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All Journal Review of Ethics in Sustainable Finance and Accounting Review of International Economic, Taxation, and Regulations
Ebiaghan Frank Orits
Delta State University, Abraka, Nigeria
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Corporate Social Disclosures and Financial Performance of Quoted Oil and Gas Companies in Nigeria Saturday Hope Enwien; Ebiaghan Frank Orits
Review of Ethics in Sustainable Finance and Accounting Vol. 1 No. 1 (2025): March
Publisher : CV. Proaksara Global Transeduka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70865/resfa.v1i1.67

Abstract

This study examined the extent to which corporate social responsibility (CSR) disclosures impact the financial performance of publicly quoted oil and gas companies in Nigeria. Two CSR disclosure indicators - local community initiatives and social donations/gifting - were employed as independent variables, alongside four financial performance indicators: return on assets (ROA), return on equity (ROE), return on capital employed (ROCE), and earnings per share (EPS). Firm size served as a control variable. Using dummy variables for CSR disclosures and panel data from 10 companies over a 10-year period (2014–2023), the analysis applied descriptive, post-estimation, and inferential statistics through fixed and random effects models.Findings revealed that CSR disclosures significantly influenced ROA (F = 11.31; p < 0.05), ROCE (F = 9.54; p < 0.05), and EPS (F = 32.40; p < 0.05), while their effect on ROE was insignificant (F = 1.26; p = 0.2933 > 0.05). The study concludes that CSR disclosures are key determinants of financial performance, particularly in enhancing ROA, ROCE, and EPS.Based on the findings, it is recommended that regulatory authorities in Nigeria’s oil and gas sector encourage firms to invest more in CSR-related ventures, as they have proven financial benefits. Furthermore, oil and gas companies should scale up in size and capital employed while advocating for greater CSR transparency to enhance overall financial performance.
Corporate Sustainability Reporting and Financial Performance of Oil and Gas Industry in Nigeria Fineman Gbenekeme Moscow; Ebiaghan Frank Orits
Review of International Economic, Taxation, and Regulations Vol. 1 No. 1 (2025): February
Publisher : CV. Proaksara Global Transeduka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70865/rietr.v1i1.59

Abstract

This study explores the relationship between corporate sustainability reporting and key financial metrics such as Return on Assets (ROA), Return on Equity (ROE), Return on Capital Employed (ROCE), and Tobin’s Q for oil and gas companies listed on the Nigerian Exchange Group (NGX). An ex-post facto research design was employed. As of December 31, 2023, the research sample consisted of 15 oil and gas companies that were publicly listed. By using purposeful sampling methods, 5 companies were not included in the study due to missing information, leaving a total of 10 companies in the final sample. Regression analysis was conducted using STATA version 16.0. The aim was to investigate the impact of corporate sustainability reporting on important financial performance indicators. The findings indicate no significant relationship between sustainability reporting and ROA, ROE, or ROCE. However, a significant positive relationship was observed between corporate sustainability reporting and Tobin’s Q. The study concludes that although sustainability reporting does not appear to impact accounting-based performance measures (ROA, ROE, ROCE), it is positively associated with market-based performance (Tobin’s Q) among listed oil and gas firms in Nigeria. This suggests that sustainability practices may influence investor perception and market valuation more than internal financial outcomes.
Co-Authors Fineman Gbenekeme Moscow Saturday Hope Enwien