Sustainability Disclosure and Financial Performance of Brewery Firms in Africa

This study investigates the relationship between sustainability disclosure and financial performance among brewery firms in Africa from 2012 to 2022. Financial performance is measured using return on assets (ROA), while sustainability disclosure encompasses governance disclosure (G_DSCO), social disclosure (S_DSCO), and environmental disclosure (E_DSCO). Firm size (FS) serves as a control variable. Employing robust regression analysis, the findings reveal that governance disclosure significantly improves financial performance, while social and environmental disclosures exhibit no significant effects. The study highlights the importance of governance transparency in enhancing financial outcomes and provides insights into sustainability practices within an emerging market context. Recommendations emphasize improved environmental and social reporting and the establishment of standardized disclosure frameworks