SIAR-Global Jou nal o Economics, Finance & Accoun ing (GJEFA)
www.sia publica ions.o g ISSN: XX-XXX_XXXX
in o@sia publica ions.o g Vol. 1 Issue 1 July-Aug. 2025
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Co po a e Sus ainabili y De e minan s and Financial S a emen s Repo Lag
Monday Olade, IZEVBEKHAI (PhD, ACTI, CPA, FERIN)
Depa men o Accoun ancy, School o Financial S udies,
Auchi Poly echnic, Auchi[email p o ec ed]
+2348066918585
Isah MOHAMMED (PhD, ACTI)
Depa men o Taxa ion, School o Financial S udies,
Auchi Poly echnic, Auchi [email p o ec ed]
+2348136441284
Abs ac
The s udy e alua ed co po a e sus ainabili y de e minan s and inancial s a emen epo lag. The
speci ic objec i e was o asce ain emission epo ing, e luen s and was e epo ing, compliance
o en i onmen al laws and biodi e si y epo ing ha e signi ican e ec on inancial s a emen
epo lag o lis ed heal hca e i ms in Nige ia. The seconda y sou ce o da a collec ion was
adop ed in he s udy whe e he pu posi e sampling echnique was used o selec a sample size o
wel e (12) lis ed manu ac u ing i ms o he s udy. Leas Squa e eg ession analysis was used in
his s udy and he indings e ealed ha emission epo ing, e luen s and was e epo ing,
compliance o en i onmen al laws and biodi e si y epo ing ha e no signi ican e ec on
inancial s a emen epo lag o lis ed heal hca e i ms in Nige ia. The s udy concluded ha
emission epo ing, e luen s and was e epo ing, compliance o en i onmen al laws and
biodi e si y epo ing all ha e no signi ican e ec on inancial s a emen epo lag o lis ed
heal hca e i ms in Nige ia. Finally, i was ecommended ha manage s need o s eng hen hei
abili y o ecognize and ind inno a i e solu ions o a wide ange o manage ial issues in o de o
lessen he de imen al impac ha was e and e luen ac i i ies ha e on managemen aud.
Manage s should also c ea e inno a i e echniques o educe was e and e luen s wi hou
comp omising ou pu .
Keywo ds: Financial s a emen s epo ing, emission epo ing, e luen s and was e epo ing,
compliance o en i onmen al laws, biodi e si y epo ing
1. In oduc ion
S udies on co po a e sus ainabili y epo ing and inancial s a emen s ha e in ensi ied wi hin
co po a e en i ies. This is d i en by public demand o in o ma ion ha con eys o ganiza ions'
s a egies and ini ia i es o balance he needs o cu en s akeholde s wi h he capaci y o u u e
gene a ions o ul ill hei own needs (Adenikinju e al., 2023). The e ol ing expec a ions o
a ious s akeholde s in a business en i onmen shaped by in e nal and ex e nal ac o s in ensi y
he p essu e on o ganiza ions o unde ake sus ainabili y epo ing (Abdul asheed & Aminu, 2024).
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The economic ac i i ies in he oil and gas sec o a e p edominan ly explo a i e and exploi a i e,
esul ing in en i onmen al deg ada ion, ca bon emissions, biodi e si y loss, gas la ing, global
wa ming, clima e change, and human igh s iola ions (E iong e al., 2019). The ends in
co po a e ac i i ies ha e necessi a ed he adop ion o mo e sus ainable and esponsi e business
p ac ices, p omp ing co po a ions o ac i ely add ess en i onmen al conce ns by adequa ely
epo ing he ini ia i es and sys ems hey ha e implemen ed o mi iga e en i onmen al and social
issues (Naeem e al., 2022).
Sus ainabili y epo ing necessi a es o ganiza ions o es ablish ipa i e objec i es, concen a ing
on h ee domains o hei ope a ions: en i onmen al, social, and economic. I p io i izes he
in e es s and o e all well-being o socie ies and b oade s akeholde s, a he han solely economic
de elopmen (O oegbu & Asogwa, 2020). S akeholde s equi e accoun abili y o he u iliza ion,
p o ec ion, and p ese a ion o na u al esou ces, as well as o social p og ams aimed a alle ia ing
and enhancing socie al s anda ds. These insigh s ha e expanded global unde s anding o he
signi icance o co po a e disclosu e ega ding en i onmen al and social p og ess (Obamwonyi &
Ugbogbo, 2023).
