Copyright © CC-BY-NC 2019, CRIBFB | AFBR Australian Finance & Banking Review; Vol. 3, No. 1; 2019 ISSN 2576-1196 E-ISSN 2576-120X Research Article Published by Centre for Research on Islamic Banking & Finance and Business, USA 1 Sustainable Reporting and Profitability of Quoted Firms in Nigeria: A Multi-Dimensional Panel Data Study Ngozi G. Iheduru Associate Professor Department of Accountancy Faculty of Business Administration Imo State University Owerri, Nigeria Charles U. Okoro M. Sc Student Department of Accountancy School of Management Sciences Ken Saro Wiwa Polytechnic Bori, Rivers State, Nigeria Abstract This paper used cross sectional data to examine the effect of sustainable reporting on the profitability indicators of Nigeria quoted firms between 2008-2017. Data was sourced from financial statement of the firms. Twenty firms were selected from the population of quoted firms in Nigeria. Return on equity, earnings per share and return on investment were proxy for profitability while sustainable reporting was proxied by economic, social, environmental and corporate governance disclosure. The panel data model was tested using the Hausman test. Model one and two validated the fixed effect while model three validated the random effect. The results found that economic disclosure and social disclosure have positive but insignificant effect on return on equity of the selected firms while environmental and corporate governance disclosure have negative and insignificant effect on return on equity, all the predictor variables have positive and insignificant effect on earnings per share of the firms and that economic, social and environmental disclosure have positive effect on return on investment while corporate governance disclosure have negative effect on return on investment of the selected firms in Nigeria. We recommend that operating environment of the firms should be well examined and policies should be advanced to manage factors such as economic, social, environmental and corporate governance disclosures to leverage the environmental challenges and enhance profitability, companies should ensure strict compliance to all forms of sustainability reporting. Keywords: Sustainable Reporting, Profitability, Quoted Firms, Panel Data Study 1. Introduction The objective of shareholders wealth maximization is an appropriate and operationally feasible criterion to choose among the alternative financial actions. Organizations are generally established with an objective to maximize shareholders welfare while remaining profitable (Aggarwal, 2013). More often than not, activities carried on by these organizations tell on their immediate environment as well as the environment at large. It provides an unambiguous measure of what financial management should seek to maximize in making decisions such as investment, dividend policy and financing decisions on behalf of shareholders (Burhan and Rahmanti, 2012). Financial goals are quantitative expression of corporate missions and strategies and are set by its long-term planning system as a tradeoff among conflicting and competing interest (Duke II, & Kankpang, 2013). These financial goals guides the maximization of book value of net worth, market value per share, cash flow, operating profit before interest and tax, maximizing the ratio of price earning, market rate of return, return on investment, net profit to net worth, net profit margin, market share and maximization of the growth in earnings per share, total assets, sales and ensuring availability of funds(Pandey, 2015). Every corporate organization operate in an environment where it takes input from processed to finished or semi- finish product to the environment (Akani and Briggs, 2018). This process results in externalities which is the cost and benefit of the corporate organization to the environment. Environmental accounting involves the identification, measurement and allocation of environmental costs and the integration of these costs into the business and