CORPORATE ATTRIBUTES AND VOLUNTARY NON-FINANCIAL INFORMATION DISCLOSURE OF TOP TEN OIL AND GAS FIRMS IN NIGERIA

Abstract

This study examines the relationship between corporate attributes and voluntary non‑financial information disclosure (VNID) among the Top ten oil and gas firms listed on the Nigerian Exchange Group (NGX) as of December 31, 2023. Using an ex‑post facto design over 2014–2023, the study conducted a census of all ten firms, extracted data from annual reports, and applied content analysis to construct a VNID index. Hypotheses were tested with a pooled‑effects regression model following standard diagnostics (Pearson correlation, Variance Inflation Factor, Breusch–Pagan/Cook–Weisberg heteroscedasticity, Breusch-Pagan Lagrangian multiplier, and Hausman specification tests). Results show that auditor type and profitability have positive, statistically significant associations with VNID, whereas firm size and leverage exhibit positive but insignificant associations. These findings suggest that high‑quality auditors and stronger financial performance are salient correlates of voluntary disclosure, while size and capital structure play more limited roles within this cohort. The study contributes by jointly assessing multiple firm attributes in Nigeria’s oil and gas sector, an underexplored, environmentally sensitive context and offers evidence relevant to corporate transparency and stakeholder trust in emerging markets. Overall, the study concludes that although corporate attributes positively influence VNID, disclosure levels in Nigeria’s oil and gas sector remain comparatively low. This underscores the need for firms to strengthen sustainability‑focused reporting and for regulators to promote more structured, comparable, and credible non‑financial disclosure practices. Policy recommendations include encouraging the engagement of reputable auditors through audit‑quality standards and leveraging profitability to deepen ESG reporting and voluntary disclosure practices.