable

X = Independent Variable

µ = Error term




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To test H1, H2, and H3, the study estimated the following regression equations. The equation

examines the association between firms’ characteristics and environmental performance of

Industrial Goods companies listed on NSE:

WMCit = β0 + β1FSZit+ β2LEVit + β3BSZit + µit - - - Ho1

WMCit = β0 + β1NPMit+ β2LEVit + β3BSZit + µit - - - Ho2

WMCit = β0 + β1FAGit+ β2LEVit + β3BSZit + µit - - - Ho3

Where:

WMCit = Waste Management Cost of firm ί in period t

FSZit = Firm Size of firm ί in period t

NPMit = Net Profit Margin of firm ί in period t

FAGit = Firms Age of firm ί in period t

BSZit = Board Size of firm ί in period t

LEVit = Leverage of firm ί in period t

µit = Error Term firm ί in period t

Decision Rule:

Reject Ho if the P-value of the test is less than α-value (level of significance) at 5%, otherwise

accept HI.

Data Presentation and Analysis

Table 1: Pearson Correlation Matrix

. *(8 variables, 110 observations pasted into data editor)

. correlate wmc fsz npm fag lev bsz

(obs=110)

| wmc fsz npm fag lev bsz

-------------+------------------------------------------------------

wmc | 1.0000

fsz | 0.0388 1.0000

npm | 0.1606 0.6096 1.0000

fag | 0.1906 0.0407 0.5677 1.0000

lev | -0.2612 0.0028 -0.0886 -0.3049 1.0000

bsz | -0.0323 -0.0244 -0.0727 -0.0477 0.1589 1.0000

Source: STATA 13 Pearson Correlation Output, 2019

The Pearson correlation matrix result in table 1 indicates the existence of a positive relationship

between FSZ (0.0388), NPM (0.1606), FAG (0.1906) and WMC. On the other hand LEV (-

0.2612) and BSZ (-0.0323) correlate negatively with WMC.




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Research Hypotheses

Test of Hypothesis I

Ho1: Firm size has no significant effect on waste management cost of quoted industrial goods

firms in Nigeria.

H1: Firm size has significant effect on waste management cost of quoted industrial goods

firms in Nigeria.

Table 2: Regression result on the effect of firm size on waste management cost

. regress wmc fsz lev bsz

Source | SS df MS Number of obs = 110

-------------+------------------------------ F( 3, 106) = 3.65

Model | 1.80619383 3 .60206461 Prob > F = 0.0201

Residual | 24.0401783 106 .226794135 R-squared = 0.7699

-------------+------------------------------ Adj R-squared = 0.6436

Total | 25.8463721 109 .23712268 Root MSE = .47623

------------------------------------------------------------------------------

wmc | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

fsz | .0000506 .0001193 3.82 0.000 .0001858 .0002871

lev | -.0494692 .0178503 -2.77 0.007 .0848591 .0140792

bsz | .0459288 .4181131 0.11 0.913 -.783021 .8748787

_cons | .8442968 .0953751 8.85 0.000 .6552065 1.033387

------------------------------------------------------------------------------

Source: STATA 13 Regression output, 2019

Interpretation of Regression Result

According to the result of the analyzed data in table 2, the function of multiple linear regressions

was built in the model below:

WMC = 0.8442968 + 0.0000506FSZ – 0.0494692LEV + 0.0459288BSZ

The results of the pooled regression exploring the functional relationship and effect thereof,

between waste management cost and firm size are presented in table 2. The results showed that

information on firm size has a direct/positive relationship with waste management cost of

industrial goods firms in Nigeria (β1X1 = 0.0000506). That is, movement in WMC is

significantly influenced by movement in FSZ (P>|t|=0.000<0.05). The result also showed that

firm size is statistically significant in explaining variations in WMC at 5% level of significance.

The value of adjusted R squared of 0.644 is an indication that there was variation of 64.4% on

environmental performance measure (WMC) due to changes in the explanatory variables (FSZ,

LEV and BSZ). This shows that only 64.4% changes in waste management cost of quoted

industrial goods could be accounted for by firm size, leverage and board size. Testing the overall

significance of the model, the results also confirmed that the model is statistically significant at

5% level of significance with the Prob(F-statistic) = 0.0201.




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Decision:

Since there is strong evidence that WMC is influenced by firm size at 5% level of significance,

therefore, this research concludes that firm size has a significant positive effect on waste

management cost of quoted industrial goods firms in Nigeria for the period of 2008 to 2017.

