SUSTAINABILITY REPORTING AND MARKET VALUE OF LISTED NON-FINANCIAL FIRMS IN NIGERIA
ナイジェリアの上場非金融企業におけるサステナビリティ報告と市場価値 (AI 翻訳)
FAITH IKPI IBIANG, ADEIZA FAROUK MUSA, BABA JASON KWAGHE, YOHANNA DANG DAGWOM
🤖 gxceed AI 要約
日本語
本研究は、ナイジェリアの上場非金融企業におけるESG報告と市場価値の関係を調査。2014～2023年のデータを用いたパネル回帰分析により、ESG開示が企業価値（トービンのQ、株式リターン）に正の影響を与えることを発見。特にガバナンス指標が最も強い影響を示した。環境開示は有意に価値を高めるが、社会・ガバナンス開示の効果はより複雑である。
English
This study examines the relationship between ESG reporting and market value of listed non-financial firms in Nigeria. Using panel regression on data from 2014-2023, it finds a positive and significant impact of ESG disclosure on firm value (Tobin's Q and stock return), with governance indicators having the strongest influence. Environmental disclosure significantly enhances value, while social and governance effects are more nuanced.
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
日本企業のナイジェリア進出やESG投資判断に参考となる可能性はあるが、直接的な日本のGX文脈（SSBJ、有報、統合報告書）との関連は薄い。新興市場におけるESG開示の価値関連性を示す事例として位置づけられる。
In the global GX context
This paper adds empirical evidence from an underexplored African market to the global ESG disclosure literature. While not directly addressing TCFD/ISSB/CSRD frameworks, it reinforces the value relevance of ESG reporting in emerging economies, which is relevant for international investors and standard-setters expanding disclosure requirements.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG-market value nexus in Nigeria, useful for comparative studies across emerging markets.
🏢実務担当者:Highlights that ESG disclosure can affect stock performance in Nigeria, suggesting companies with Nigerian operations should prioritize ESG reporting.
🏛政策担当者:Recommends strengthening ESG disclosure guidelines in Nigeria, offering data-driven rationale for regulatory action.
📄 Abstract（原文）
This study investigates the nexus between Environmental, Social, and Governance (ESG) reporting and capital market performance in Nigeria, inspired by the growing faith-driven demand for corporate accountability and transparency. Despite the global surge in ESG compliance, the Nigerian context remains underexplored, particularly concerning its effects on stock market metrics. The study's main objective is to empirically examine how ESG disclosures influence the performance of listed companies on the Nigerian Exchange Group. Anchored on stakeholder theory, the study employed an ex-post facto research design. The population comprised all 59 non-financial firms listed on the Nigerian Exchange between 2014 and 2023. A sample of 43 firms was purposively selected based on the availability of ESG disclosures. Secondary data were collected from annual reports, and ESG scores were computed using a weighted index approach. Market Capitalization was proxied by Tobin's Q and stock return. Data were analyzed using panel regression models. The findings reveal a positive and significant relationship between ESG reporting and market value, with governance indicators exerting the most substantial influence. the study concludes that while environmental disclosure significantly enhances firm value in Nigeria's capital markets, the effects of social and governance disclosures are more nuanced. The study recommends that regulators strengthen ESG disclosure guidelines and that firms adopt integrated sustainability frameworks. Faith-based investment circles are also urged to promote ethical investing, aligning profit motives with societal values.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.65922/0h1ey906first seen 2026-05-14 22:11:27
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。