Recen empi ical s udies indica e ha knowledge ega ding he social and en i onmen al
consequences o business ac i i ies posi i ely in luences co po a e inancial pe o mance
(Ekundayo e al., 2020). This implies ha i a business's inancial pe o mance, which is o
signi ican in e es o in es o s, is posi i ely a ec ed by i s social and en i onmen al ini ia i es,
hen in o ma ion ega ding i s social and en i onmen al impac is also pe inen o alue. This
pe spec i e has been empi ically alida ed by esea che s who asse ha sus ainabili y epo ing
o e s alue- ele an in o ma ion ad an ageous o in es o s and o he s akeholde s (Z aqa , 2019;
Au eli e al., 2019; Emeka-Nwokeji & Osisioma, 2019).
Sus ainabili y epo ing p edominan ly emains a olun a y endea o , wi h he majo i y o
co po a ions, pa icula ly in de eloping economies, disclosing hei social and en i onmen al
impac s h ough a ious o ma s (Emeka-Nwokeji & Osisioma, 2019). The dispa a e epo ing
o ma poses a challenge o he compa abili y o epo s ac oss i ms. In addi ion o employing
dis inc o ma s, he absence o a s anda dized app oach o he ecogni ion and measu emen o
hese non- inancial a iables exace ba es he issue. This indica es ha he indings o s udies
conduc ed on his p emise may be e oneous and subjec o bias. This s udy aims o analyze
co po a e sus ainabili y epo ing and inancial s a emen s epo lag.
2. Li e a u e Re iew and Hypo heses De elopmen
2.1 Financial S a emen Repo Lag
Financial s a emen s a e summa ies o a company's inancial pe o mance and condi ion a a
speci ic poin in ime, p epa ed by managemen . A s a emen o inancial posi ion, income
s a emen , s a emen o owne 's equi y, and s a emen o cash lows ypically cons i u e a gene al-
pu pose se o inancial s a emen s. These inancial s a emen s a e p oduced o u nish ex e nal
s akeholde s, such as c edi o s and in es o s, wi h enhanced insigh s in o he company's inancial
s anding. Publicly aded co po a ions mus submi hese s a emen s and o he s p omp ly o
egula o y agencies. Fo mos decision-make s, inancial s a emen s cons i u e hei p incipal
sou ce o inancial in o ma ion. The c edibili y, accu acy, us wo hiness, and ele ance o he
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in o ma ion in hese inancial s a emen s a e hus highly es eemed in inancial accoun ing and
epo ing (Ugwu e al., 2020).
Ndubuisi and Ezechukwu (2017) asse ed ha he p ima y unc ion o audi independence is o
enhance he audi by ensu ing ha he audi o conduc s he audi wi h objec i i y. Consequen ly,
i is essen ial o seek he o e a ching goal and objec i e o audi independence. Mi a e al. (2019)
asse ed ha enhancing in o ma ion eliabili y is he p ima y objec i e o an audi .
2.2 Emission Repo ing and Financial S a emen Repo Lag
The emissions index o e s a anspa en assessmen o he company's managemen o ca bon
dioxide emissions. Sus ainable accoun ing seeks o u nish manage s wi h da a o assis companies
in making bo h sho - and long- e m decisions ega ding ca bon emissions in a con ex whe e
business is closely in e wined wi h he en i onmen al c isis (Maunde s & Bu i , 2021). Na u al
and indus ial discha ges con ibu e o g eenhouse gas emissions. The cycle o na u al ca bon
emissions can be mi iga ed by lo a and ma ine en i onmen s. The ad an ages o na u al ca bon
emissions con ibu e o egula ing he Ea h's empe a u e a 6°C (Ra na unga & Jones, 2022).
Human ac i i y gene a es indus ial ca bon emissions, which inc ease ca bon dioxide
concen a ion and hinde i s abso p ion by he en i onmen . Due o heigh ened ca bon emissions
om machine y, he si ua ion has de e io a ed mo e han since he Indus ial Re olu ion. This s a e
is he cause o global wa ming (Godschalk, 2018).
