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ナイジェリアのエネルギー部門における炭素会計と財務業績

Carbon Accounting and Financial Performance of the Energy Sector in Nigeria (原題)

Wisdom Okere, Cosmas Ambe, Sanele Phumlani Vilakazi

International Journal of Energy Economics and Policy📚 査読済 / ジャーナル2026-09-02#炭素会計対象セクター: energy
DOI: 10.32479/ijeep.23230
原典: https://doi.org/10.32479/ijeep.23230

🤖 gxceed AI 要約

日本語

ナイジェリアの上場石油・ガス企業10社（2014-2023年）を対象に、炭素排出量の報告と財務業績（EPS、株価、投下資本利益率）の関係をパネル回帰で分析。炭素排出量とEPS・株価に有意な正の関係が見られ、投資家が環境意識を持たず高炭素企業に投資する傾向を示唆。一方、投下資本利益率との関係は有意でない。透明な持続可能性報告の戦略的重要性を結論。

English

This study analyzes 10 Nigerian oil and gas firms (2014-2023) using panel regression to examine the link between carbon reporting and financial performance. Results show a significant positive relationship between carbon emissions and EPS/stock price, suggesting investors are not environmentally conscious. However, the relationship with ROCE is insignificant. The paper concludes that transparent sustainability reporting is strategically important for carbon-intensive firms.

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

日本ではSSBJ開示が始まり、投資家の環境意識が高まる中、新興国市場の逆の傾向（高炭素企業への投資）は、日本の投資家や多国籍企業がサプライチェーン排出量を管理する際の参考になる。日本企業がナイジェリア等で事業展開する場合、現地の開示慣行と投資家行動の理解に有用。

In the global GX context

This paper provides empirical evidence from an African emerging market, contrasting with developed markets where carbon performance often correlates with better financial outcomes. It highlights that investor behavior may not always reward low-carbon strategies, which is relevant for global investors and multinationals assessing risks in emerging markets. It adds to the literature on carbon accounting in developing countries.

👥 読者別の含意

🔬研究者:Provides empirical evidence on carbon accounting-financial performance link in an African context, useful for comparative studies.

🏢実務担当者:Highlights the importance of transparent sustainability reporting for energy firms in emerging markets, even if investor pressure is low.

🏛政策担当者:Suggests that without regulatory or investor pressure, voluntary carbon reporting may not drive emissions reduction.

📄 Abstract（原文）

Energy firms in developing countries, such as those in Nigeria, are concerned about the long-term impacts of their actions to reduce greenhouse gas emissions, meet stakeholder demands and combat the effects of climate change. Consequently, there is an increasing concern about how these efforts will affect their bottom line. This paper examined the relationship between carbon reporting practices and the financial performance of quoted Nigerian oil and gas firms (listed on the Nigerian Exchange Group), using stakeholder theory as the foundation of the research methodology. Data for this study consisted of secondary data, specifically all available data collected from 10 publicly traded oil and gas firms from 2014 to 2023, obtained through the review of Annual Reports and Sustainability Reports issued by the Nigerian Exchange Group. Descriptive statistics and Panel Ordinary Least Squares Regression were used to evaluate the data and determine whether a relationship existed. The results indicate a statistically significant, positive relationship between carbon emissions and both earnings per share and stock price. These findings indicate that investors are not environmentally conscious and will be attracted to investments in companies that produce high levels of carbon-based performance. However, the results also demonstrate that the relationship between carbon emissions and return on capital employed is positive but statistically insignificant. Moreover, the findings demonstrate the strategic importance of carbon accounting for firms operating in carbon-intensive industries and conclude that firms should invest in transparent, sustainability-based reporting to ensure that environmental responsibility (climate action) aligns with long-term financial performance.

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