ENVIRONMENTAL DISCLOSURES AND FINANCIAL PERFORMANCE OF LISTED OIL AND GAS COMPANIES IN NIGERIA
Abstract
This study investigates the effect of environmental disclosures on the
financial performance of listed oil and gas companies in Nigeria by
differentiating voluntary from mandatory environmental disclosures
whereas financial performance was measured by earnings per share.
The research was built on the resource-based view theory, adopted
explanatory research design and collected secondary data from the
annual reports of the seven listed oil and gas companies from 2015
to 2024. The data were analyzed using fixed/random effects
regression with Driscoll-Kraay standard errors. The study found that
while voluntary environmental disclosures have significant statistical
links with financial performance, mandatory disclosures do not, so
the study concluded that mandatory disclosure tends to impose
compliance costs that erode short-term profitability whereas
voluntary disclosure offers reputational and signaling benefits that
can enhance financial performance of oil and gas companies. The
study recommended that firms should utilize strategic voluntary
disclosures to build corporate reputation and promote results.
This article is available as a PDF download
Published in Journal of Management & Corporate Sustainablity
ISSN: 2616 - 1292
This article appears in our peer-reviewed academic journal
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