Anie o e al. (2024) in es iga ed he impac o ca bon emissions on he inancial pe o mance o
oil and gas manu ac u ing companies in Nige ia. The s udy employed an Ex Pos Fac o esea ch
design. A sample o se en (7) oil and gas companies was chosen o he s udy u ilizing a pu posi e
sampling me hod. Reg ession analysis was u ilized o e alua e he hypo heses. The analysis
e ealed ha emissions disclosu e signi ican ly impac s he e u ns on equi y o oil and gas
companies in Nige ia.
Onyebuenyi (2023) empi ically examined he alue ele ance o en i onmen al sus ainabili y
in o ma ion disclosu e by lis ed oil and gas companies in Nige ia om 2006 o 2020. The s udy
employed a panel da a se de i ed om he annual inancial epo s o publicly lis ed oil and gas
companies in Nige ia, u ilizing an ex-pos ac o and desc ip i e esea ch design. A obus leas
squa es eg ession analysis echnique was employed o e alua e he p oposed heo ies. The
eg ession analysis indica es ha s ock ma ke in es o s espond nega i ely o he disclosu e o
emissions epo ing by Nige ian oil and gas companies.
Eze and Akaegbobi (2023) in es iga ed he impac o ca bon managemen emissions on he
inancial pe o mance o lis ed oil and gas companies in Nige ia. The s udy u ilized an Ex Pos
Fac o esea ch design. Da a we e ob ained om he annual epo s and inancial s a emen s o he
selec ed oil and gas companies in Nige ia. Reg ession analysis was u ilized o e alua e he
hypo heses using E- iew 9.0. The cu en s udy e ealed ha ca bon emission exe s a obus
s a is ically signi ican in luence on he pe o mance o oil and gas companies in Nige ia.
H1: F om he abo e, we hypo hesize ha emission epo ing has no signi ican e ec on
inancial s a emen epo lag o lis ed heal hca e i ms in Nige ia
2.3 E luen s and Was e Repo ing and Financial S a emen Repo Lag
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E luen is was ewa e , whe he ea ed o un ea ed, ha discha ges om a ea men acili y,
sewe , o indus ial ou all. Typically deno es e luen s eleased in o su ace wa e bodies. E luen
exclusi ely pe ains o liquid discha ge. Was e e e s o any ma e ial ha is disposed o ollowing
i s ini ial use, o is deemed alueless, de ec i e, and non unc ional. A by-p oduc , in con as , is a
join p oduc o compa a i ely mino economic signi icance (Diaz, 2016). E luen and was e e e
o undesi able o non- unc ional ma e ials. Was e e e s o any ma e ial ha is disposed o
ollowing i s ini ial use, o is deemed alueless, de ec i e, and unusable. Examples encompass
municipal solid was e (domes ic e use), haza dous was e, was ewa e (including sewage, which
comp ises bodily exc e ions such as eces and u ine, as well as su ace uno ), adioac i e was e,
among o he s. Was e e e s o subs ances o objec s ha a e disca ded, in ended o disposal, o
manda ed o disposal by na ional legisla ion (Ngwakwe & Msweli, 2018).
Okulenu e al. (2024) examined he in luence o en i onmen al accoun ing epo ing on he
pe o mance o selec ed manu ac u ing i ms in Nige ia. An ex-pos ac o design su ey was
employed o ex ac seconda y da a om he annual inancial epo s o selec ed publicly lis ed
manu ac u ing i ms in Nige ia. The indings indica ed a signi ican ela ionship be ween was e
epo ing cos s and o ganiza ional g ow h and de elopmen .
A umona e al. (2024) examined he e ec o en i onmen al in o ma ion disclosu e on he
inancial pe o mance o cons uc ion companies lis ed in Nige ia. The seconda y da a was
collec ed o e a decade, om 2012 o 2021, om he annual epo s o se en cons uc ion i ms
lis ed on he Nige ia Exchange G oup. This s udy employed a panel esea ch design, speci ically
u ilizing a longi udinal panel se ies design. The s udy indica ed ha was e epo ing ha e a
subs an ial and posi i e impac on e u n on asse s.
