Corporate Financial Heterogeneity and Environmental Disclosure of Listed Oil and Gas Firms in Nigeria

The study examined the effect of financial heterogeneity on the environmental disclosure of listed oil and gas firms in Nigeria. Specifically, the study ascertained the effect of total assets, total sales and financial leverage on waste management disclosure of listed oil and gas firms in Nigeria. Ex-post facto research design was used for the study and the population of the study comprised all the listed oil and gas firms on the Nigerian Exchange Group as of 31st Dec 2023. However, based on the use of the purposive sampling technique, six (6) listed oil and gas firms were chosen as the sample of the study based on the criteria of attainment of at least 10 consecutive years of listing on the Nigerian Exchange Group and on the availability of data. Secondary data were collected from the annual financial reports of the selected firms for the period 2012 to 2021 and Descriptive statistics was used to summarise the data collected. Panel regression analysis was used to analyse the data via E-Views statistical software, version 10. The result of the analysis revealed that while total assets have a significant and negative effect on waste management disclosure of listed Oil and Gas companies in Nigeria, total sales and financial leverage have a significant positive and non-significant positive effect respectively on waste management disclosure of listed Oil and Gas firms in Nigeria. Based on the findings, the study concluded and recommended amongst others that firms should consider leveraging their finances to support waste management initiatives as this can not only enhance their disclosure practices but also reduce their environmental footprint and improve their long-term financial performance.