ENVIRONMENTAL REPORTING AND FINANCIAL PERFORMANCE OF QUOTED OIL AND GAS COMPANIES IN NIGERIA
Keywords:
Environment compliance/protection cost. waste management cost. Employee health/safety cost. Return on assets
Abstract
The study sought to establish the relationship between environmental reporting and financial performance from 2002-2022 in quoted oil/gas companies in Nigeria. Environmental reporting served as the independent variable with study dimensions as Employee Health/Safety Cost (EHC), Waste Management Cost (WMC) and Environment Compliance/Protection Cost. (ECC)., whereas the dependent variable included financial performance with Return on Assets (ROA) as proxy. The study adopted the ex-post facto research design and used secondary data. The data spanned the period between 2002 and 2022. The data used for the analysis was the average annual figures and was obtained from annual publish statement of account and Nigeria Stock Exchange statistical data. The data was analysed using E-view-10 statistical software package. This study established positive and significant relationship between the variables studied. Management of oil/gas downstream companies should ensure that environmental reporting is strongly implemented since it improves the quality of financial reports. The research recommended as follows: shareholders of oil/gas downstream companies in Nigeria should provide all necessary resources needed to understand the import of environmental reporting on their organisation and train staff on changes in accounting framework. Government should empower the financial reporting council of Nigeria (FRCN) to monitor and enforce standards and training to smoothen the introduction of International Financial Reporting Standards. This process would enhance credible and qualitative financial statements, promote growth and development of capital market in Nigeria. The Financial Reporting Council in conjunction with various professional bodies should place more premium on continuing professional education and training. As much as possible, the professional accountancy bodies should align their continuing professional education requirements with environmental reporting guidelines.
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References
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Makori, D. M., & Jagongo, A. O. (2013). Environmental accounting and firm profitability: an empirical analysis of selected firms listed in Bombay Stock Exchange, India. International Journal of Humanities and Social Science, 3(18), 248-256.
Matar, A. & Eneizean, B.M. (2018). Determinants of financial performance in the industrial firms: Evidence from Jordan. Asian Journal of Agricultural Extension, Economics and Sociology, 22(1), 1-10.
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Nulla, Y.M. (2014). Does IFRS adoption influence quality of reporting? An empirical evidence from large Canadian banks. International Journal of Accounting and Taxation, 2(2), 85-109.
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Nwangi, M. & Iraya, C. (2014). Determinants of financial performance of general insurance underwriters in Kenya. International Journal of Business and Social Science, 5(13),210-215.
Obaidat, A. (2017). Income smoothing behaviour at the time of political crises. International Journal of Academic Research in Accounting, Financial and Management Science, 7(2), 1-13.
Obi, H.K. & Amaege, A.E. (2017). Effect of IFRS adoption on key performance indices of banks quoted on the Nigerian stock exchange. International Journal of Research in Management Science and Technology, 5(2), 59-62.
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Odia, J.O. & Ogiedu, K.O. (2013). IFRS adoption: Issues, challenges and lessons for Nigeria and other adopters. Mediterranean Journal of Social Sciences, 4(4), 389-399.
Ofoegbu, N.G. & Odoemelam, N. (2018). International financial reporting standards (IFRS) disclosure and performance of Nigeria listed companies. Cogent Business and Management, 5(1), 1-18.
Ofoegbu, N.G. & Okoro, S. (2014). Towards successful implementation of international financial reporting standards (IFRS) in Nigeria. International Journal of Research in Management, 2(4), 1-20.
Ogwo, E. O, & Agu, G. A, (2016). Transport infrastructure, manufacturing sector performance and the growth of gross domestic product in Nigeria, (1999-2011). Journal of Business and African Economy 2(1), 1-21.
Pelger, C. (2016). Practice of standards setting, an analysis of the IASB’s and FASB’s process of identifying the objective of financial reporting. Accounting Organization and Society, 50(2), 51-73.
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Purnamasari, D. (2015). The effects of changes on return on assets, return on equity and economic value added to the stock price changes and its impact on earnings per share. Research Journal of Finance and Accounting, 6(6), 80-89.
Rahoman, A., Afza, T., Qayyum, A. & Bodla, M.A. (2010). Working capital management and corporate performance of manufacturing sector in Pakistan. International Research Journal of Finance and Economics, 7(4), 47-70.
Reilly, F.K. & Brown, K.C. (2012). Analysis of investments and management of portfolios. Canada, South-Western Cengage Learning.
Rezace (2002). Financial statement fraud, prevention and detection. New York: John Wiley & Sons, Inc.
Riedl, E. & Suraji, S. (2010). Signaling firm performance through financial statement presentation: Special items. Contemporary Accounting Research, 27(1), 289-301.
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Published
2024-07-30
How to Cite
EJIKE JOHNSON, A., .O. OFURUM, C., & EGBE, S. (2024). ENVIRONMENTAL REPORTING AND FINANCIAL PERFORMANCE OF QUOTED OIL AND GAS COMPANIES IN NIGERIA. GPH-International Journal of Business Management, 7(06), 156-178. https://doi.org/10.5281/zenodo.13134210
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