This study investigates the impact of corporate governance mechanisms on environmental sustainability in Nigeria’s oil and gas sector, focusing on three key governance variables: board composition, audit committee independence, and board independence. Using a survey research design, primary data were collected through a structured Likert-scale questionnaire administered to 196 respondents across selected firms. Descriptive statistics, correlation analysis, and multiple linear regression were employed using SPSS version 26 to analyze the data. Findings revealed that board composition, audit committee independence, and board independence each have a positive and statistically significant effect on environmental sustainability. The correlation coefficients indicated strong associations, with board composition showing the highest relationship. Regression analysis further confirmed the predictive power of the governance variables, with an R Square of 0.829, suggesting that over 82% of the variation in environmental sustainability practices can be explained by the model. The ANOVA result and F-statistic (F = 8662.235, p < 0.01) affirmed the overall significance of the model. These findings are consistent with recent studies and theoretical perspectives such as Agency Theory and Resource Dependency Theory, which highlight the role of governance structures in promoting transparency, accountability, and stakeholder responsiveness in sustainability issues. The study concludes that effective corporate governance significantly enhances environmental sustainability efforts and recommends improved board diversity, audit committee empowerment, and mandatory integration of environmental oversight into corporate governance codes.
Gbenga et al. (Wed,) studied this question.
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