Okeke e al. (2021) examined he impac o ca bon emission disclosu e on he economic alue
added o oil and gas i ms lis ed on he Nige ian s ock exchange du ing he pe iod om 2018 o
2019. The Panel Leas Squa es (PLS) me hod o da a analysis was employed. Seconda y da a
sou ces we e u ilized; he ele an a iables we e ob ained om he annual epo s o he lis ed oil
and gas companies. The analysis e ealed ha he disclosu e o e luen and was e ea men cos s
does no signi ican ly impac s economic alue added, while e enue g ow h o he i m also has a
posi i e and signi ican e ec on economic alue added.
H2: F om he abo e, we hypo hesize ha e luen and was e epo ing ha e no signi ican e ec
on inancial s a emen epo lag o lis ed heal hca e i ms in Nige ia
2.4 Compliance o En i onmen al Laws and Financial S a emen Repo Lag
The implemen a ion o en i onmen al laws and egula ions may necessi a e he acknowledgmen
o asse impai men , he eby equi ing a educ ion in ca ying alue. Noncompliance wi h legal
obliga ions ela ed o en i onmen al issues, such as emissions o was e disposal, may necessi a e
he acc ual o emedia ion e o s, compensa ion, o legal expenses (Islam, 2020). He ecognized
ha noncompliance wi h legal pollu ion con ol equi emen s may esul in ines o penal ies o
he i m. He asse ed ha ce ain annual ope a ing cos s a e inhe en ly en i onmen al (Lucas &
Noo dewie , 2016).
En i onmen al accoun ing se es as a mechanism o implemen ing he concep o sus ainable
de elopmen and is inc easingly ecognized as a me hod o sa egua ding he en i onmen . The
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in o ma ion de i ed om en i onmen al accoun ing encompasses inancial da a, en i onmen al
pe o mance me ics, and policy conside a ions, which a e dispe sed h oughou a ious sec ions
o annual epo s and social esponsibili y disclosu es (Ma í-Balles e , 2017).
Zawadi e al. (2024) in es iga ed he co ela ion be ween compliance wi h en i onmen al
egula ions and he pe o mance o la ge manu ac u ing en e p ises in Kenya. The s udy's a ge
popula ion comp ised 499 indi iduals. A ques ionnai e was de eloped, and specialis s in s a egic
managemen we e employed o assess he alidi y and eliabili y o he da a collec ion ools.
P opo ional and s a i ied andom sampling echniques we e employed. The esea ch iden i ied
subs an ial co ela ions be ween compliance wi h en i onmen al egula ions and he pe o mance
o la ge manu ac u ing i ms in Kenya. Compliance wi h en i onmen al egula ions demons a ed
a bene icial e ec , exhibi ing g ea e explana o y powe o pe o mance a iance.
Alagbe and Yinus (2024) examined he pe o mance o Nige ian oil ma ke ing companies
conce ning en i onmen al expendi u es. Seconda y da a om 2012 o 2022 was ob ained ia
audi ed inancial epo s o selec ed oil ma ke ing companies. The s udy's popula ion consis s o
all 26 oil ma ke ing companies lis ed on he NXG and he sample size comp ised a delibe a e
selec ion o six een o hese businesses. Panel eg ession and desc ip i e s a is ics we e employed
o analyze he collec ed da a. The indings indica ed ha sus ainable p ac ices signi ican ly media e
en i onmen al cos s, legal compliance, and business pe o mance.
Majekobaje (2023) examined he en i onmen al compliance obliga ions and hei co ela ion wi h
ma ke alue and p o i abili y o ups eam oil and gas companies lis ed on he Nige ian S ock
Exchange. The da a u ilized o his s udy was acqui ed om he annual epo s eleased by he
chosen oil and gas companies lis ed on he Nige ian s ock exchange. The s udy's key indings
indica e a signi ican nega i e co ela ion be ween en i onmen al compliance obliga ion cos s and
ma ke alue, as well as a signi ican posi i e co ela ion be ween en i onmen al compliance
obliga ions and p o i abili y.
