Universal Journal of Accounting and Finance Vol. 13(2), pp. 61 - 68
DOI: 10.13189/ujaf.2025.130202
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Impact of Sustainability Reporting on Share Price of Listed Oil and Gas Firms in Nigeria

Shehu Umar ^*, Muhammad Tahir Dahiru
Department of Accounting, ABU Business School, Ahmadu Bello University, Nigeria

ABSTRACT

This study investigates the effect of sustainability reporting on the share price of listed oil and gas firms in Nigeria. The oil and gas companies, in an effort to carry out their operational activities, have a tremendous impact on the environment and society. Thus, the impacts could be beneficial when the effects are positive and detrimental when adverse. Considering the challenge information asymmetry poses to the survival of listed Nigeria's oil and gas firms and the potential relevance of the sector to the Nigeria's economy, the purpose of this study is to explore the impacts of economic, environmental and social performance disclosure on the market share value of Nigeria's listed oil and gas companies using an ex post facto research design. The sample population of twelve (12) oil and gas firms listed on the floor of the Nigeria's stock exchange was selected using the purposive sampling method. Data were collected from an audited annual financial statement of sampled firms. The period of the study was nine (9) years (2012–2020). The hypothesis was tested using a linear multiple regression analysis technique. The study found that disclosures on economic performance, environmental performance, and social performance have a significant and positive effect on the market share price of listed Nigeria's oil and gas firms. This study explores signalling theory, emphasising how significant it is for businesses to report their successes and failures in order to lessen the information asymmetry that exists between stakeholders and management. Based on the study result, companies that report their sustainability performance are more likely to have long-term-orientated firm values and hence be sustainable. Consequently, it is expected that all companies in Nigeria's oil and gas sector should adopt sustainability reporting strategies as the reports show their commitment to economic, environmental, and social performance.

KEYWORDS
Sustainability Reporting, Firm Performance, Economic Disclosure, Environmental Disclosure, Social Disclosure, Share Price and Equity Cost

Cite This Paper in IEEE or APA Citation Styles
(a). IEEE Format:
[1] Shehu Umar , Muhammad Tahir Dahiru , "Impact of Sustainability Reporting on Share Price of Listed Oil and Gas Firms in Nigeria," Universal Journal of Accounting and Finance, Vol. 13, No. 2, pp. 61 - 68, 2025. DOI: 10.13189/ujaf.2025.130202.

(b). APA Format:
Shehu Umar , Muhammad Tahir Dahiru (2025). Impact of Sustainability Reporting on Share Price of Listed Oil and Gas Firms in Nigeria. Universal Journal of Accounting and Finance, 13(2), 61 - 68. DOI: 10.13189/ujaf.2025.130202.