RELEVANCE OF CORPORATE ECO-EFFICIENCY TO FINANCIAL PERFORMANCE OF COMPANIES IN NIGERIA (A STUDY OF GUINNESS NIGERIA PLC)
Abstract
This study examined the effect of corporate eco-efficiency on financial performance of
companies in Nigeria with Guinness Nigeria Plc as the study reference. Specifically, the
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study determined the effect of energy efficiency, water utilization efficiency and Greenhouse
gas emissions management on return on asset of Guinness Nigeria Plc. An ex –post facto
research design approach was adopted for the study. Using a series data for the period of ten
(10) years 2012 to 2021, Guinness Nigeria Plc was chosen based on the firms’ position as
one largest brewing company and its consistency in disclosure of corporate eco-efficiency
concerns in its corporate reports. Secondary data were obtained from the annual
/sustainability reports of the company from 2012 to 2021 financial year. Three hypotheses
were formulated and tested in the course of this study. Regression analysis by aid of Eview v
10.00 was used to test for statistical significance of the effect of corporate eco-efficiency on
financial performance. The results showed that Energy efficiency has negative insignificant
effect on the Return on Asset of the companies in Nigeria. This study further revealed that
Water utilization efficiency has positive significant effect on the Return on Asset of the
companies in Nigeria. Finally, the result also established that Greenhouse gas emissions
management has negative and insignificant effect on the Return on Asset of the companies in
Nigeria. Based on the findings, this study recommended among others; that the government
should enforce the practice of the legal structures on environmental concerns in all the
companies in Nigeria especially in Brewery firms in Nigeria.
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