PreprintArticleVersion 1Preserved in Portico This version is not peer-reviewed
Environmental Accounting Disclosures and Financial Performance of Listed Oil and Gas Companies in Nigeria: An Application of Driscoll-Kraay Standard Errors Approach
Version 1
: Received: 25 March 2024 / Approved: 26 March 2024 / Online: 26 March 2024 (10:48:56 CET)
How to cite:
Afolabi, A.R.; Amosun, O.O.; Okunade, S.O.; Agbor, M.N. Environmental Accounting Disclosures and Financial Performance of Listed Oil and Gas Companies in Nigeria: An Application of Driscoll-Kraay Standard Errors Approach. Preprints2024, 2024031553. https://doi.org/10.20944/preprints202403.1553.v1
Afolabi, A.R.; Amosun, O.O.; Okunade, S.O.; Agbor, M.N. Environmental Accounting Disclosures and Financial Performance of Listed Oil and Gas Companies in Nigeria: An Application of Driscoll-Kraay Standard Errors Approach. Preprints 2024, 2024031553. https://doi.org/10.20944/preprints202403.1553.v1
Afolabi, A.R.; Amosun, O.O.; Okunade, S.O.; Agbor, M.N. Environmental Accounting Disclosures and Financial Performance of Listed Oil and Gas Companies in Nigeria: An Application of Driscoll-Kraay Standard Errors Approach. Preprints2024, 2024031553. https://doi.org/10.20944/preprints202403.1553.v1
APA Style
Afolabi, A.R., Amosun, O.O., Okunade, S.O., & Agbor, M.N. (2024). Environmental Accounting Disclosures and Financial Performance of Listed Oil and Gas Companies in Nigeria: An Application of Driscoll-Kraay Standard Errors Approach. Preprints. https://doi.org/10.20944/preprints202403.1553.v1
Chicago/Turabian Style
Afolabi, A.R., Solomon Oluwaseun Okunade and MaryAnn Njong Agbor. 2024 "Environmental Accounting Disclosures and Financial Performance of Listed Oil and Gas Companies in Nigeria: An Application of Driscoll-Kraay Standard Errors Approach" Preprints. https://doi.org/10.20944/preprints202403.1553.v1
Abstract
The oil and gas industry in Nigeria, a vital contributor to the nation's economy, has long been associated with significant environmental challenges. Pollution, habitat destruction, and greenhouse gas emissions have raised global concerns about sustainability and corporate responsibility. This empirical study explores the relationship between environmental accounting practices and the financial performance of listed oil and gas companies in Nigeria. We investigated eight oil and gas companies that are publicly traded on the Nigerian Stock Exchange Market (NGX) as of January 17, 2022, from 2011 to 2022. The study employs Driscoll-Kraay standard errors and reveals that environmental accounting had significant effects on returns on assets, earnings per share, and liquidity ratio. The study revealed that the implementation of environmental accounting practices had diverse effects on the performance of oil and gas companies in Nigeria. The findings encourage policymakers and stakeholders in the sector to utilise the insights and design more effective regulations and incentives that promote environmental corporate responsibility. Also, valuable insights into the potential benefits and challenges associated with adopting environmental accounting practices, and influencing the decision-making processes of corporate stakeholders were provided to ensure sustainability in terms of improved financial performance of the oil and gas sector in Nigeria.
Keywords
environmental accounting; financial performance; oil and gas companies; Nigeria; Driscoll-Kraay standard errors
Subject
Business, Economics and Management, Finance
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
