Cointegral Crystalization Of Triple Bottom Financial Reports And The Performance Of Hydrocarbon Companies

The study considered the co-integral consequences of Triple Bottom Line financial reports of listed hydrocarbon companies on their financial outlooks. It was conducted to evaluate the crystalized correlation of responsible hydrocarbon companies on their financial fortunes. In simple terms, the research looked for answers to the question of whether it is financially worthwhile for corporate citizens to be responsible. The study employed the expos facto design where secondary data were obtained from the annual reports of the listed hydrocarbon companies on the floor of the Nigerian Stock Exchange. The least-square multiple linear regression analysis methods were employed to establish the degree of financial crystallization consequential to the adoption of the triple bottom reporting format. Social, economic, and environmental reports of the studied listed hydrocarbon companies were co-integrated with the returns on assets of the companies, to establish the level of crystallization of the explanatory variables with the response variable. The crystallized results revealed that economic disclosure and environmental disclosure have limited significant crystallization characteristics on the returns on assets, while social disclosure showed significantly positive crystallization characteristics with returns on assets of the studied companies. Arising from these findings, therefore, the study recommended that a mandatory reporting framework be put in place for hydrocarbon companies listed on the floor of the Nigerian Stock Exchange to encourage sustainability reporting.