SUSTAINABILITY DISCLOSURES AND ITS IMPACT ON FIRM’S VALUE IN NIGERIA

This study examined the effect of sustainability disclosure on firms' value of listed oil and gas companies in Nigeria; it specifically examined the effect of social sustainability disclosure, environmental sustainability disclosure, economic sustainability disclosure as well as corporate governance sustainability disclosure on the market share of listed oil and gas companies in Nigeria The study adopted an ex-post-facto research design and secondary data was gathered to analyze the relationship between the variables. The population of the study consisted of twelve oil and gas companies listed on the Nigerian Exchange Group as of 5th March 2021; however; only eight (8) samples were selected from the population. The data was collected from the annual audited financial reports of the eight (8) oil and gas companies sampled for the investigation for the periods 2000-2020. Panel data was used which consists of 760 observations analyzed using multiple regression model. A robust regression model was used to test the effect of cultural diversity and other environmental factors. The Hausman test result revealed that social sustainability disclosure has a positive and significant effect on market share with a coefficient of 0.017 which is significant at 5% (p=0.000), economic sustainability disclosure has a positive and significant effect on market share with a coefficient of 0.0801 which is significant at 5% (p=0.049), environmental sustainability disclosure has positive and significant effect of 0.00031 which is significant at 5% (p=0.038)while corporate governance sustainability disclosure has a negative and insignificant effect on market share with the coefficient of -1.395with (p=0.0540)at 5% level of significance. The study, therefore, concluded that sustainability disclosure has a strong statistical relationship with the firm value of the selected oil and gas companies in Nigeria. The study recommends among other things that social sustainability disclosure, economic sustainability disclosure, and environmental social disclosure are important variables to consider when the management of sampled companies decides to examine the effect of sustainability disclosure on the firm’s value of listed oil and gas companies in Nigeria.