Effect of Environmental, Social and Governance (ESG) Disclosure on Market Value of Listed Non-Financial Firms in Nigeria
ナイジェリアの非金融上場企業におけるESG開示が市場価値に与える影響 (AI 翻訳)
Onyinye Dorince Ozonyia, S. Eneh
🤖 gxceed AI 要約
日本語
本研究は、2014年から2025年のナイジェリア非金融上場企業を対象に、ESG開示が市場価値に与える影響を分析。環境開示指数のみが市場価値と統計的に有意な正の関係を示し、社会・ガバナンス・サステナビリティ報告スコア・保証の有無は有意でなかった。環境開示の強化と規制枠組みの改善を提言。
English
This study examines the effect of ESG disclosure on market value of Nigerian non-financial firms (2014-2025). Using panel regression, it finds that only the Environmental Disclosure Index has a statistically significant positive effect on market value, while social, governance, and assurance variables are insignificant. The paper recommends strengthening environmental disclosure and regulatory frameworks.
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
ナイジェリア市場の実証研究だが、日本企業にとっても環境開示が投資家評価に与える影響を示唆。SSBJ基準における環境情報の重要性を再確認する材料となる。
In the global GX context
This paper provides evidence from an emerging market that environmental disclosure is the most value-relevant component of ESG. For global disclosure scholarship, it highlights that the value impact of ESG varies across components and markets, supporting the case for materiality-based reporting standards like ISSB.
👥 読者別の含意
🔬研究者:Empirical evidence on the differential value relevance of ESG components in an African context.
🏢実務担当者:Firms should prioritize environmental disclosure to enhance market valuation.
🏛政策担当者:Regulators should strengthen ESG reporting frameworks to improve investor-usefulness.
📄 Abstract（原文）
This study examines the effect of ESG disclosure on the market value of listed non-financial firms in Nigeria between 2014 and 2025, with Market Value (MV) serving as the measure of firm value. The specific objective was to assess how Environmental Disclosure Index (EDI), Social Disclosure Index (SDI), Governance Disclosure Index (GDI), Sustainability Reporting Score (SRS), and ESG Assurance Presence (ESG_AP) influence MV. Using panel data from listed non-financial firms and applying panel least squares regression analysis, the study found that only one of the examined ESG variables had a statistically significant effect on market value. Environmental Disclosure Index (β = 216,919.4, p = 0.0000) exhibited a statistically significant positive relationship with market value, indicating its strong influence on firm valuation. In contrast, Social Disclosure Index (β = -37,115.03, p = 0.5001), Governance Disclosure Index (β = -37,640.56, p = 0.2348), Sustainability Reporting Score (β = -131,027.8, p = 0.0981), and ESG Assurance Presence (β = 91.0513, p = 0.8232) all showed negative or statistically insignificant effects on market value. Descriptive statistics revealed moderate variation in ESG disclosure levels across firms, while market value exhibited high dispersion, indicating significant differences in firm size and valuation within the sample. The findings imply that investor valuation in the Nigerian non-financial sector is more responsive to environmental disclosure than to social, governance, and assurance-related ESG information. The study concludes that while ESG disclosures are important for corporate transparency and sustainability reporting, their influence on market value is uneven, with environmental information being the most impactful. It recommends that firms strengthen their environmental disclosure practices and that regulators enhance ESG reporting frameworks to improve the relevance, consistency, and investor usefulness of ESG information in Nigeria’s capital market.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.openjournals.ijaar.org/index.php/sjmsr/article/download/2102/2157first seen 2026-07-14 05:02:46
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