Corporate Governance, Ownership Structure and Performance of Oil and Gas Firms in Nigeria: A GMM Analysis

Abstract

The Routledge Handbook of Environmental Accounting, a 2020 publication by Taylor and Francis Group, presents a comprehensive overview of environmental accounting. This review focuses on a specific chapter titled "An Overview of Legitimacy Theory as Applied Within the Social and Environmental Accounting Literature." Deegan's chapter explores the definition of legitimacy theory, emphasizing the alignment of a company's values with societal values and the distinction between actual and perceived legitimacy. Notably, the absence of discussion on 'greenwashing,' a prevalent concern, raises questions. The chapter delves into the interplay of social contract and legitimacy theory, introducing the concept of a 'legitimacy gap.' It highlights manifestations through societal shifts and the 'organizational shadow'. Strategies for companies to manage legitimacy are outlined, acknowledging a lack of empirical evidence. Historical perspectives on legitimacy theory in environmental reporting are discussed, critiquing the reliance on outdated studies. Deegan enumerates criticisms of legitimacy theory, suggesting a section title change to 'Gaps in the Literature.' Despite shortcomings, the chapter provides valuable insights for experienced scholars navigating the intricacies of legitimacy theory in environmental accounting.