Firm-specific Attributes and Environmental Disclosure of Listed Oil and Gas Firms in Nigeria

  • Moruff Adeyemi Salawu Department of Accounting, ABU Business School, Ahmadu Bello University, Zaria
  • Salisu Mamman Department of Accounting, ABU Business School, Ahmadu Bello University, Zaria
  • Muhammed Tahir Dahiru Department of Accounting, ABU Business School, Ahmadu Bello University, Zaria
  • Garba Ado Department of Economics, ABU Business School, Ahmadu Bello University, Zaria
  • Nasiru Yunusa Department of Accounting, ABU Business School, Ahmadu Bello University, Zaria
Keywords: Environmental disclosure, firm specific attributes, oil and gas firms


This paper examines the relationship of specific oil and gas firms’ attributes; firms age, board composition, financial performance, existence of foreign directors on the board and financial leverage with Environmental Disclosures (ED). Data were collected from the published annual reports of nine listed oil and gas firms quoted on the floor of the Nigerian Stock Exchange (NSE) as at 2018, for a period of seven years (2012-2018). Generalized Least Square (GLS) was used to test the hypotheses after satisfying the criteria of post estimation tests. The result established a positive and significant relationship between board composition, financial leverage, existence of foreign directors on the board and ED. However, firm age and financial performance was found not to have significant relationship with ED. The study recommended that NSE should pursue actualization of the standard for disclosing ED by listed Oil and Gas firms. Thereafter, this should be made criteria for the firms to be listed as obtainable in the South African Stock Exchange and other developed countries. It also recommended that Firms that so far comply with disclosing their EI should be motivated through tax incentives by the regulatory authorities to achieve an improved ED practice in Nigeria.


Abiola, J. O. (2017). Environmental Management Accounting Practice in Nigeria : Nigeria National Petroleum Corporation (NNPC). 8(9), 76–93.
Abubakar, A. A., Moses, S., & Inuwa, M. B. (2017). Influence of Firms Attributes on Environmental Disclosure in Listed Brewery Companies in Nigeria. Civil and Environmental Research, 8(21), 31–35.
Adediran, S. A., & Alade, S. O. (2013). The Impact Of Environmental Accounting On Corporate Performance In Nigeria. European Journal of Business and Management, 5(23), 141–152.
Adeeko, B. (2015). Integrating Sustainability in the Nigerian Capital Market. Retrieved May 16, 2019, from
Adeeko, B. (2019). Welcome Speech at the NSE Sustainability Reporting Implementation Workshop. Retrieved May 16, 2019, from;
Adeniyi, S., & Adebayo, H. O. (2018). Effect of Financial Leverage on Voluntary Corporate Social Disclosure among Listed Firms on Nigerian Stock Exchange : A Study of Selected Manufacturing Firms. Academic Journal of Economic Studies, 4(3), 18–24.
Adenugba, A. A., Ige, A. A., & Kesinro, O. R. (2016). Financial leverage and firms’ value : a study of selected firms in Nigeria. European Journal of Research and Reflection in Management Sciences, 4(1), 14–32.
Ajape, K. M. (2019). Environmental Sustainability Disclosure and Multidimensional Performance of Selected listed Firms in Nigeria. Unpublished PhD thesis, University of Lagos.
Akbas, H. E. (2014). Company Characteristics and Environmental Disclosure: An Empirical Investigation on Companies Listed on Borsa Istanbul. Journal of Accounting and Financial, 6(4), 145–164. Retrieved from
Al-Amarneh, A. (2014). Corporate Governance, Ownership Structure and Bank Performance in Jordan. International Journal of Economics and Finance, 6(6), 192 – 199.
Alawiye-Adams, A. A., & Akomolafe, A. B. (2017). Environmental Disclosure Practices in Annual Reports of Listed Manufacturing Firms in Nigeria. SSRN Electronic Journal,
Amaechi, E. P., & Nwankwoeke, E. M. (2017). Must Firms Adopt Environmental Accounting? Adoption Challenges in Nigeria. Trends Economics and Management, 11(30), 9.
Awe, T. T. (2017). Corporate Governance, Growth & Sustainability. The Nigerian Stock Exchange, pp. 1–26. Retrieved from Corporate Governance Growth and Sustainability Presentation TTA.pdf
Ayoola, T. J. (2017). Environmental Reporting and Accounting Research in Nigeria : Current Practices, Prospect and Future Direction. Nigerian Journal of Environment and Health, 1(1), 72–94.