H3: F om he abo e, we hypo hesize ha compliance o en i onmen al laws ha e no signi ican
e ec on inancial s a emen epo lag o lis ed heal hca e i ms in Nige ia
2.5 Biodi e si y Repo ing and Financial S a emen Repo Lag
In eg a ing na u al capi al in o businesses' non- inancial epo ing o e s insigh s ha can a ec
he decisions o inancie s and in es o s, he eby edi ec ing sec o al in es men lows owa ds
mo e biodi e si y- iendly ini ia i es (Sa umpae , 2020). When modi ica ions in ecosys em
se ices anspi e, changes in he po en ial o di ec esou ce u iliza ion ensue. Inco po a ing
na u al capi al in o non- inancial epo ing enables companies o enhance awa eness, in luence he
decisions o in es o s and inancie s, and edi ec sec o al in es men lows o suppo biodi e si y
(Tim & Ki o, 2021). The capaci y o di ec esou ce u iliza ion is modi ied by changes in
ecosys em se ices. Pe cep ions o biodi e si y among businesses signi ican ly di e based on
hei espec i e indus ies. En e p ises ha depend signi ican ly on ecosys em se ices and na u al
esou ces ace heigh ened isks and a e mo e inclined o p o ec hei ope a ions in he u u e.
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Dzugwahi and Ola (2024) assessed he impac o economic, social, and go e nance sus ainabili y
epo ing on he inancial pe o mance o 82 publicly lis ed non- inancial i ms in Nige ia om
2012 o 2021. The analysis was conduc ed using mul iple eg ession wi h he assis ance o STATA
16 so wa e. The s udy demons a ed ha economic sus ainabili y epo ing, biodi e si y
epo ing, and social sus ainabili y epo ing ha e a signi ican posi i e impac on inancial
pe o mance.
Raghda (2023) examined he e ec o biodi e si y disclosu e on he inancial pe o mance o
businesses. The s udy employs a h ee-yea sample o 100 Fo une Global companies o con en
analysis, ollowing he de elopmen o a comp ehensi e index o assess he deg ee o disclosu e.
Upon conduc ing an analysis u ilizing mul iple linea eg ession models, no mali y assessmen s,
co ela ion e alua ions, and o dina y leas squa es es ima ion, he esul s indica ed a ela ionship
be ween biodi e si y disclosu e and inancial pe o mance, as measu ed by e u n on asse s and
he p ice- o-book a io o s ocks.
Elsayed (2023) examined he impac o biodi e si y disclosu e on he inancial pe o mance o
companies. The esea ch u ilizes con en analysis on a sample o 100 Fo une Global companies
o e a h ee-yea pe iod, ollowing he c ea ion o a de ailed index o assess he quali y o
disclosu e. The analysis included no mali y, co ela ion, and he mul iple linea eg ession model,
wi h es ima ion conduc ed ia o dina y leas squa es. The s udy indings indica e a co ela ion
be ween biodi e si y disclosu e and inancial pe o mance, as assessed by e u n on asse s and he
p ice- o-book a io o a s ock. The e idence om he s udy seems o be subs an ial, and he e is no
issue o endogenei y.
H4: F om he abo e, we hypo hesize ha biodi e si y epo ing has no signi ican e ec on
inancial s a emen epo lag o lis ed heal hca e i ms in Nige ia
3.0 Me hodology
The ex-pos ac o esea ch design was used in his s udy due o he ac ha he a iables canno
be manipula ed by he esea che . This me hod was adop ed since social scien i ic esea ch
p oblems do no lend hemsel es o expe imen al and con olled inqui y o he ex-pos ac o kind.
The popula ion comp ises o one hund ed and i y one (151) i ms lis ed on Nige ian Exchange
G oup as a 31s Decembe , 2024. Since he en i e lis ed i ms canno be used o he s udy, he
s udy is limi ed o six (6) lis ed heal hca e i ms in Nige ia. In selec ing he sample, pu posi e
sample echnique was used o de i e he sample size which used o ensu e ha he sample
ep esen s a di e si y o pe spec i es. The seconda y sou ce o da a collec ion was used o his
s udy whe e da a was ga he ed om audi ed annual epo s o selec ed lis ed heal hca e in Nige ia.
