The Role of Risk Management, Sustainability Disclosure Practices, and Islamic Finance in Nigeria Business Environment

  • Ibraheem Alani AbdulKareem Universiti Sultan Zainal Abidin (UNISZA)
  • Moses Elaigwu Department of Accounting; Kogi State University Anyigba, PMB, 1008, Kogi Srate, Nigeria.
  • Ahmodu-Tijani Ismail Shola Department of Economics and Management-Science, Nigeria Police Academy, Wudil Kano, Nigeria.
Keywords: risk management, business environment, Nigeria, Islamic finance, sustainability disclosure practices

Abstract

The Nigerian business environment is currently beclouded with various kinds of risks, fear, and uncertainty that culminate into the collapsing of so many businesses and the relocation of several multinational and local firms to other countries. The business and the environment are in a social contract that leaves them with both opportunities and threats hence the business cannot take place in a vacuum. The interconnectivity between businesses and their environment is that of mutuality. Mutual in the sense that the business influences its environment and the environment as well guarantees the legitimacy of the business considering the interest of all relevant stakeholders. That is, a business is influenced by its environment of operation such that its success depends on the ability to adapt to its immediate and entire environment to make the environment of businesses favorable. Therefore, the objective of this study is to explore conceptually the Nigerian Business Environment (NBE) considering the roles of risk management, sustainability disclosure practices, and Islamic finance. The method adopted by the study is the review of past investigations to gain insight into the NBE. Based on the insight from extant literature and in consonance with assumptions of legitimacy theory, the study concludes that risk management, sustainability disclosure practices, and Islamic finance promote the NBE. The study added to existing literature looking at the NBE from the present perspective (i.e. risk management, sustainability disclosure practices and Islamic finance). The study has implications for the government and policy-makers, companies, the business community, and other stakeholders in terms of creating a conducive business environment in Nigeria through the provision of infrastructure, effective corporate governance mechanisms, good stakeholder management.

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Published
2021-11-28
How to Cite
AbdulKareem, I. A., Elaigwu, M., & Ismail Shola , A.-T. (2021). The Role of Risk Management, Sustainability Disclosure Practices, and Islamic Finance in Nigeria Business Environment. The Journal of Management Theory and Practice (JMTP), 2(4), 89-96. https://doi.org/10.37231/jmtp.2021.2.4.160
Section
Marketing & Management

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