Test of Hypothesis II

HO2: Firms’ profitability has no significant effect on waste management cost of quoted industrial


H2: Firms’ profitability has significant effect on waste management cost of quoted industrial


Table 3: Regression result on the effect of firm profitability on waste management cost

. regress wmc npm lev bsz


-------------+------------------------------ F( 3, 106) = 3.39

Model | 2.26325737 3 .754419123 Prob > F = 0.0207


-------------+------------------------------ Adj R-squared = 0.5617

Total | 25.8463721 109 .23712268 Root MSE = .47168

------------------------------------------------------------------------------


-------------+----------------------------------------------------------------

npm | 1.129727 .7551482 2.50 0.012 .3674276 2.626882

lev | -.0473433 .0177337 -2.67 0.009 .082502 .0121845

bsz | .0784721 .4147267 0.19 0.850 -.743764 .9007082

_cons | .7909974 .1013449 7.81 0.000 .5900713 .9919234

------------------------------------------------------------------------------





WMC = 0.7909974 + 1.129727NPM – 0.0473433LEV + 0.0784721BSZ


between waste management cost and net profit margin are presented in table 3. The results

showed that information on net profit margin has a direct/positive relationship with waste

management cost of industrial goods firms in Nigeria (β1X1 = 1.129727). That is, movement in

WMC is significantly influenced by movement in NPM (P>|t|=0.012<0.05). The result also

showed that net profit margin is statistically significant in explaining variations in WMC at 5%




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level of significance. The value of adjusted R squared of 0.562 is an indication that there was

variation of 56.2% on environmental performance measure (WMC) due to changes in the

explanatory variables (NPM, LEV and BSZ). This shows that only 56.2% changes in waste

management cost of quoted industrial goods could be accounted for by net profit margin,

leverage and board size.

Testing the overall significance of the model, the results also confirmed that the model is

statistically significant at 5% level of significance with the Prob(F-statistic) = 0.0207.

Decision: Since there is strong evidence that WMC is influenced by net profit margin at 5% level of

significance, therefore, this research concludes that net profit margin has a significant positive

effect on waste management cost of quoted industrial goods firms in Nigeria for the period of

2008 to 2017.

Test of Hypothesis III

HO3: Firms’ age does not have a significant effect on waste management cost of quoted

industrial goods firms in Nigeria.

H3: Firms’ age has significant effect on waste management cost of quoted industrial goods firms

in Nigeria.

Table 4: Regression result on the effect of firm age on waste management cost

. regress wmc fag lev bsz


-------------+------------------------------ F( 3, 106) = 3.15

Model | 2.11609462 3 .705364872 Prob > F = 0.0280


-------------+------------------------------ Adj R-squared = 0.4559

Total | 25.8463721 109 .23712268 Root MSE = .47315

------------------------------------------------------------------------------


-------------+----------------------------------------------------------------

fag | .58785 .4696222 2.25 0.023 .3432216 1.518922

lev | -.042399 .0185998 -2.28 0.025 .0792749 .005523

bsz | .0410655 .4152781 0.10 0.921 -.7822637 .8643947

_cons | .7748031 .1105728 7.01 0.000 .5555818 .9940244

------------------------------------------------------------------------------






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WMC = 0.7748031 + 0.58785FAG – 0.042399LEV + 0.0410655BSZ


between waste management cost and firm age are presented in table 4. The results showed that

information on firm age has a direct/positive relationship with waste management cost of

industrial goods firms in Nigeria (β1X1 = 0.58785). That is, movement in WMC is significantly

influenced by movement in FAG (P>|t|=0.023<0.05). The result also showed that firm age is

statistically significant in explaining variations in WMC at 5% level of significance. The value of

adjusted R squared of 0.456 is an indication that there was variation of 45.6% on environmental

performance measure (WMC) due to changes in the explanatory variables (FAG, LEV and BSZ).

This shows that only 45.6% changes in waste management cost of quoted industrial goods could

be accounted for by firm age, leverage and board size.

Testing the overall significance of the model, the results also confirmed that the model is

statistically significant at 5% level of significance with the Prob(F-statistic) = 0.0280.

Decision:

Since there is strong evidence that WMC is influenced by firm age at 5% level of significance,

therefore, this research concludes that firm age has a significant positive effect on waste

management cost of quoted industrial goods firms in Nigeria for the period of 2008 to 2017.

Summary of Findings, Conclusion and Recommendation

Summary of Findings

From this study, it was specifically revealed that;

i. Firm Size has a significant positive effect on Waste Management Cost of quoted

industrial goods firms in Nigeria at 5% level of significance.

ii. Net Profit Margin has a significant positive effect on Waste Management Cost of quoted


iii. Firm Age has a significant positive effect on Waste Management Cost of quoted


Conclusion

The thrust of this study is to ascertain the effect of firms’ characteristics on corporate

environmental performance of quoted industrial goods firms in Nigeria for a ten-year period

spanning from 2008-2017. The dependent variable which is environmental performance was

measured by Waste Management Cost (WMC) while the independent variable which is firm

characteristics was proxied by firm size, profitability and firm age. More so, leverage and board

size were employed as the control variables. Ex-post facto design was adopted while the




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hypotheses were tested using Pearson correlation coefficient and multiple regression analysis.

The specific findings of this study reveals that firm size, profitability and firm age have a

significant positive effect on environmental performance at 5% level of significance.

Recommendation

In line with the analysis and conclusion of this study, the following suggestions were

recommended:

i. As a result of the positive effect of firm size on environmental performance, it is

suggested that industrial goods firms should further increase in size by way of asset

acquisition, branches, staff etc.

ii. Industrial goods firms should engage more in waste management policies, since such

practice betters their financial performance in terms of value added and profitability.

iii. As a result of the positive effect of firm age on environmental performance, industrial

goods firms should continually train and re-train their staff to enable the firm gain

comparative advantage over the younger firms.

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