ナイジェリア上場石油ガス企業における環境持続可能性報告と企業価値

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:Provides empirical evidence on ESR-firm value link in an African oil and gas context, useful for comparative studies.

🏢実務担当者:Highlights the market benefits of robust environmental disclosure, encouraging adoption of GRI-aligned reporting.

🏛政策担当者:Suggests that strengthening environmental disclosure regulations can enhance corporate transparency and investor confidence.

This study examined the effect of environmental sustainability reporting on the firm value of listed oil and gas companies in Nigeria for the period 2021–2025. The increasing global demand for corporate environmental accountability and sustainable business practices has heightened the relevance of environmental disclosure among firms, particularly within environmentally sensitive industries such as oil and gas. The study adopted an ex-post facto research design using panel data obtained from annual reports and sustainability disclosures of eight oil and gas companies listed on the Nigerian Exchange Group (NGX). Environmental Sustainability Reporting (ESR) was measured using a disclosure index developed from Global Reporting Initiative (GRI) environmental indicators, while firm value was proxied using a normalized firm value index. Descriptive statistics, correlation analysis, and fixed effect regression techniques were employed for data analysis. The findings revealed that environmental sustainability reporting has a positive and statistically significant effect on firm value. The regression result showed that firms with higher environmental disclosure practices recorded improved market valuation and stronger investor confidence. The study also found moderate variation in environmental reporting practices across the sampled firms, with larger firms demonstrating higher disclosure compliance. The result supports Stakeholder Theory and Legitimacy Theory which suggest that transparent environmental practices enhance corporate reputation and long-term value creation. The study concludes that environmental sustainability reporting contributes positively to firm value among listed oil and gas companies in Nigeria. Consequently, the study recommends that regulatory authorities and corporate managers strengthen environmental disclosure compliance and adopt globally accepted sustainability reporting frameworks to improve transparency, accountability, and investor confidence.

• openalex https://doi.org/10.56201/jafm.vol.12.no5.2026.p329.345first seen 2026-08-27 05:07:59