Azzone, G., Brophy, M., Noci, G., Welford, R., & Young, W. (1997). A stakeholders’ view of environmental reporting. Long Range Planning, 30(5), 699–709.
Barnali, C., & Puja, A. G. (2015). A Study of Corporate Environmental Disclosure Practices of Companies doing Business in India. Global Business Review, 2(2), 1–12.
Benjamin, U. D., Okpanachi, J., & Muhammad, M. L. (2017). Effect of Firm Characteristics on Environmental Reporting Practices of Listed Manufacturing Firms In Nigeria. Nigerian Journal of Management Sciences, 6(1), 139–148.
Chaklader, B., & Gulati, P. A. (2015). A Study of Corporate Environmental Disclosure Practices of Companies Doing Business in India. Global Business Review, 16(2), 321–335.
Dawar, N., & Frost, T. (1999). Competing with Survival Strategies for. Harvard Business Review, 77(2), 119–129.
Dowling, J. A., & Pfeffer, J. (1975). Organizational Legitimacy: Social Values and Organizational behavior. Retrieved May 16, 2019, from Pacific Sociological Review website:
Egbunike, A. P., & Okoro, G. E. (2018). Does green accounting matter to the profitability of firms? A canonical assessment. Ekonomski Horizonti, 20(1), 17–26.
Egbunike, A. P., & Tarilaye, N. (2017). Firm’s specific attributes and voluntary environmental disclosure in Nigeria: Evidence from listed manufacturing companies. Academy of Accounting and Financial Studies Journal, 21(3), 1–9.
Elshabasy, Y. N. (2018). The impact of corporate characteristics on environmental information disclosure: An empirical study on the listed firms in Egypt. Journal of Business and Retail Management Research, 12(2), 232–241.
Ezeagba, C. E., John-Akamelu, R. C., & Umeoduagu, C. (2017). Environmental Accounting Disclosures and Financial Performance: A Study of selected Food and Beverage Companies in Nigeria (2006-2015). International Journal of Academic Research in Business and Social Sciences, 7(9), 1–4.
Fonseca, A. (2010). Barriers to Strengthening the Global Reporting Initiative Framework : Exploring the perceptions of consultants, practitioners, and researchers. 2nd Canadian Sustainability Indicators Network (CSIN) Conference: Accountability Through Measurement, (March 2010), 1–27. Retrieved from
Gibassier, D. (2014). Environmental Management Accounting Development: Institutionalization, Adoption and Practice. SSRN, (January 2014), 1–5.
Haladu, A., & Beri, H. M. (2016). Corporate Characteristics and Sustainability Reporting Environmental Agencies ’ Moderating Effects. IOSR Journal Of Humanities And Social Science (IOSR-JHSS) Volume, 21(8), 19–30.
Innocent, O. C., & Okafor, G. T. (2018). Firm Attributes and Corporate Environmental Performance : Evidence from Quoted Industrial Firms on Nigerian Stock Exchange. Scholars Journal of Economics, Business and Management (SJEBM), 2(5), 854–863.
Ironkwe, U. I., & Success, G. O. (2017). Environmental Accounting and Sustainable Development : A Study of Niger Delta Area of Nigeria. 6(5), 1–12.
Jizi, M. (2017). The Influence of Board Composition on Sustainable Development Disclosure. Business Strategy and the Environment, 26(5), 640–655.
Jones, C. (2013). Moving beyond profit: Expanding research to better understand business environmental management. Sustainability (Switzerland), 5(6), 2693–2721.
Kakanda, M. M., & Ishaku, A. A. (2015). A look into the need for Environmental Accounting and Reporting: A Conceptualization. International Journal of Research in Economics and Social Sciences International Journal of Research in Economics & Social Sciences, 5(10), 2249–7382. Retrieved from
Kiende, G., & Karambu, W. M. (2016). Effect of Corporate Environmental Disclosure on Financial Performance of Firms Listed at Nairobi Securities Exchange. Kenya. International Journal of Sustainability Management and Information Technologies, 2(1), 1–6.
Lipunga, A. M. (2015). Integrated Reporting in Developing Countries: Evidence from Malawi. Journal of Management Research, 7(3), 130–156.
Oboh, C. S. (2018). Ethical Ideologies and Values as Determinants of Ethical Decision Making of Accounting Professionals in Nigeria and South Africa. Unpublished PhD thesis, University of Lagos.
Odera, O., Scott, A., & Gow, J. (2016). Differential reporting of social and environmental disclosures between local and foreign oil companies in Nigeria. Social Responsibility Journal, 12(3), 415–438.
