Global Journal of Management and Business Research, D: Accounting and Auditing, Volume 21 Issue 2

Financial Performance Return on Assets It is a ratio that measures assets and turnover for a particular period Total income divided by Total assets Okechukwu& Okeke- Muogbo (2020) Earnings per Share This is total earnings per each share held by investors for a specific period Total profit after tax divided by total issued shares capital for the year. Solomon (2020); JhvH (2013). Source: Authors’ Compilation, 2021 IV. D ata A nalysis and D iscussion of F indings a) Descriptive Statistics Table 2 shows the descriptive statistics of the variables. Each variable is examined based on observations, mean median, maximum, minimum, and standard deviation. The mean of edindex (environmental disclosure index), which is the explanatory variable has a value of 0.106 with an associated standard deviation of value 0.222. This presentation imply that the environmental disclosure index of these multinational companies was just 10.6% in informing the host communities of degradation of the environment. While the value standard deviation was 22%, which means it surpassed the mean, this showed that mean is being validated and reliable of its truism. On the maximum and minimum values were 1 and 0 and the associated median was 0. This implies that when the multinational disclosed is 1 otherwise 0, for the fact the minimum and median have the same have value of 0, this showed that majority of the firms did not disclose information on the externalities in their corporate reporting. On the explained variables, that Earnings Per Share (EAPS) and Return on Assets (RETA). These dependent variables have average values of 3.503 and 5.324, respectively. While the associated standard deviation values were 8.048 and 19.349 which surpass the mean of the distribution, this implied that the average value of performance metrics was reliable and validated the distribution of the performance proxies with the Minimum -20.23 and -179.917, maximum 57.63 and 176.267 and median 0.97 and 4.7587 respectively. Table 2: Descriptive Statistics Variable Obs Mean Std. Dev. Min Max Median Edindex 340 .106 .222 0 1 0 Eaps 339 3.503 8.048 -20.23 57.63 0.97 Reta 339 5.324 19.349 -179.917 176.267 4.7587 Source: Authors’ computation, 2021 Table 3: Pairwise correlations Variables Deindex (EAPS) (RETA) (1) edindex 1.000 (2) EAPS 0.127* 1.000 0.020 (3) RETA 0.051 0.299* 1.000 0.352 0.000 * Show significance at the .05 level Source: Authors’ computation (2021) c) Sectoral Analysis of Environmental Accounting Disclosure Compliance of Listed Multinational firms Figures 1, 2, and 3 show the sectoral analysis of the extent to which the selected sectors which are involved in the production comply with the environmental disclosure index. The sectors selected are the; industrial goods, consumer goods, and oil and gas sectors. The individual assessment of industrial goods, as shown in figure 1 indicate period from 2011 to 2020, the sector had only one full disclosure of their environmental activities; following that, there were two times they had 85% disclosures followed by 60% and © 2021 Global Journals 2 Global Journal of Management and Business Research Volume XXI Issue II Version I Year 2021 ( ) D 2 Environmental Accounting Disclosure and Financial Performance of Listed Multinational Firms in Nigeria b) Test of variables Table 3 shows the result of correlation analysis for both the dependent variables and independent variables. The coefficients of correlation analysis revealed there subsist positive and but weak association between environmental disclosures index and performance metrics of return on assets (RETA) and earnings per share (EAPS). Also, the correlation coefficient among these variables shows nonserial correlation which suggests that no multicollinearity exists. Thus, to achieve the stated objectives, the study used a panel regression analysis to dissect the assumed causality. The panel regression results showed, presented and discussed in table 3.