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All Journal Sinergi International Journal of Accounting and Taxation
Aderibigbe, Amos Adejare
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Economics, Econometrics & Finance

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Capital Structure and Value Creation in Listed Oil and Gas Companies in Nigeria Aderibigbe, Amos Adejare; Babatunde, Shakirat Adepeju; Babalola, Olufisayo; Ayilara, Modinat Abiola
Sinergi International Journal of Accounting and Taxation Vol. 3 No. 4 (2025): November 2025
Publisher : Yayasan Sinergi Kawula Muda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61194/ijat.v3i4.848

Abstract

Value creation (VC) increases shareholder value and maintains a competitive advantage; however, most companies tend to miss their mark in creating consistent value due to suboptimal capital structure (CS) choices. The primary objective of this study is to assess the nexus between CS and VC among listed oil and gas (O&G) companies in Nigeria. CS is represented by the debt-equity ratio (DER), the equity-to-total assets ratio (ETAR), and the total debt-to-total assets ratio (TDTA). VC is proxied by return on equity (ROE) and Tobin’s Q (TOQ). The data employed in the study were secondary data sourced from audited financial statements of the eight listed O&G firms in Nigeria between 2014 and 2023. The panel data regression analysis was guided by the Hausman test. The results of the findings showed that DER and ETAR have inverse and positive significant effects, respectively, on ROE. TDTA has an inconsequential adverse effect on ROE. DER has a significant adverse relationship with TOQ at the 10% level. ETAR and TDTA have direct and negative insignificant relationships with TOQ, respectively. The study affirmed that there exists a distinct nexus between CS and VC. Firms are encouraged to reinforce equity financing to create value.
The Role of Firm Size in Moderating the Relationship Between Environmental Accounting and Financial Performance of Listed Manufacturing Firms in Nigeria Awe-Mathias, Chris; Tonade, Abiola Mikail; Kajola, Sunday Olugboyega; Aderibigbe, Amos Adejare
Sinergi International Journal of Accounting and Taxation Vol. 4 No. 1 (2026): February 2026
Publisher : Yayasan Sinergi Kawula Muda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61194/ijat.v4i1.970

Abstract

This study determine the moderating role of firm size (FS) on the effect of environmental accounting (EA) on the financial performance (FP) of listed manufacturing firms in Nigeria. Secondary sourced from annual reports of 20 selected firms (2010–2024) were employed for the study. EA was proxied by environmental compliance cost (ECC), environmental protection cost (EPC), waste management expenditure (WME), energy intensity (EIT), and environmental impact per energy (EI_GJ), while FP was measured using ROE and NPM, (FS) measured by log of total assets. Panel regression technique was employed, including Random Effects and Fixed Effects models, with interaction terms to capture moderation effects. Model selection was ensured through diagnostic tests such as the Hausman test, variance inflation factor, Wooldridge test for serial correlation, heteroskedasticity, and cross-sectional dependence tests. The findings reveal that EIT exerts a positive and significant effect on ROE, meaning that efficient energy management enhances shareholder returns significantly. In contrast, EI_GJ shows a negative and significant relationship with return on equity, indicating that higher environmental burdens reduce profitability. For NPM, ECC exhibit a positive and significant direct effect in the non-moderated model, while EPC becomes positive and significant when firm size is introduced. Interaction effects involving firm size are insignificant across the two models. The study concludes that EA significantly influence financial performance, although firm size does not significantly moderate this relationship. It recommends that manufacturing firms strategically integrate efficiency-oriented and preventive environmental investments into their core operations to enhance profitability and long-term value creation.
Co-Authors Awe-Mathias, Chris Ayilara, Modinat Abiola Babalola, Olufisayo Babatunde, Shakirat Adepeju Kajola, Sunday Olugboyega Tonade, Abiola Mikail