Howe e , o he pu pose o his s udy, en (10) yea s annual epo s o six (6) selec ed heal hca e
i ms we e adop ed. The s udy employed mul iple eg ession echnique o analysis using Leas
Squa es eg ession es ima ion. This me hod was adop ed because i enhances easy p esen a ion
and in e p e a ion o da a. The empi ical model o he s udy is ma hema ically exp essed as
ollows;
The empi ical model o he s udy is ma hema ically exp essed as ollows;
FSLi = α + β1EMRi + β2EWRi + β3CELi +β4BDRi + Ɛi
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Whe e;
FSLi = Financial s a emen lag
EMRi = Emission Repo ing
EWRi = E luen and Was e Repo ing
CELi = Compliance o En i onmen al Laws
BDRi = Biodi e si y Repo ing
Ɛi = E o e m
α = in e cep
β1 – β3 = Coe icien s o pa ame e s es ima ed
Measu emen o Va iables
S/N
Va iables
Measu emen
1.
Financial S a emen Lag
This o ms he leng h o he lag depending on he accoun ing
pe iod used.
2.
Emission Repo ing
This o ms he p ocess o epo ing g eenhouse gas
emissions o he app op ia e egula o y bodies.
3.
E luen and Was e
Repo ing
This o ms he amoun and ype o e luen and was e
p oduced.
4.
Compliance o
En i onmen al Laws
This o ms he deg ee o which a company ollows and
adhe es o en i onmen al laws and egula ions.
5.
Biodi e si y Repo ing
This o ms he p ocess o epo ing a company's impac on
biodi e si y, o he a ie y o plan and animal species in a
gi en a ea.
Sou ce: Resea che ’s Compila ion, 2025
4. Resul and Discussion
Table 1: Summa y o Desc ip i e S a is ics
Desc ip i e S a is ics
N
Minimu
m
Maximu
m
Mean
S d.
De ia ion
Ku osis
S a is ic
S a is ic
S a is ic
S a is ic
S a is ic
S a is ic
S d.
E o
FSL
60
42.00
471.00
108.3833
86.55695
9.636
.608
EMR
60
.00
1.00
.0667
.25155
11.071
.608
EWR
60
.00
1.00
.1833
.39020
.846
.608
CEL
60
.00
1.00
.0333
.18102
27.360
.608
BDR
60
.00
1.00
.0167
.12910
60.000
.608
Valid N
60
Sou ce: Ou pu o da a analysis by au ho using SPSS (2024)
F om he abo e able, he dependen a iable, inancial s a emen epo lag (FSL) has a mean
alue o 108.3833, s anda d de ia ion o 86.55695, minimum alue o 42.00 and maximum o
471.00. The independen a iables; emission epo ing (EMR) has a mean alue o 0.0667 and a
s anda d de ia ion o 0.25155, a minimum and maximum alue o 0.00 and 1.00 espec i ely.
E luen s and was e epo ing (EWR) has a mean alue o 0.1833, s anda d de ia ion o 0.39020,
31
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minimum alue o 0.00 and maximum alue o 1.00. Compliance o en i onmen al laws (CEL)
has a mean alue o 0.0333, s anda d de ia ion o 0.18102, minimum alue o 0.00 and maximum
o 1.00. Biodi e si y epo ing (BDR) has a mean alue, s anda d de ia ion, minimum and
maximum alues o 0.0167, .12910, 1.00 and 1.00 espec i ely.
