Environmental, Social, Governance (ESG) Factors and Stock Price Performance of Listed Deposit Money Banks in Nigeria
ナイジェリア上場預金取扱銀行における環境・社会・ガバナンス（ESG）因子と株価パフォーマンス (AI 翻訳)
Charles, Ogboi, Somtochukwu, Chikezie Akunna, Samson, Alalade Yimka,
🤖 gxceed AI 要約
日本語
ナイジェリアの預金取扱銀行737行を対象に、ESG因子が株価パフォーマンスに与える影響を分析。パネルデータ回帰の結果、ESG因子は株価に有意な影響を与え、特に環境（ENV）とガバナンス（COG）は負の効果を示した。社会的因子（SOC）は有意でなかった。研究は、ナイジェリアの銀行が国際的なサステナビリティ報告基準を採用し、ESGコンプライアンスの財務負担を軽減する戦略を開発する必要性を提言。
English
This study examines the effect of ESG factors on stock price performance of 737 deposit money banks in Nigeria using panel data regression. Results show that ESG factors jointly significantly affect stock performance, with environmental and governance factors having a significant negative effect, while social factors are insignificant. The study recommends that Nigerian banks adopt global sustainability reporting standards and develop strategies to mitigate financial burdens of ESG compliance.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
ナイジェリアの銀行セクターにおけるESG開示と株価の関係を実証。日本ではSSBJ基準や有報でのESG情報開示が進む中、新興国の事例として比較参考になる可能性がある。ただし、GX（脱炭素）に特化した分析ではないため、直接的な示唆は限定的。
In the global GX context
Provides empirical evidence from an African emerging market on the ESG-financial performance link, contributing to the global debate on materiality of ESG factors. While not directly about climate disclosure, it underscores the importance of adopting global sustainability reporting standards, relevant to ISSB and CSRD discussions.
👥 読者別の含意
🔬研究者:Offers a non-Western empirical perspective on ESG and stock performance, useful for cross-country comparative studies.
🏢実務担当者:Includes recommendations for banks to adopt global reporting standards and manage ESG compliance costs.
🏛政策担当者:Suggests that regulators in emerging markets should encourage standardized ESG disclosure to improve market efficiency.
📄 Abstract（原文）
Stock price performance of Deposit Money Banks (DMBs) in Nigeria represent the quality of investment financial decisions made by directors and management. However, stock price of Nigerian banks has remained volatile despite huge investments in Environmental (ENV), Social (SOC), Governance (COG) (ESG) factors. Extant literature has shown how ESG initiative affect stock price of companies. Stock price volatility of Nigerian banks could be attributed to lack of understanding of importance of ESG initiatives by investors. This study therefore investigated the effect of ESG factors on stock price performance of DMBs in Nigeria. This study adopted ex post fact research design. The population for this study consists of all 737 deposit money banks (commercial and microfinance banks) purposively selected based on inclusive criteria. Time series and cross-sectional data were obtained from published audited financial statements. The validity and reliability of data is based on audited financial statements. Descriptive and inferential (panel data and granger causality) statistics at 5 per cent level of significance. Panel data regression result showed that ESG factors exerted joint significant effect on stock performance (adj. R2 = 0.36, F (4,38) = 18.34, P = .00). Specifically, ENV had significant negative effect on stock performance (β= -0.23, t= -3, p = .00); SOC exerted insignificant negative effect on stock performance (β= -0.17, t= -1.67, p = .09); COG had significant negative effect on stock performance ((β= -0.87, t= -3.34, p = .00). The study concludes that ESG factors significantly affect the stock price performance of deposit money banks in Nigeria. The study recommended that Nigerian banks should improve their ESG disclosure practices by adopting global sustainability reporting standards. Banks should develop strategies to mitigate the financial burden of ESG compliance by adopting cost-effective and revenue-generating environmental and governance policies.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.9734/air/2025/v26i51460first seen 2026-05-05 19:08:48
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