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ESG開示の質と資本コスト：サブサハラ・アフリカの石油・ガス企業からの証拠

ESG Disclosure Quality and Cost of Capital: Evidence from Oil and Gas Firms in Sub Saharan African (原題)

Iniobong Senas Usoro

INTERNATIONAL JOURNAL OF ECONOMICS AND FINANCIAL MANAGEMENT📚 査読済 / ジャーナル2026-08-20#ESG経営インパクト: 資金調達対象セクター: oil_gas
DOI: 10.56201/ijefm.v11.no6.2026.pg116.122
原典: https://doi.org/10.56201/ijefm.v11.no6.2026.pg116.122

🤖 gxceed AI 要約

日本語

本研究は、サブサハラ・アフリカの上場石油・ガス企業を対象に、ESG開示の質が資本コストに与える影響を固定効果モデルで分析した。GRI基準に基づく開示指数を用い、ESG開示の質が高いほど資本コストが低下することを示した。特に環境開示の影響が最も強く、投資家のリスク認識を低減することを示唆する。

English

This study examines the effect of ESG disclosure quality on the cost of capital for listed oil and gas firms in Sub-Saharan Africa using a fixed-effects model. Based on GRI standards, higher ESG transparency is associated with lower financing costs, with environmental disclosure having the strongest impact. The findings suggest improved ESG reporting reduces perceived risk and enhances investor confidence.

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、ESG情報の質と資本コストの関連は投資家対応で重要。本研究成果は、日本企業が海外子会社やサプライチェーンで直面する開示圧力への示唆を与える。

In the global GX context

This paper contributes to global disclosure scholarship by providing empirical evidence from an under-researched region, showing that ESG disclosure quality lowers cost of capital, aligning with TCFD/ISSB frameworks that emphasize transparency. It offers insights for emerging markets adopting international standards.

👥 読者別の含意

🔬研究者:Provides empirical evidence on ESG disclosure and cost of capital in an African context, useful for comparative studies.

🏢実務担当者:Highlights the financial benefits of improving ESG disclosure quality, supporting business cases for sustainability reporting.

🏛政策担当者:Suggests that promoting ESG disclosure standards can reduce financing costs for firms, informing regulatory policies.

📄 Abstract（原文）

This study examined the effect of Environmental, Social, and Governance (ESG) disclosure quality on the cost of capital of listed oil and gas firms in Sub-Saharan Africa. The motivation for the study arises from increasing global pressure on extractive industries to improve sustainability reporting and the persistent perception of high financial risk in the oil and gas sector. Using a panel dataset drawn from selected listed oil and gas firms across Nigeria, South Africa, Angola, and Ghana over the period 2010–2024, the study applies a fixed-effects regression model to assess the relationship between ESG disclosure quality and cost of capital. ESG disclosure quality is measured using a structured content analysis index based on Global Reporting Initiative (GRI) standards, while cost of capital is proxied by weighted average cost of capital (WACC). The results reveal that ESG disclosure quality has a statistically significant negative effect on cost of capital (β = -0.284, p < 0.01), indicating that firms with higher ESG transparency enjoy lower financing costs. Further results show that environmental disclosure exerts the strongest influence (β = -0.312), followed by governance disclosure (β = -0.261) and social disclosure (β = -0.198). The model explains approximately 63% of the variation in cost of capital (Adjusted R² = 0.631). The study concludes that improved ESG disclosure reduces perceived risk and enhances investor confidence in Sub-Saharan Africa’s oil and gas sector.

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