Ofoegbu, G. N., & Megbulu, A. (2016). Corporate Environmental Accounting Information Disclosure in the Nigeria Manufacturing Firms. International Journal of Management Sciences and Business Research, 5(12), 12. Retrieved from
Ofoegbu, G. N., & Odoemelam, N. (2018). Corporate Board Characteristics and Environmental Disclosure Quantity : A comparative Analysis of Traditional and Integrated Reporting Evidence. Journal of Accounting and Financial, 4(8), 1–12.
Ohidoa, T., Omokhudu, O. . O., & Oserogho, I. A. F. (2016). Determinants of environmental disclosure. International Journal of Advanced Academic Research, 2(8), 49–58.
Okaro, D. C., & Okafor, G. O. (2016). Responsible Corporate Governance : Towards Sustainable and Effective Governance Structures. In Integrated Reporting in Nigeria: The Present and Future (pp. 247–263).
Okoye, E. I., & Adeniyi, S. (2018). Company Age and Voluntary Corporate Social Disclosure in Nigeria : A Study of Selected Listed Manufacturing Firms on the Nigerian Stock Exchange. Academic Journal of Economic Studies, 4(2), 138–145.
Olusegun, M. V. (2012). The Impact of Corporate Environmental Responsibility on Financial Performance from the Multinational Extractive Sector. Brunel University, West London.
Omoye, A. S., & Wilson-Oshilim, U. D. (2018). Antecedents of Environmental Disclosure in Nigeria. Accounting & Taxation Review, 2(2), 101–116.
Onyema, O. (2015). Integrating Sustainability The NSE Perspective. Retrieved May 16, 2019, from The Nigerian Stock Exchange website:
Oyedokun, G. E., Fowokan, T. E., Hassan, T. A., & Akintoye, I. R. (2016). Environmental Taxation and Accounting in Nigeria: Challenges and Prospects. International Journal in Management and Social Science, 4(1), 17–34.
Rabi, M. (2019). Board Characteristics and Environmental Disclosure: Evidence from Jordan. International Journal of Business and Management, 14(2), 57.
Sholotan, C. (2016). Enhancing trust in the capital market, NSE Disclosure Guidelines. Retrieved June 16, 2019, from The Nigerian Stock Exchange website: Reporting Seminar- NSE Disclosure Guidelines.pdf
Simranjeet, S., & Harwinder, K. (2015). Environmental Accounting and Reporting in India (A comparative Study of Associated Cement Companies Limited and Ambuja Cements Limited). South Asian Academic Research Journals, 5(3), 434–446.
Taufik, R., Widyastuti, T., & Yam, J. H. (2017). Impact of good corporate governance, intellectual capital and firm policy on firm performance and firm value of Indonesian commercial banking. International Journal of Advanced Scientific Research and Development, 04(04), 11–30. Retrieved from
Thabit, T. H., & Jasim, Y. A. (2016). The Role of Environmental Accounting Disclosure to Reduce Harmful Emissions of Oil Refining Companies. ZANCO Journal of Pure and Applied Sciences, 28(April), 54–60.
Udo, E. J. (2019). Environmental Accounting Disclosure Practices in Annual Reports. International Journal of Accounting & Finance, 8(1), 1–20.
Uwaoma, I., & Ordu, P. A. (2016). Environmental Reporting in the Oil and Gas Industry in Nigeria. International Journal of Research in Business Studies and Management, 3(11), 1–21. Retrieved from
Uwuigbe, U., Egbide, B.-C., & Ayokunle, A. M. (2011). The Effect of Board Size and Board Composition on Firms Corporate Environmental Disclosure: A Study of Selected Firms in Nigeria. Acta Universitatis Danubius: Oeconomica, 4(5), 164–176. Retrieved from
Vinayagamoorthi, V., Murugasen, S., Kasilingam, L., Venkatraman, K., & Gayathrimahalingam. (2012). Environmental Management Accounting – A Decision Making Tools. International Journal of Management (IJM), 3(3), 144–151.
Welbeck, E. E., Owusu, G. M. Y., Bekoe, R. A., & Kusi, J. A. (2017). Determinants of environmental disclosures of listed firms in Ghana. International Journal of Corporate Social Responsibility, 2(1), 1–12.
How to Cite
Salawu, M. A., Mamman , S., Dahiru , M. T., Ado, G., & Yunusa, N. (2021). Firm-specific Attributes and Environmental Disclosure of Listed Oil and Gas Firms in Nigeria. Global Journal of Accounting, 7(1), 1-14. Retrieved from