This study examined how cost of sales influences the firm value of listed agricultural companies in Nigeria. An ex-post facto research design was adopted to analyze audited historical financial data collected from five listed Nigerian agricultural companies, including Ellah Lakes PLC, FTN Cocoa Processors PLC, Livestock Feeds PLC, Okomu Oil Palm PLC, and Presco PLC, which were selected by census sampling. The secondary data obtained from the annual reports of the firms under investigation was from the period of 2015 to 2024. Hypotheses were tested using panel estimated generalized least squares. The findings revealed that cost of sales had a significantly positive effect on firm value (β = 8.801653, p = 0.0000), indicating that effective management of production and operational costs enhanced financial returns. Therefore, the management of listed agricultural companies was advised to strengthen structured cost management practices that focused on efficient procurement of raw materials, improved inventory control, and optimized production processes, so that spending on cost of sales continued to support the growth of revenue and translate into higher firm value rather than generating unnecessary operational waste.

The effectiveness of Internal Control over Financial Reporting (ICFR) has become increasingly important in emerging markets, where regulatory environments continue to evolve and governance mechanisms are often characterised by varying levels of institutional maturity. Despite the growing adoption of the three lines of defence (3LOD) model as a governance and risk management framework, limited empirical evidence has been provided regarding its effectiveness in strengthening financial reporting controls, particularly within developing economies. This study investigates the extent to which the implementation and operational maturity of the 3LOD—management and operational controls (first line), risk management and compliance functions (second line), and internal audit activities (third line)—contribute to ICFR effectiveness among companies listed on the Nigerian Exchange Group (NGX). The analysis is grounded in agency theory, institutional theory, and the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control–Integrated Framework. A mixed-methods research design was adopted. Quantitative evidence was obtained from structured questionnaires administered to 376 governance professionals, including chief financial officers, risk managers, internal auditors, and audit committee members from 94 listed companies, while qualitative insights were derived from 18 semi-structured interviews with senior governance practitioners. In addition, archival evidence was collected from annual reports and audited financial statements covering the period from 2019 to 2024. The findings indicate that comprehensive implementation of the 3LOD model is positively and significantly associated with ICFR effectiveness (β = 0.576, p < 0.01). Among the individual lines of defence, the strongest contribution is attributed to the third line (internal audit) (β = 0.284, p < 0.01), followed by the second line (risk management and compliance) (β = 0.198, p < 0.01) and the first line (management and operational controls) (β = 0.130, p < 0.05). A significant synergistic effect is also observed, as interaction among the three lines enhances ICFR effectiveness beyond their individual contributions (β = 0.156, p < 0.01). Furthermore, board oversight is found to strengthen the relationship between 3LOD implementation and ICFR effectiveness. The qualitative findings corroborate the statistical results, highlighting the critical importance of internal audit independence, the uneven maturity of second-line functions, and the governance role of audit committees. By providing robust evidence from a major African capital market, the study extends the literature on governance-based control systems and offers practical implications for regulators, boards of directors, and corporate governance practitioners seeking to improve financial reporting quality and organisational accountability in emerging market environments.

In this study, the impact of environmental, social, and governance (ESG) performance on the financial resilience of firms listed in the Borsa Istanbul (BIST-50) Index was examined using a dataset comprising 15 non-financial firms over the period 2015–2024. Financial resilience was measured using the Altman Z-score (1995 model), while the ESG score was employed as the primary independent variable. Firm size, fixed asset ratio, and price-to-book ratio were incorporated as control variables. Following the Hausman test, the random effects estimator was adopted. The robustness of the findings was assessed using the two-step System Generalized Method of Moments (System GMM) and System GMM estimations with robust standard errors. Although a weak negative association was detected in certain dynamic estimations, the results indicated that ESG performance did not exert a statistically robust positive effect on financial resilience across alternative model specifications. The effect of firm size was found to vary across estimation techniques. While no significant influence was identified in the random effects and conventional System GMM models, a positive and statistically significant effect emerged after the application of robust standard errors. In contrast, the fixed asset ratio exhibited a consistently negative effect on financial resilience. The price-to-book ratio displayed limited explanatory power after robustness corrections were introduced. Furthermore, significant persistence in financial resilience was identified, highlighting the importance of historical financial conditions in shaping future resilience outcomes. These findings suggest that the financial benefits of ESG engagement are unlikely to materialize automatically and may depend on institutional quality, reporting transparency, and long-term strategic implementation. For emerging markets, the enhancement of ESG-related disclosure standards and the expansion of institutional investor participation may constitute critical prerequisites for translating ESG initiatives into sustainable improvements in corporate financial resilience.