EFFECT OF ECONOMIC, SOCIAL AND GOVERNANCE DISCLOSURES ON FIRM VALUE AND THE MODERATING EFFECT OF LEVERAGE. A STUDY OF LISTED NON-FINANCIAL FIRMS IN NIGERIA
経済・社会・ガバナンス開示が企業価値に与える影響とレバレッジの調整効果：ナイジェリア上場非金融企業の研究 (AI 翻訳)
null AISHAT
🤖 gxceed AI 要約
日本語
本研究は、ナイジェリアの非金融上場企業におけるESG開示が企業価値に与える影響を、レバレッジを調整変数として分析した。経済・ガバナンス開示は企業価値を高めるが、社会開示は有意な効果を示さない。高レバレッジはESG開示の価値向上効果を弱める。
English
This study examines the impact of ESG disclosure on firm value among non-financial firms in Nigeria, with leverage as a moderator. Economic and governance disclosures positively affect firm value, while social disclosure does not. Higher leverage weakens the valuation benefits of ESG disclosure.
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
本論文は新興国ナイジェリアの証拠を提供するが、日本のGX実務（SSBJ等）に直接関係しない。日本企業がナイジェリア投資を行う際、レバレッジが高い企業ではESG開示の効果が限定的である可能性を示唆する点で参考となる。
In the global GX context
This paper adds emerging-market evidence to the global ESG disclosure literature by revealing financial leverage as a moderator. It underscores that the value relevance of ESG reporting depends on firm-specific financial risk, relevant for investors and standard-setters considering context-specific factors.
👥 読者別の含意
🔬研究者:Provides a moderator perspective (leverage) on the ESG-firm value relationship, useful for future research in emerging markets.
🏢実務担当者:Corporate teams in high-debt firms should be aware that ESG disclosure benefits may be less pronounced.
🏛政策担当者:Policymakers in emerging economies should consider financial context when promoting ESG disclosure mandates.
📄 Abstract（原文）
In recent years, ESG disclosure has been promoted as a mechanism for improving corporate transparency and enhancing firm value, yet empirical evidence from emerging economies remains inconclusive. This study explores the effect of economic, social and governance disclosures on firm value among listed non-financial firms in Nigeria. ESG disclosure scores are derived from firms' annual reports using content analysis, while firm value is measured by Tobin's Q. Recognizing that firm-specific conditions may influence market perceptions, the study introduces financial leverage as a moderating variable. Using panel data regression techniques, the findings show that economic and governance disclosures are positively associated with firm value, whereas social disclosure does not exhibit a significant effect. The interaction analysis further indicates that higher leverage weakens the valuation benefits of ESG disclosure. These results align with signalling and stakeholder theories and reflect the cautious response of investors to sustainability information in markets with elevated financial risk. The study contributes to the growing ESG literature by providing evidence from Nigeria and highlights the importance of financial structure in shaping the value relevance of sustainability reporting. Keywords: ESG disclosure; firm value; financial leverage; sustainability reporting
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.65922/6w1hwg14first seen 2026-05-14 22:03:00
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