Sustainability Reporting and Value of Listed Manufacturing Firms in Nigeria: The Moderating Role of Foreign Ownership
ナイジェリア上場製造企業のサステナビリティ報告と企業価値：外国人所有権の調整効果 (AI 翻訳)
Romoke Rafiat Busari, Olayinka Segun Wale
🤖 gxceed AI 要約
日本語
本研究はナイジェリアの製造企業におけるサステナビリティ報告と企業価値の関係を、外国人所有権の調整効果に着目して分析した。2015～2024年のパネルデータを用い、環境報告と外国人所有権の相互作用がトービンのQで測定した企業価値を有意に向上させることを発見した。一方、社会報告やガバナンス報告の効果は限定的だった。実務家にはグローバル基準との整合、政策立案者には規制強化を提言している。
English
This study examines the relationship between sustainability reporting and firm value in Nigerian manufacturing firms, with foreign ownership as a moderator. Using panel data from 2015-2024, it finds that the interaction of environmental reporting and foreign ownership significantly enhances firm value (Tobin's Q), while social and governance reporting have limited effects. It advises managers to align with global standards and policymakers to strengthen regulations.
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
ナイジェリア製造業を対象としており、日本市場への直接的な示唆は限られる。ただし、外国人所有がサステナビリティ報告の企業価値への影響を調整する点は、日本企業の海外子会社における報告戦略の参考になり得る。また、SSBJが求める透明性向上の議論にも間接的に関連する。
In the global GX context
While focused on Nigeria, this paper contributes to the global debate on sustainability reporting and firm value, particularly the role of foreign ownership. It provides evidence from an under-researched developing economy, relevant for international investors and multinational corporations assessing disclosure impacts in emerging markets. The findings support the ISSB's push for globally comparable standards.
👥 読者別の含意
🔬研究者:Useful for scholars studying sustainability reporting, firm value, and ownership structure in developing markets.
🏢実務担当者:Managers in Nigerian firms should consider aligning environmental reporting with global standards to attract foreign investment.
🏛政策担当者:Regulators in developing economies can use evidence to design frameworks that enhance transparency and investor confidence.
📄 Abstract（原文）
The interconnection among sustainability reporting, foreign ownership and value of firms remains an unresolved issue in developing economies, especially for the Nigerian manufacturing sector, where sustainability practices and foreign investment are important. This study examined the interactive effect of sustainability reporting and foreign ownership on the value of manufacturing firms listed on the Nigerian Exchange Group. Ex-post facto research design was employed and the study utilized 46 listed manufacturing firms using purposive sampling technique from 2015 to 2024. “Least Square Dummy Variable” regression method was applied in analyzing the panel data, with Tobin’s Q and Market-to-Book Value (Mtbv) as proxies for firm value. Explanatory variables were environmental reporting, social reporting and governance reporting, with foreign ownership as the moderating variable. The findings revealed that the interaction between environmental reporting and foreign ownership significantly enhance firm value (Tobin’s Q) while the interaction effect was insignificant for Mtbv. The interactive effect of social reporting and foreign ownership had an adverse effect on firm value when measured as Mtbv and did not have significant influence on Tobin’s Q. Furthermore, the interactive effect of governance reporting and foreign ownership showed no significant impact on firm value when measured as Tobin’s Q and Mtbv. Thus, managers are advised to align sustainability strategies with global reporting standards, while policymakers should strengthen regulatory frameworks to enhance transparency and investor confidence.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.37355/acta-2026/1-03first seen 2026-07-24 05:56:20
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