サステナビリティ報告と企業業績：ナイジェリア上場石油・ガスセクターからの証拠
Sustainability Reporting and Firm Performance: Evidence from Nigeria’s Listed Oil and Gas Sector (原題)
Zanna Hamajalo
🤖 gxceed AI 要約
日本語
ナイジェリア上場石油・ガス企業10社を対象に、2014〜2023年の10年間でESG・経済的サステナビリティ報告が企業業績（ROA）に与える影響をパネル回帰で分析。環境・社会・ガバナンス開示はROAと弱い正の関係を示し、経済的開示は正の関係が確認された。サステナビリティ開示が投資家行動に影響し、開示企業は投資家を引き付けやすいと結論づけている。
English
This study analyzes how sustainability reporting affects firm performance (ROA) in 10 listed Nigerian oil and gas firms over 2014–2023 using panel regression. Environmental, social, and governance disclosures show a weak positive relationship with ROA, while economic disclosure is positively associated. The authors conclude that sustainability disclosure influences investor behavior and can attract investment in the Nigerian capital market.
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
新興国・資源セクターにおけるESG開示と財務パフォーマンスの関係を示す実証例として、日本企業の有報・統合報告書における開示戦略やSSBJ対応の参考になる。特に石油・ガスなど高排出セクターの開示インセンティブを考える上で示唆がある。
In the global GX context
This paper adds emerging-market evidence to the global disclosure literature (TCFD/ISSB), showing that sustainability reporting correlates with firm performance in a high-emission sector. It is useful for comparative analysis of how disclosure incentives operate outside advanced economies and for understanding investor-facing disclosure dynamics in resource-rich markets.
👥 読者別の含意
🔬研究者:新興国・資源セクターにおけるESG開示と財務成果の実証的関連を、パネルデータ手法の適用例として参考にできる。
🏢実務担当者:石油・ガスなど高排出セクターの企業が、投資家誘引のためにサステナビリティ開示を強化する根拠として活用可能。
🏛政策担当者:新興国市場において、開示義務化やガイドライン策定が投資家行動に与える影響を検討する際の参考事例となる。
📄 Abstract（原文）
This study examines impact of sustainability reporting on investor’s behavior in listed oil and gas firms in Nigeria for a period of (10) years ranging from 2014 to 2023. The study utilizes four dimensions of sustainability reporting, (Environmental, Social, Governance and Economic) sustainability reporting while Firm Performance been the dependent variable was proxied by Tobin Q and measured by Return on Asset. The study adopted ex-post facto research design while the population of the study comprised of all the (10) listed oil and gas firms as at 31 December, 2023. Census sampling was adopted while data was obtained from secondary sources due to the fact that it is a quantitative study based on positivism paradigm. Panel multiple regression was used for the analysis and the study conducted a test of descriptive statistics, correlation matrix as well as some post estimation econometrics test such as, normality test, heteroskedasticity, autocorrelation, and random effect model test. From the regression result, evidence indicates that a low significant positive relationship between environmental, social and governance sustainability reporting and Return on Asset, though the relationship was insignificantly low for social disclosure but a positive relationship with economic sustainability. Based on the above findings the study concluded that sustainability disclosure influences the return on Asset in the Nigeria capital market. The policy implication of the study is that firms that disclose sustainability reporting in their annual reports are likely to attract more investors. Therefore, in line with the conclusion the study recommends amongst others that firms should deliberately increase their disclosure of sustainability performance reporting in order to attract investors to their shares and therefore increase their market value.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.56201/ijebm.vol.12.no2.2026.pg215.229first seen 2026-09-17 04:59:46
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