SUSTAINABILITY REPORTING AND SURVIVAL OF SELECTED OIL AND GAS COMPANIES IN NIGERIA

MBU-OGAR, Geraldine Banku
Department of Accounting
University of Calabar, Calabar, Nigeria
geraldineokafa@gmail.com
KANGKPANG, Kechi Alphonsus
Department of Accounting
University of Calabar, Calabar, Nigeria
drkechi@gmail.com
NKIRI, Joseph Enyam
Department of Accounting
University of Calabar, Calabar, Nigeria
joseph.nkiri@yahoo.com
AMOKE, Chukwunonso Valentine
Airforce Institute of Technology
Kaduna State, Nigeria
amokechukwunonso@gmail.com
ABSTRACT
The growing concern about corporations’ economic pursuit and need to preserve the environment for
posterity through voluntary disclosure of both environmental and social aspects of organizations
operation is the crux of sustainability reporting. This study examined the effect sustainability reporting
on corporate survival of oil and gas companies in Nigeria. The study adopted the GRI content index to
scrutinize oil and gas companies’ financial statements for the availability of sustainability reports
(economic, environmental and social performance) for the study period (2016-2020). The study
population of the study comprised 10 oil and gas companies quoted on the Nigerian Stock exchange as
at 2020 with complete financial statements for the study period. The multiple regression statistic served
as data analyses tool. The study found that sustainability reporting has an inverse and insignificant
effect on corporate survival. The implication of this result is that oil and gas firms’ sustainability
reporting strides do not guarantee corporate survival (positive financial position and healthy liquidity
and solvency status). Howbeit, Firms should strive to cultivate and maintain sustainable business
practices that encourage environmental preservation and regeneration and also engage in social
programmes and activities aimed at advancing and promoting societal development.
Keyword: Corporate survival, environmental reporting, liquidity and solvency ratio, sustainability
reporting, social/ethical reporting