SUSTAINABILITY DISCLOSURES, BOARD CLIMATE GOVERNANCE AND MARKET VALUE OF OIL AND GAS COMPANIES IN NIGERIA

This study investigated the interactive effect of board climate governance proxy with board size and board independence on the relationship between sustainability disclosures and market value of oil and gas companies in Nigeria. Secondary data were collected from annual reports of a sample size of eleven (11) oil and gas companies in Nigeria for the period 2016 to 2025 making ten (10) years. Also, ordinary least square regression technique was employed for data analysis. The results of the interaction of board size on the relationship between sustainability disclosures and market value showed (coef.= 1.633; P= 0.044 < 0.05), indicating that the interaction of board size on the relationship between sustainability disclosures and market value is positive and significant. Also, the results of the interaction of board independence on the relationship between sustainability disclosures and market value showed (coef.= 1.337; P= 0.029 < 0.05), indicating that the interaction of board independence on the relationship between sustainability disclosures and market value is positive and significant. In conclusion, board climate governance interacts with sustainability disclosures and significantly increases market value of down-stream operations of oil and gas companies in Nigeria. Hence, it is recommended that management should maintain the size of the board of directors and ensure that sustainability disclosures are increase in line with sustainability index disclosures required by Global Reporting Index (GRI). In addition, the management should maintain the size of the outside directors to play their crucial role of internal mechanisms which in turn enhance the level of sustainability disclosures as well as market value.