Corporate Governance and Sustainability Reporting by Oil and Gas Firms in Nigeria
- Abimbola Folajomi Adewole-Oriade
- Ekundayo Peter Mesagan
- Onafowokan Oluyombo
- ( paper pages. 307 - 335 )
Abstract
This study analyses the effect of corporate governance mechanisms on sustainability reporting among indigenous oil and gas firms in Nigeria, utilizing an ex-post facto research design and panel data spanning 18 years (2006-2023) from seven listed firms. The analysis employs descriptive statistics and panel regression techniques. Findings indicate that board independence positively and significantly affects environmental sustainability reporting (EVSR), while the effectiveness of the audit committee has a negative and significant impact. Furthermore, board size and audit committee effectiveness are found to negatively influence economic sustainability reporting (ECSR), whereas firm size and Tobin's Q positively impact it. Most corporate governance variables show insignificant relationships with social sustainability reporting (SCSR), highlighting weak institutional commitment to social sustainability disclosure among the sampled firms. The study concludes that corporate governance mechanisms have a mixed effect on sustainability reporting in Nigeria's indigenous oil and gas sector. It further suggests that mere governance structures are inadequate for ensuring effective sustainability disclosure, particularly in the presence of institutional weaknesses, regulatory inefficiencies, and challenges posed by the political economy. Regulatory authorities should strengthen disclosure requirements and promote governance reforms that focus on improving board independence, sustainability expertise, and institutional accountability within the oil and gas sector.
Citation
Abimbola Folajomi Adewole-Oriade, Ekundayo Peter Mesagan, Onafowokan Oluyombo.
2026.
"Corporate Governance and Sustainability Reporting by Oil and Gas Firms in Nigeria"
The Nigerian Journal of Economic and Social Studies,
68 (2): 307 - 335.
