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ABSTRACT
The study examines the effect of determinants of sustainability growth of listed oil and gas firms in Nigeria over the period 2012 – 2021. A longitudinal research design was adopted for the study. The population of the study consists of the twelve (12) listed oil and gas companies as at 31st December, 2021. Six (6) of the listed oil and gas firms were selected to form the sample of the study. Panel least square (PLS) techniques was utilized to examine the effect of profitability, capital structure, dividend payout, working capital management and carbon footprint on the sustainable growth of listed oil and gas firms. The finding of the study reveals that all the independent variables has insignificant effect on the sustainable growth of listed oil and gas firms in the Nigeria. The study recommends that investors should not be convinced by the profitability, capital structure, dividend payout, working capital management and carbon footprint position as they do not greatly influence the dividend payout decision of listed oil and gas firms in Nigeria. Also, Government should provide an enabling macroeconomic and political environment capable of making firms operating in Nigeria perform creditably. This include putting in place stable inflationary, exchange rate and tax policies as well as stable political environment through appropriate legislation and institutional framework that will enable oil and gas firms in Nigeria perform efficiently and increase their profitability which will ensure that investors get maximum returns. Furthermore, managers of oil and gas firms who aim at having sustainable growth, which will improve investors’ confidence in the firm, hence leading to increase in the firms’ value should consider other firm specific and macroeconomic factors.
