IDEAS home Printed from https://ideas.repec.org/p/smo/raiswp/0458.html
   My bibliography  Save this paper

Sustainability Reporting Practices and Performance of the Quoted Oil and Gas Companies in Nigeria

Author

Listed:
  • Onyinye M. Eneh

    (Nnamdi Azikiwe University, Awka, Nigeria)

  • Arinze E. Anaege

    (Kingsley Ozumba Mbadiwe University, Ideato, Nigeria)

  • Iheanyi O. Anyahara

    (Directorates of Accounting Standards, Financial Reporting Council of Nigeria)

Abstract

The primary aim of businesses, among other goals, is to maximize the wealth of shareholders in the foreseeable future. However, the achievement of this goal is substantially hinged on the organization's ability to operate in a sustainable manner that preserves the ecosystem of its operating environment in addition to the interest and well-being of key stakeholders. This concern remains a central issue globally among scholars, practitioners, and regulators, especially in the global oil and gas sector, where business activities could have a direct and substantial impact on the environment and stakeholders' interests. Considering that Nigeria is a major player in the global oil and gas industry, this study aimed to examine the sustainability disclosure practices of eight (8) oil and gas companies quoted in the Nigerian Exchange (NGX) and the effects of these practices on the performance of the companies. The study employed content analysis using globally recognized disclosure indices such as the GRI to extract sustainability disclosure with a focus on social, economic, and environmental disclosure of oil and gas companies for a period of ten (10) years, from 2014 to 2023. This study concluded that while sustainability disclosures are present, there is room for improvement, particularly in environmental reporting, which could enhance the overall performance and reputation of these companies. The study also provided empirical evidence to support policies and regulations that will promote sustainability in the Nigerian oil and gas industry.

Suggested Citation

  • Onyinye M. Eneh & Arinze E. Anaege & Iheanyi O. Anyahara, 2024. "Sustainability Reporting Practices and Performance of the Quoted Oil and Gas Companies in Nigeria," RAIS Conference Proceedings 2022-2024 0458, Research Association for Interdisciplinary Studies.
    • Handle: RePEc:smo:raiswp:0458
    as

    Download full text from publisher

    File URL: https://rais.education/wp-content/uploads/2024/12/0458.pdf
    File Function: Full text
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Robert G. Eccles & Ioannis Ioannou & George Serafeim, 2014. "The Impact of Corporate Sustainability on Organizational Processes and Performance," Management Science, INFORMS, vol. 60(11), pages 2835-2857, November.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Gary F. Peters & Andrea M. Romi & Juan Manuel Sanchez, 2019. "The Influence of Corporate Sustainability Officers on Performance," Journal of Business Ethics, Springer, vol. 159(4), pages 1065-1087, November.
    2. Aseem Kaul & Jiao Luo, 2018. "An economic case for CSR: The comparative efficiency of for‐profit firms in meeting consumer demand for social goods," Strategic Management Journal, Wiley Blackwell, vol. 39(6), pages 1650-1677, June.
    3. Olivier Boiral & Marie‐Christine Brotherton & Léo Rivaud & David Talbot, 2022. "Comparing the uncomparable? An investigation of car manufacturers' climate performance," Business Strategy and the Environment, Wiley Blackwell, vol. 31(5), pages 2213-2229, July.
    4. Florian Kiesel & Felix Lücke, 2019. "ESG in credit ratings and the impact on financial markets," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 28(3), pages 263-290, August.
    5. Kwon, He-Boong & Lee, Jooh, 2019. "Exploring the differential impact of environmental sustainability, operational efficiency, and corporate reputation on market valuation in high-tech-oriented firms," International Journal of Production Economics, Elsevier, vol. 211(C), pages 1-14.
    6. Andrea Lučić, 2020. "Measuring Sustainable Marketing Orientation—Scale Development Process," Sustainability, MDPI, vol. 12(5), pages 1-22, February.
    7. Homroy, Swarnodeep, 2023. "GHG emissions and firm performance: The role of CEO gender socialization," Journal of Banking & Finance, Elsevier, vol. 148(C).
    8. Driss, Hamdi & Drobetz, Wolfgang & El Ghoul, Sadok & Guedhami, Omrane, 2024. "The Sustainability committee and environmental disclosure: International evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 221(C), pages 602-625.
    9. Imen Khanchel & Naima Lassoued & Rym Gargoury, 2023. "CSR and firm value: is CSR valuable during the COVID 19 crisis in the French market?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 27(2), pages 575-601, June.
    10. Gianni Betti & Costanza Consolandi & Robert G. Eccles, 2018. "The Relationship between Investor Materiality and the Sustainable Development Goals: A Methodological Framework," Sustainability, MDPI, vol. 10(7), pages 1-23, June.
    11. Angelidis, Timotheos & Michairinas, Athanasios & Sakkas, Athanasios, 2024. "World ESG performance and economic activity," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 93(C).
    12. Yanfang Zhang & Mushang Lee, 2019. "A Hybrid Model for Addressing the Relationship between Financial Performance and Sustainable Development," Sustainability, MDPI, vol. 11(10), pages 1-15, May.
    13. David Souder & Greg Reilly & Philip Bromiley & Scott Mitchell, 2016. "A Behavioral Understanding of Investment Horizon and Firm Performance," Organization Science, INFORMS, vol. 27(5), pages 1202-1218, October.
    14. Galbreath, Jeremy, 2017. "Drivers Of Environmental Sustainability In Wine Firms: The Role And Effect Of Women In Leadership," Working Papers 253851, American Association of Wine Economists.
    15. Massimo Mariani & Fabio Pizzutilo & Alessandra Caragnano & Marianna Zito, 2021. "Does it pay to be environmentally responsible? Investigating the effect on the weighted average cost of capital: Environmental commitment and the cost of capital," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(6), pages 1854-1869, November.
    16. David Bendig & Andreas Wagner & Kevin Lau, 2023. "Does it pay to be science‐based green? The impact of science‐based emission‐reduction targets on corporate financial performance," Journal of Industrial Ecology, Yale University, vol. 27(1), pages 125-140, February.
    17. Bauer, Michael D. & Offner, Eric A. & Rudebusch, Glenn D., 2024. "Green stocks and monetary policy shocks: Evidence from Europe," IMFS Working Paper Series 215, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    18. Shakil, Mohammad Hassan, 2021. "Environmental, social and governance performance and financial risk: Moderating role of ESG controversies and board gender diversity," Resources Policy, Elsevier, vol. 72(C).
    19. Watson, Rosina & Wilson, Hugh N. & Macdonald, Emma K., 2020. "Business-nonprofit engagement in sustainability-oriented innovation: What works for whom and why?," Journal of Business Research, Elsevier, vol. 119(C), pages 87-98.
    20. Hong, Paul & Jagani, Sandeep & Kim, Jinhwan & Youn, Sun Hee, 2019. "Managing sustainability orientation: An empirical investigation of manufacturing firms," International Journal of Production Economics, Elsevier, vol. 211(C), pages 71-81.

    More about this item

    Keywords

    sustainability reporting; oil and gas; environmental; economic; social; Nigerian Exchange;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:smo:raiswp:0458. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Eduard David (email available below). General contact details of provider: http://rais.education/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.