TRIPLE BOTTOM LINE ACCOUNTING AND FINANCIAL PERFORMANCE OF LISTED OIL AND GAS COMPANIES IN SOUTH-SOUTH NIGERIA

Abstract

This study examined the effect of Triple Bottom Line accounting on the financial performance of listed oil and gas companies in South-South, Nigeria. Specifically, it assessed the effect of economic, social, and environmental accounting practices on Return on Assets (ROA). The study adopted an ex-post facto research design. The population comprised the ten (10) oil and gas firms listed on the Nigerian Exchange Group (NGX) as at 31st December 2023. A sample of seven (7) firms operating in South-South, Nigeria was selected using purposive sampling technique. Secondary data were extracted from audited annual reports and financial statements for the period 2014-2023 and analyzed using panel regression analysis. The findings revealed that economic accounting practices had a marginally negative and significant effect on ROA. Both social and environmental accounting practices had an insignificant negative effect on ROA of listed oil and gas companies. The study concludes that current TBL accounting practices do not significantly enhance financial performance. It is therefore recommended that oil and gas firms should integrate social and environmental costs into strategic decision making and adopt proper TBL accounting frameworks to improve long-term profitability.