Table 2: Summa y o Coe icien o Co ela ion
Co ela ions
FSL
BDR
EWR
CEL
EMR
FSL
Pea son Co ela ion
1
-.074
-.104
-.107
-.185
Sig. (2- ailed)
.580
.434
.419
.160
N
59
59
59
59
59
BDR
Pea son Co ela ion
-.074
1
.274
-.025
.487
Sig. (2- ailed)
.580
.036
.853
.000
N
59
59
59
59
59
EWR
Pea son Co ela ion
-.104
.274
1
.151
.563
Sig. (2- ailed)
.434
.036
.254
.000
N
59
59
59
59
59
CEL
Pea son Co ela ion
-.107
-.025
.151
1
-.051
Sig. (2- ailed)
.419
.853
.254
.704
N
59
59
59
59
59
EMR
Pea son Co ela ion
-.185
.487
.563
-.051
1
Sig. (2- ailed)
.160
.000
.000
.704
N
59
59
59
59
59
Sou ce: Ou pu o da a analysis by au ho using SPSS (2024)
Table 2 abo e shows he 2- ailed co ela ion analysis o he a iables a 5% (0.05) le el o
signi icance. This shows ha inancial s a emen epo lag (FSL) is nega i ely co ela ed wi h
biodi e si y epo ing (BDR), e luen s and was e epo ing (EWR), compliance wi h
en i onmen al laws (CEL) and emission epo ing (EMR). Biodi e si y epo ing (BDR) is
nega i ely co ela ed wi h inancial s a emen epo lag (FSL) and compliance wi h en i onmen al
laws (CEL) while posi i ely co ela ed wi h e luen s and was e epo ing (EWR) and emission
epo ing (EMR). Likewise, e luen s and was e epo ing (EWR) is nega i ely co ela ed wi h
inancial s a emen epo lag (FSL) while posi i ely co ela ed wi h biodi e si y epo ing (BDR),
compliance wi h en i onmen al laws (CEL) and emission epo ing (EMR).
32
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Table 3: Summa y o Reg ession Resul
Model Summa y
Mul iple R
.221
R Squa e
.049
Adjus ed R Squa e
-.221
S d. E o o he Es ima e
88.225
Coe icien s
Uns anda dized
Coe icien s
Be a
Sig.
B
S d. E o
(Cons an )
114.015
12.806
8.903
.000
EMR
-76.052
61.587
-.221
-1.235
.222
EWR
7.371
36.568
.033
.202
.841
CEL
-58.700
65.106
-.123
-.902
.371
BDR
14.667
101.873
.022
.144
.886
Sou ce: Ou pu o da a analysis by au ho using SPSS (2024)
The cumula i e adjus ed R2 (0.221) which is he mul iple coe icien o de e mina ion gi es he
p opo ion o pe cen age o he o al a ia ion in he dependen a iable as explained by he
independen a iables join ly. Hence, i signi ies ha 22.1% o he o al a ia ion in inancial
s a emen epo lag o he sample i ms is caused by he p oxies o co po a e sus ainabili y. This
is qui e high so p edic ions om he eg ession equa ion a e ai ly eliable. I also means ha
77.9% o he a ia ion is s ill unexplained so adding o he independen a iables could imp o e
he i o he model.
Conside ing he signi ican e ec o emission epo ing on inancial s a emen epo lag o lis ed
heal hca e i ms in Nige ia, he eg ession esul in able 3 indica es ha emission epo ing has a
nega i e and insigni icance in luence on inancial s a emen epo lag o lis ed heal hca e i ms in
Nige ia. The analysis showed ha he be a coe icien alue o 0.221 and a - alue o -1.235 and a
signi icance alue 0.222 which is insigni icance a 5% signi icance le el. This leads o he
accep ance o null hypo hesis and ejec ion o al e na i e hypo hesis. Hence, i is concluded ha
emission epo ing has no signi ican e ec on inancial s a emen epo lag o lis ed heal hca e
i ms in Nige ia.
Conside ing he signi ican e ec o e luen s and was e epo ing on inancial s a emen epo lag
o lis ed heal hca e i ms in Nige ia, he eg ession esul in able 3 indica e ha e luen s and
was e epo ing has a posi i e and insigni icance in luence on inancial s a emen epo lag o
lis ed heal hca e i ms in Nige ia. This was p o en by he be a coe icien alue o 0.033 and a -
alue o -0.202 and a signi icance alue 0.841 which is insigni icance a 5% signi icance le el.
This leads o he accep ance o null hypo hesis and ejec ion o al e na i e hypo hesis. Hence, i is
concluded ha e luen s and was e ha e no signi ican e ec on inancial s a emen epo lag o
lis ed heal hca e i ms in Nige ia
Conside ing he signi ican e ec o compliance o en i onmen al laws on inancial s a emen
epo lag o lis ed heal hca e i ms in Nige ia, he eg ession esul in able 3 indica e ha
emission epo ing has a nega i e and insigni icance in luence on inancial s a emen epo lag o
