European Journal of Accounting, Auditing and Finance Research (EJAAFR)

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Board Diversity and Environmental Sustainability Disclosure in Oil and Gas Companies: Evidence from Nigeria


This study examines the influence of board diversity on environmental sustainability disclosure in oil and gas companies in Nigeria. Communities that produce oil in the Niger Delta region of Nigeria have seen ongoing oil spills over time, leading to an intolerable economic situation. The goal of this study is to ascertain whether factors such as board size, board gender, board nationality, and board independence have an impact on environmental sustainability disclosure in Nigerian oil and gas companies. Ex-post facto research approach was used in this study to explore the cause-and-effect relationship between the dependent and independent variables. The study comprised of eight oil and gas companies in the Nigerian Exchange Group. Secondary data from 2011-2020 was used and panel multiple regression analysis was used to analyze the data. Results revealed  board  independence (BIND)  showed    positive  relationship with environmental sustainability disclosure,  but   was  insignificant to environmental sustainability disclosure, board  size (BSZ) showed negative  relationship  with  environmental sustainability disclosure, but was significant to environmental sustainability disclosure, while board gender diversity (BGD)  showed  negative  relationship with  environmental  sustainability  disclosure, but  was  insignificant  to  environmental  sustainability disclosure, board  nationality (BNAT) showed  negative  relationship with environmental sustainability disclosure, but  was also insignificant to environmental sustainability disclosure. This study concluded that reduced board size would lead to increased environmental sustainability disclosure in oil and gas companies in Nigeria. Despite the negative relationship between environmental sustainability disclosure and independent variables, it is still believed that board diversity has a great influence on information disclosure. It is recommended that both the government and management of these companies should be alive to their responsibilities in maintaining and preserving the natural environment.

Keywords: Corporate, Environmental, Governance, Oil and Gas, Sustainability

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