Proceedings of Sustainability, Entrepreneurship, Equity and Digital Strategies (SEEDS 2024)

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Income Diversification, ESG Practices and Financial Sustainability of Listed Non-Financial Firms in Nigeria

Authors
Lukman Adebayo-Oke Abdulrauf1, *, Yusuf Olamilekan Quadri1, Sherif Akanji Ibrahim1
1Department of Accounting and Finance, Faculty of Management and Social Sciences, Kwara State University, Malete, Nigeria
*Corresponding author. Email: okelukman2003@yahoo.com
Corresponding Author
Lukman Adebayo-Oke Abdulrauf
Available Online 5 May 2025.
DOI
10.2991/978-94-6463-714-4_12How to use a DOI?
Keywords
Income Diversification; ESG Practices; Financial Sustainability
Abstract

Meeting the current financial needs and ensuring resource availability for future operations is vital for firms to maximize their shareholders wealth and improve overall health of the economy. However, ineffective allocation of resources to new ventures and ESG compliance issues have compacted the overall performance thereby undermining the listed non-financial firms’ financial sustainability. Consequently, this study investigates the impact of income diversification and ESG practices on the financial sustainability of the firm. Longitudinal research design was used and 84 out of the 104 listed non-financial firms were sampled using multi-stage sampling technique. Data obtained from the annual reports of the sampled firms as well as the ESG-CSR Hub were analyzed using panel data regression (GLS) technique and the findings revealed that income diversification and ESG practices have impact on the financial sustainability of the listed non-financial firms in Nigeria. The study therefore recommends that firms should identify more complementary revenue sources especially in the high-growth sectors in order to minimize investment and operational risk. Also, firms should invest in the energy-efficient technologies and waste management practices while implementing ESG frameworks that will position them competitively in a dynamic environment.

Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of Sustainability, Entrepreneurship, Equity and Digital Strategies (SEEDS 2024)
Series
Atlantis Highlights in Economics, Business and Management
Publication Date
5 May 2025
ISBN
978-94-6463-714-4
ISSN
2667-1271
DOI
10.2991/978-94-6463-714-4_12How to use a DOI?
Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Lukman Adebayo-Oke Abdulrauf
AU  - Yusuf Olamilekan Quadri
AU  - Sherif Akanji Ibrahim
PY  - 2025
DA  - 2025/05/05
TI  - Income Diversification, ESG Practices and Financial Sustainability of Listed Non-Financial Firms in Nigeria
BT  - Proceedings of Sustainability, Entrepreneurship, Equity and Digital Strategies (SEEDS 2024)
PB  - Atlantis Press
SP  - 203
EP  - 219
SN  - 2667-1271
UR  - https://doi.org/10.2991/978-94-6463-714-4_12
DO  - 10.2991/978-94-6463-714-4_12
ID  - Abdulrauf2025
ER  -