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| Environmental Management Disclosure and Financial Performance of Quoted Oil and Gas Firms in Nigeria |
Aniefor Sunday Jones and Onayuyeh Edwin Aruobogha
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Abstract:
This study is on the effect of Environmental management disclosure on financial performance of quoted oil and gas firms in Nigeria. In order to achieve the main objective of the study, a total of fourteen oil and gas companies quoted on the floor of the Nigerian stock market were selected and analyzed. Comparative data for the study were extracted from corporate annual reports and accounts of selected firms for the period 2011-2018. Financial Performance was proxy by, Profitability and two controlled variables, leverage and firm size. Twenty Testable Environmental Disclosure Index Twenty four (20) content category items within four (4) testable dimensions of corporate environmental disclosure was developed for coding environmental management disclosures. The data obtained were analyzed using the ordinary least square (OLS) regression analysis. It was found that environmentalmanagement disclosure does not significantly affect firm's profitability and leverage while firm size was found to increase with the level of environmental management disclosure. The study recommended that oil and gas firms should consider the gains of disclosing their environmental practices online to facilitate accessibility and ensure that stakeholders are aware of their efforts towards environmental sustainability.
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