EFFECT OF SOCIAL AND ECONOMIC DISCLOSURE ON EARNINGS PER SHARE OF LISTED OIL AND GAS COMPANIES IN NIGERIA.
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Authors: Favour Nzubechi OKORONKWO;<br> John Uzoma IHENDINIHU;<br> Ogechi Eberechi ALPHEAUS
Affiliations: Department of Accounting, Michael Okpara University of Agriculture, Umudike, Nigeria.
Corresponding Author: faynz@gmail.com
Published in: ESUI Business and Management Journal, Volume 2, Issue 3 (2025)
Pages: 1-6
ISSN: 1595-5656
Views: 86 | Downloads: 73
Status: Approved
License: Creative Commons Attribution 4.0 International
Abstract
This study investigates the effect of social and economic disclosures on the earnings per share (EPS) of listed oil and gas firms in Nigeria. Growing attention to sustainability reporting and its potential influence on firm value has raised questions about whether stakeholders reward transparent disclosure practices.
The study adopts an ex-post facto research design and utilizes secondary data extracted from the annual reports of eight listed oil and gas firms covering the period 2014–2023. Social and economic disclosures were measured using a binary index guided by the Global Reporting Initiative (GRI) framework, while EPS figures were obtained from audited financial statements. Panel data regression within the ARDL structure was employed to examine both short-run and long-run effects.
The findings reveal that social disclosure has no significant contemporaneous impact on EPS but demonstrates a positive and significant effect in the lagged period, implying that the benefits of socially responsible actions materialize gradually through enhanced corporate reputation and stakeholder loyalty. Similarly, economic disclosure shows no immediate influence on EPS but becomes significant over time, indicating a delayed market response to transparent and credible economic reporting.
These outcomes align with a priori expectations and are supported by Stakeholder and Legitimacy theories, both of which emphasize that disclosure serves a long-term strategic function in strengthening corporate legitimacy, investor confidence, and ultimately financial performance. The study concludes that improved social and economic reporting contributes to long-term earnings growth. It recommends stricter regulatory enforcement of standardized disclosure requirements, as well as broader adoption of globally recognized sustainability frameworks to enhance credibility, comparability, and stakeholder trust across the oil and gas industry in Nigeria.
Keywords
Social disclosure, Economic disclosure, Earnings per share, Oil and gas firms
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Format: PDF | Size: 255 KBHow to Cite
Favour Nzubechi OKORONKWO; John Uzoma IHENDINIHU; Ogechi Eberechi ALPHEAUS. (2025). "EFFECT OF SOCIAL AND ECONOMIC DISCLOSURE ON EARNINGS PER SHARE OF LISTED OIL AND GAS COMPANIES IN NIGERIA.." ESUI Business and Management Journal, 2(3), 1-6.
Publication Timeline
- Received: December 15, 2025
- Accepted: December 15, 2025
- Published: December 15, 2025
- Last Updated: April 19, 2026
DC.Title: EFFECT OF SOCIAL AND ECONOMIC DISCLOSURE ON EARNINGS PER SHARE OF LISTED OIL AND GAS COMPANIES IN NIGERIA. DC.Creator: Favour Nzubechi OKORONKWO; John Uzoma IHENDINIHU; Ogechi Eberechi ALPHEAUS DC.Date.issued: 2025-12-15 DC.Source: ESUI Business and Management Journal DC.Source.Volume: 2 DC.Source.Issue: 3 DC.Identifier: 62 DC.Language: en DC.Type: Text.Serial.Journal DC.Rights: Copyright (c) 2025 Favour Nzubechi OKORONKWO; John Uzoma IHENDINIHU; Ogechi Eberechi ALPHEAUS DC.Rights.License: CC BY 4.0 DC.Identifier.PDF: https://esuibusinessjournal.com/uploads/manuscripts/69402ecd51c8f_EFFECT_OF_SOCIAL_AND_ECONOMIC_DISCLOSURE_ON_EARNINGS_PER_SHARE_OF_LISTED_OIL_AND_GAS_COMPANIES_IN_NIGERIA_.pdf