Carbon Management Disclosure and Firm Value in the Nigerian Energy Market

Joseph Elom; Gilbert Ogechukwu Nworie; John Ugwu; Justin Nwogo; Anamelechi Nwele

doi:10.71113/JCSIS.v2i7.333

Authors

Joseph Ogwu Elom, PhD Ebonyi State University, Abakaliki, Ebonyi State, Nigeria.
Gilbert Ogechukwu Nworie Ukoro Odah Statisticals, Amansea https://orcid.org/0000-0003-0357-0175
Dr. John Okereke Ugwu Ebonyi State University, Abakaliki, Ebonyi State, Nigeria.
Dr. Justin E. Nwogo Ebonyi State University, Abakaliki, Ebonyi State, Nigeria.
Dr. Anamelechi Ogai Nwele Ebonyi State University, Abakaliki, Ebonyi State, Nigeria.

DOI:

https://doi.org/10.71113/JCSIS.v2i7.333

Keywords:

Construction Management, Firm Value, Share Price

Abstract

The absence of robust carbon disclosure mechanisms undermines investor trust, increases information asymmetry, and weakens market efficiency. Nigerian energy firms may inadvertently appear less competitive or unattractive to international investors who prioritize sustainable environmental performance. Hence, the study investigated the extent to which carbon management disclosure influences firm value in the Nigerian energy sector. Ex-post facto research design was adopted in the study. All the nine listed energy firms in Nigeria made up the population of the study. Purposive sampling was used to select the sample size of six. Secondary data were collected from the annual reports of the firms over an eleven year period from 2014-2024. The data collected were preliminarily analysed using descriptive analysis, test of autocorrelation and test of heteroskedasticity. Robust least square regression was used to test the hypothesis. The study found that carbon management disclosure (proxy by greenhouse gas emission disclosure) has a significant positive influence on firm value (proxy by share price) in the Nigerian energy sector (β = 200.5120, p = 0.0000). In conclusion, in today’s capital markets, transparency in carbon management is no longer peripheral—it is central to value creation, reputation management, and sustainable corporate performance. We recommend that the Nigerian Securities and Exchange Commission (SEC), in collaboration with the Financial Reporting Council of Nigeria (FRCN), should institutionalize a mandatory and standardized framework for greenhouse gas emission disclosure among listed energy companies.

Author Biographies

Joseph Ogwu Elom, PhD, Ebonyi State University, Abakaliki, Ebonyi State, Nigeria.

Lecturer, Department of Accountancy

Gilbert Ogechukwu Nworie , Ukoro Odah Statisticals, Amansea

Chief Statistical Analyst

Dr. John Okereke Ugwu, Ebonyi State University, Abakaliki, Ebonyi State, Nigeria.

Lecturer, Department of Banking and Finance

Dr. Justin E. Nwogo, Ebonyi State University, Abakaliki, Ebonyi State, Nigeria.

Lecturer, Department of Banking and Finance

Dr. Anamelechi Ogai Nwele, Ebonyi State University, Abakaliki, Ebonyi State, Nigeria.

Lecturer, Department of Public Administration

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