Factors Influencing Voluntary Sustainability Reporting For Oil and Gas Companies in Tanzania
Keywords:Voluntary Sustainability Reporting (VSR), Sustainability Reporting (SR), Financial Reporting
This article examines factors influencing voluntary sustainability reporting for the oil and gas sector in Tanzania. The sector was considered due to its potentiality for economic development. The population of the study was oil and gas companies operating in upstream, midstream, or downstream. Factor analysis was applied to group the factors and obtain variables which were regressed to test their significance in determining voluntary sustainability reporting. The study used non-probabilistic sampling and data was collected through a survey. It was revealed that perceived benefits, NGOs and the media significantly influence voluntary sustainability reporting, while top management support, governmental regulations and professional involvement do not. From the findings of the study, it is recommended that advocates of voluntary sustainability reporting should capitalise on creating awareness on perceived benefits, NGOs and the media. It is also recommended that more attention should be dedicated to making organisations themselves perceive the benefits of sustainable reporting rather than paying a lot of attention to governmental regulations, governmental support, professional involvement and management support factors.