Effect of Environmental Information Disclosure (EID) on Market Value of Listed Oil and Gas Companies in Nigeria

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Authors: USMAN Umar Naibi, BASHIR, Aminu Mohammed, PHILEMON Uten Idimisire, LUKMAN Alhaji Babarabi

Abstract

This study examined the effect of effect of Environmental Information Disclosure (EID) on market value of listed oil and gas companies in Nigeria. The research design adopted was ex-post factor and content analysis (Global Disclosure Index-G4). Parametric technique for data analysis was adopted which comprised Descriptive statistics, Pearson Correlation and stochastic models. Data for the study was extracted from the annual reports and accounts (secondary data) of listed oil and gas companies in Nigeria. The data for the study comprised environmental information derived from the database of Eight (8) listed Oil and gas companies in Nigeria. The data was also subjected to Multiple Regression Analysis and test of independence. Furthermore, a Panel Regression Result (Linear Regression-Correlated Panel Corrected Standard Error was carried out to determine the effects between independent and the dependent variables. The finding revealed that Environmental Information Disclosure (EID) shows negative but significant effect on market value of listed oil and gas companies in Nigeria. The policy recommendation desirable from this finding therefore is that the management of listed Oil and gas companies in Nigeria under study shall offer information about the contribution of the company towards financial wellbeing and information about the expenses incurred for pollution control and resource preservation.

Keywords: Environmental Information Disclosure, Market Value, Oil and Gas Companies

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