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ABSTRACT
The broad objective of this study is to investigate the effect of good corporate governance practices on the performance of Nigerian oil and gas firms using a five (5) year time frame that span through 2018 to 2022. To achieve this objective, the researcher selected specific corporate governance mechanism proxies which have been widely employed in related extant literature to ascertain the extent to which board size, audit committee, board gender, and board Independence affects performance of oil and gas firms in Nigeria. This study employed ex-post facto and descriptive research design on a panel data set sourced from annual financial reports of listed oil and gas firms in Nigeria. Further, Descriptive statistics, Correlation Matrix Assessment and Balanced regression analysis technique were used for data analysis. Specifically, the result reveals mixed evidence suggesting that the effect of corporate governance on performance of oil and gas firms depends specifically on the proxy/s employed. Particularly, the findings reveal that while board size and board Independence have a positive and statistically significant relationship with firm performance proxied by return on asset(ROA) in Nigeria. However, board gender and audit committee showed no statistically significant relationship with firm performance during the period under review. Therefore, based on these empirical outcomes, the study recommends among others that policymakers should ensure a balanced board representation and a careful consideration of board Independence firms in Nigeria. This can be achieved by reviewing and updating existing governance guidelines to emphasize the importance of board size in enhancing sustainability reporting quality. Additionally, consider providing incentives for firms that voluntarily maintain large, diverse boards.
