Abstract

The study examines the relationship between Viability reporting (ESG: Environmental, Social, and Governance) and Enterprise value in emerging markets, with a specific focus on Dangote Cement Plc. The research aims to assess how environmental, social, and governance disclosures influence financial performance indicators, including Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q. Adopting a descriptive and explanatory research design, the study analyzed secondary data from annual and Viability reports of Dangote Cement Plc spanning 2015–2024. ESG disclosure quality was measured using a structured content analysis framework based on Global Reporting Initiative (GRI) standards, while regression analysis was employed to test the relationship between ESG reporting and Enterprise value. Findings reveal that all three dimensions of ESG reporting—environmental, social, and governance—positively and significantly influence Enterprise value. Environmental reporting exhibited the strongest effect, followed closely by social and governance disclosures. The regression model explained 82% of the variation in Enterprise value, indicating a strong association between Viability reporting and financial performance. These results support the Stakeholder, Legitimacy, Signaling, and Resource-Based View theories, suggesting that ESG reporting is a strategic tool for enhancing transparency, stakeholder trust, and long-term financial performance. The study concludes that proactive Viability reporting contributes significantly to Enterprise value in emerging markets. It recommends that Enterprises integrate ESG practices into their core business strategies, enhance reporting quality, and adopt international disclosure standards to maximize financial and reputational benefits. The study also encourages regulators and investors to incentivize ESG reporting to foster Integrated business practices in emerging markets.