ESG Reporting and Market Performance: Empirical Evidence from Listed Oil and Gas Firms in Nigeria

This study investigates the effect of environmental, social and governance (ESG) reporting on the market performance of listed firms operating in the oil and gas sector in Nigeria. An ex post facto research design was employed to select seven firms from the period of 2014 to 2023. Share price performance was used to measure market performance. The study conducted both descriptive statistics and inferential statistics to analyze the data sourced. The model is analyzed using Generalized method of moments (GMM). The results of this study disclosed that environmental disclosure (p<0.01) and social disclosure (p<0.05) have positive and significant effect on share price performance. Although, governance disclosure showed no statistically significant effect. These findings imply that disclosure of information on social and environmental practices in the Nigeria oil and gas industry favorably influenced the value of the share thus enhance market performance; whereas, governance disclosure is viewed as having less impact.