ENVIRONMENTAL DEGRADATION COST AND FINANCIAL PERFORMANCE OF LISTED OIL AND GAS FIRMS IN NIGERIA
Abstract
Oil spills, gas flaring, and poor waste management have resulted in severe environmental damage, leading to increased operational expenses for companies as they struggle to comply with environmental regulations, this study examined the effect of environmental degradation cost and financial performance of listed oil and gas firms in Nigeria. Environmental degradation cost is the independent variable proxied by oil spill cost, environmental fines and penalties cost, carbon emission cost, waste management cost and environmental restoration cost and financial performance is the dependent variable proxied by return on assets. Ex-post facto research design was used and panel data covering ten (10) years (2015-2024) across nine (9) listed oil and gas firms in Nigeria. The data were analyzed using descriptive statistics and multiple linear regression analysis via E-views 10.0 statistical package. The study findings revealed that oil spill cost has a significant positive effect {Coeff = 6.6475 (0.0028)} on the return on assets of listed oil and gas firms in Nigeria, environmental fines and penalties have non-significant negative effect {Coeff = -0.5802 (0.6408)} on the return on assets of listed oil and gas firms in Nigeria while carbon emissions cost has a significant negative effect {Coeff = -174.4241 (0.0000)} on the return on assets of listed oil and gas firms on Nigeria. It also revealed that waste management cost has non-significant negative effect {Coeff = -1.4233 (0.7954)} on the return on assets of listed oil and gas firms in Nigeria while environmental restoration cost has a non-significant positive effect {Coeff = 1.3290 (0.0853)} on the return on assets of listed oil and gas firms on Nigeria. It was thus concluded that environmental degradation cost has a significant effect on financial performance of listed oil and gas firms in Nigeria. The recommendations made included that policymakers and regulators should strengthen environmental regulations and enforcement mechanisms to ensure that oil and gas firms comply with environmental standards, thereby reducing environmental fines and penalties
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