Sustainability Disclosure and Market Value of Quoted Oil and Gas Companies in Nigeria

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Published: Dec 19, 2023
DOI: https://doi.org/10.53982/ajsms.2023.0402.03-j
Keywords:
Disclosure, Nigerian Exchange Group, Market Value, Oil and Gas Companies, #SDG9

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Felix Osayabor Emovon
Department of Accounting, Igbinedion University, Okada, Edo State, Nigeria
Prince Famous Izedonmi
Accounting Department, University of Benin, Benin City, Edo State, Nigeria

Abstract

This study has been carried out to examine disclosure and market value of quoted oil and gas companies in Nigeria. The Nigerian oil and gas industry plays a crucial role in fostering economic growth and development. This research employed an ex-post facto research design, with the study population comprising eight (8) publicly listed oil and gas companies on the Nigerian Exchange Group (NEG) as of December 31, 2022. A purposive sampling technique was utilized to select a sample size of seven (7) companies based on data availability. The study spanned from 2012 to 2021, and data were extracted from the annual reports and accounts of the sampled companies on the NEG. Descriptive and inferential statistics were applied to analyze the data, with the testing of hypotheses conducted through panel data regression analysis employing robust cluster standard error. The findings revealed that environmental cost disclosure had a negative and significant impact on market value, while community development cost disclosure had a negative and insignificant effect on the market value of the oil and gas companies. The study concluded that caution should be exercised in disclosures to prevent adverse effects on the firm's market value. Additionally, it recommended that disclosures be closely monitored to avoid negative impacts on the company's market value.

Article Details

How to Cite
Emovon, Felix Osayabor, and Prince Famous Izedonmi. 2023. “Sustainability Disclosure and Market Value of Quoted Oil and Gas Companies in Nigeria”. ABUAD Journal of Social and Management Sciences 4 (2), 208-27. https://doi.org/10.53982/ajsms.2023.0402.03-j.
Issue
Vol. 4 No. 2 (2023)
Section
Articles
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This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

Authors hold the copyright of all published articles except otherwise stated.

Author Biography

Prince Famous Izedonmi, Accounting Department, University of Benin, Benin City, Edo State, Nigeria

Professor of Accounting, University of Benin, Benin City, Edo State, Nigeria

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