Social Sustainability Disclosure and Share Price of Listed Oil and Gas Companies in Nigeria
ナイジェリアの上場石油・ガス企業における社会的サステナビリティ開示と株価 (AI 翻訳)
Hamza Aliyu, M. Muhammad, S. A. Modibbo, Habiba Adamu
🤖 gxceed AI 要約
日本語
ナイジェリアの上場石油・ガス企業7社を対象に、社会的サステナビリティ開示と株価の関係を2015～2025年のパネルデータで分析。主成分分析で開示指数を構築し、パネル回帰の結果、開示の増加が株価上昇と統計的に有意に関連することを確認。Instrumental Stakeholder Theoryを支持する結果。
English
This study examines the relationship between social sustainability disclosure and share prices of seven listed oil and gas companies in Nigeria from 2015 to 2025. Using a disclosure index via PCA and panel regression, it finds a significant positive association (β=0.5847, p=0.000), supporting Instrumental Stakeholder Theory and indicating that investors reward social engagement.
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
ナイジェリア市場に限定されるが、社会的サステナビリティ開示が株価に正の影響を与えるエビデンスは、日本のSSBJや統合報告書における社会情報開示の価値を示唆する。日本企業の開示戦略にも参考になる。
In the global GX context
This paper provides emerging market evidence that social sustainability disclosure is value-relevant, supporting global trends in non-financial disclosure regulations (e.g., ISSB, CSRD) and instrumental stakeholder theory. It demonstrates that investors price social performance in the oil and gas sector.
👥 読者別の含意
🔬研究者:Provides empirical evidence from an emerging market on the positive relationship between social sustainability disclosure and share price.
🏢実務担当者:Highlights that improved social disclosure can enhance firm value and reduce information asymmetry.
🏛政策担当者:Supports the case for mandatory social disclosure regulations in emerging markets.
📄 Abstract（原文）
This study examines the relationship between social sustainability disclosure and the share price of listed oil and gas companies in Nigeria. Motivated by the growing emphasis on non-financial transparency and investor sensitivity to corporate social performance, the study investigates how social disclosures are reflected in market valuation. A positivist research philosophy and longitudinal panel design were adopted. Data were drawn from audited annual reports and standalone sustainability reports of seven listed oil and gas companies in Nigeria from 2015 to 2025. Share price was measured using annual closing prices, while social sustainability disclosure was proxied by a sustainability disclosure index developed through Principal Component Analysis. The data were analyzed using panel regression with Panel-Corrected Standard Errors to control for heteroskedasticity and serial correlation. The results reveal a positive and statistically significant relationship between social sustainability disclosure and share price (β = 0.5847, p = 0.000), indicating that increased social disclosure is associated with higher share prices. The finding supports Instrumental Stakeholder Theory, suggesting that investors reward firms’ social engagement as a mechanism for reducing social risk, strengthening legitimacy, and enhancing firm value. The study concludes that social sustainability disclosure is value relevant in the Nigerian oil and gas sector. Managers should therefore prioritize high-quality social sustainability initiatives and enhance disclosure clarity to reduce information asymmetry and improve investor confidence.
🔗 Provenance — このレコードを発見したソース
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