Green Accounting Disclosure and Stock Market Value in Listed Oil and Gas Firms in Nigeria

This study investigated the effect of green accounting disclosure on stock market value of listed oil and gas firms in Nigeria. Environmental remediation and compliance were used as dimensions of green accounting disclosure, while the market price per share and price to earnings ratio were used to measure stock market value. The study raised five research questions and hypotheses, and the stakeholder theory and the legitimacy theory were used as the baseline theories to underpin the study variables. The study was anchored on the positivist philosophical paradigm and used the “ex post facto” research design to obtain secondary data from 2013 to 2022. In addition, the quasi-experimental research design was used to ascertain the impact of green accounting disclosure on stock market value. The population of the study consist of nine (9) listed oil and gas firms, drawn from the official websites of the Nigeria Exchange Group. The sampling procedure used for the study was the census method, therefore, the entire population was also adopted as the sample size, with the published annual financial statement spanning from 2013 to 2022, hence, the total observation of the study was 90. Furthermore, the study used panel data, which were presented and analyzed. Descriptive statistics was used for the univariate analysis, while regression analysis was used for the bivariate and multivariate analysis, which was used to ascertain the impact of green accounting disclosure on stock market value, and the influence of firm size on the effect of green accounting disclosure on stock market value. From the analysis, it was revealed that all the dimensions of green accounting disclosure (Environmental remediation and compliance), have a significant impact on all measures of stock market value (market price per share and price to earnings ratio), therefore, it was concluded that green accounting disclosure has a positive significant impact on stock market value of listed oil and gas firms in Nigeria, and that firms that practice green accounting disclosure significantly increase their stock market value. Therefore, it was recommended that Oil and gas firms should allocate sufficient resources towards environmental compliance, and also integrate remediation activities into their core business strategies to enhance their market valuation.