Green Accounting and Financial Performance of Listed Oil and Gas Companies in Nigeria
Abstract
The study evaluates the effect of green accounting on the financial performance of listed oil and gas companies in Nigeria. The study covered a period of 2012 to 2022. Secondary data gotten from annual financial reports were employed. Utilizing the Panel Cointegration analysis, the study reveals a negative and insignificant relationship between green investments and profit after tax. This underscores that investments made in controlling pollution do not have a significant bearing on the net income of listed oil and gas companies in Nigeria. Conversely, green investments are found to be positively and significantly related to the return on assets. This finding implies that the cost of pollution prevention has a beneficial impact on a firm's efficiency in generating profits from its assets. Green activities management were found to have a negative and insignificant effect on profit after tax, while exerting a negative and significant effect on return on assets. This emphasizes the negative influence of community development expenditures on the efficiency of listed oil and gas companies in generating profits from assets. Based on these findings, the study recommends that the management of listed oil and gas companies must develop a comprehensive sustainability strategy. A sustainability strategy that aligns with the company's overall business strategy can help identify opportunities for remediation costs that can improve financial performance. The strategy should cover all aspects of the business, from supply chain to operations to product development
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Published
2024-07-08
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LEKIA PRECIOUS, D., IGNATIUS IRONKWE, U., & NKEM NWAIWU, J. (2024). Green Accounting and Financial Performance of Listed Oil and Gas Companies in Nigeria. GPH-International Journal of Business Management, 7(06), 01-20. https://doi.org/10.5281/zenodo.12683176
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