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再生可能エネルギー投資と企業配当政策:実証的考察

Renewable energy investment and corporate dividend policy:  An empirical investigation (原題)

Muhammad Aminu Isa, Abdullahi Hassan Gorondutse, A. Mohammed, Rabiu Saminu Jibril, Aishat Salawudden, Aminu Sulaimon Olasunkanmi

Computational Finance & Economics📚 査読済 / ジャーナル2026-10-25#気候金融経営インパクト: 資金調達対象セクター: manufacturing
DOI: 10.68171/j.cofeco.2026.13
原典: https://smati.org/journals/cofeco/article/download/13/40
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🤖 gxceed AI 要約

日本語

ナイジェリアの製造業株主400名へのアンケート調査を用い、配当政策がエネルギー転換計画(ETP)の資金調達手段となり得るかを検証した先駆的研究。SmartPLSによる分析の結果、配当政策の設定(SDP)と再生可能エネルギー投資(REI)には正で有意な関連が認められた一方、企業配当政策(CDP)とREIの関係は正だが非有意であった。株主がナイジェリアのエネルギー転換を支持する意向を持つことを示し、「グリーン配当」という新たな資金調達の可能性を提示する。

English

Surveying 400 shareholders of Nigerian manufacturing firms, this pioneer study tests whether dividend policy can fund Energy Transition Plans via 'green dividends'. Using SmartPLS and bootstrapping, it finds a positive, significant link between setting a dividend policy (SDP) and renewable energy investment (REI), while the corporate dividend policy (CDP)–REI link is positive but insignificant. Shareholders appear willing to support Nigeria's energy transition.

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

日本では配当政策とGX投資を結びつける議論はまだ薄いが、トランジションファイナンスや株主エンゲージメントを通じた脱炭素投資の資金調達を考える上で示唆がある。SSBJ開示や統合報告での資本配分説明の参考になり得る。

In the global GX context

Adds a shareholder-financing angle to transition finance debates, proposing 'green dividends' as a mechanism to channel equity returns into energy transition capex—relevant to global discussions on transition finance and capital allocation disclosure.

👥 読者別の含意

🔬研究者:Provides empirical evidence on shareholder willingness to fund energy transition through dividend policy in an emerging market.

🏢実務担当者:Suggests framing dividend and capital-allocation decisions around transition investment to align shareholder support.

🏛政策担当者:Highlights a potential market-based financing channel for national energy transition plans in emerging economies.

📄 Abstract(原文)

The study explored whether dividend policy could serve as an innovative funding option to finance Energy Transition Plan (ETP) in Nigeria. This study is a pioneer study that explored the possibility of establishing green dividends in Nigeria and at the global scale. The study obtained information from 400 shareholders of manufacturing companies through a structured questionnaire survey. It used SmartPLS to estimate the links between variables as well as indicators and their link with other variables. The study used a bootstrapping approach to generate statistically reliable estimates of interaction effects. The result of setting a dividend policy (SDP) to renewable energy investment (REI) revealed a positive and significant association. The study suggests the need to create a new strategy to manage the shareholders' dividend raised by the management. This will include the future benefits of the dividend used, the time expected to repay the dividend and the benefits attached.  By implication, the study contributes to global calls relating to sustainable development goals, which have gained acceptance not only from the company's management but also from stakeholders within the society. This will enable the United Nations to assess the potential benefits of the diverse use of shareholders' funds in attaining the United Nations Framework commitment. This means that if the dividend policy is properly strategized, it can optimize renewable energy investment policy. Moreover, the relationship between corporate dividend policy (CDP) and renewable energy investment (REI) is positive but insignificant. Hence, shareholders are willing to support the renewable energy transition in Nigeria.

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