ENVIRONMENTAL ACCOUNTING REPORTING AND SOCIAL SUSTAINABILITY DISCLOSURE INFLUENCE ON FINANCIAL PERFORMANCE OFLISTED OIL AND GAS FIRMS IN NIGERIA

Abstract

Environmental accounting reporting and social sustainability disclosures influenced the financial performance of oil and gas firms in Nigeria and were empirically investigated. Ex Post Facto design was adopted, and data for the study were obtained from the published annual financial reports and accounts of the oil and gas firms quoted on the Nigerian Exchange Group (NGX). Two hypotheses were formulated to direct the flow of this study. At the same time, the data was analyzed using the OLS regression model using STATA V.15. The results of the study indicate that environmental accounting reporting and social sustainability disclosures have a significant and positive influence on the financial performance of listed oil and gas firms in  Nigeria at   1%  and  5%  significant level respectively. Thus, the study concludes that environmental accounting reporting& social sustainability disclosure positively influence firms’ performance. In place of this, the study suggests that environmental reporting in corporate financial reporting should be made mandatory by the government, and a fine should be imposed for non-compliance. Also, tax credits should be given to organizations that comply with the environmental laws of the land, which encourages environmental reporting.