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The Nexus Between Sustainability Reporting and Shareholders Value Creation: Evidence from Nigerian Construction Firms

サステナビリティ報告と株主価値創造の関係：ナイジェリア建設企業の証拠 (AI 翻訳)

A. Ajibade, Jerry O Kwarbai, Abdulrauf O. Durowoju

European Modern Studies Journal📚 査読済 / ジャーナル2026-04-02#ESGOrigin: Global対象セクター: construction
DOI: 10.59573/emsj.10(1).2026.38
原典: https://doi.org/10.59573/emsj.10(1).2026.38

🤖 gxceed AI 要約

日本語

ナイジェリア上場建設企業7社の2010〜2023年のパネルデータを用い、サステナビリティ報告（環境・社会・ガバナンス）が株主価値（配当・株価上昇）に与える影響を分析。ガバナンス報告は正の効果、社会報告は負の効果、環境報告は有意でないことを示した。

English

Using panel data from seven Nigerian listed construction firms (2010-2023), this study examines the impact of sustainability reporting (environmental, social, governance) on shareholder value (dividends and share appreciation). Governance reporting has a positive effect, social reporting a negative effect, and environmental reporting no significant effect.

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、建設業界でもサステナビリティ情報の投資家向け開示が重要になっている。本稿は新興国での開示と企業価値の関係を示し、日本企業の開示戦略や投資家対応に示唆を与える。

In the global GX context

Globally, this study adds evidence from an African emerging market on how sustainability reporting affects shareholder value, complementing studies from developed markets. It highlights the importance of governance disclosure and the need for standardized frameworks, relevant to ISSB and CSRD implementation.

👥 読者別の含意

🔬研究者:新興国におけるESG開示と企業価値の関係についての実証的知見を提供。

🏢実務担当者:建設業界のサステナビリティ報告の優先順位（特にガバナンス）を検討する際の参考になる。

🏛政策担当者:新興国での開示基準策定や規制強化の根拠となる実証データを提供。

📄 Abstract（原文）

This study investigated the relationship between sustainability reporting and shareholders value creation in construction firms listed in Nigeria. The study employed an ex-post facto research design, utilising secondary data obtained from annual reports and published financial statements of seven construction firms listed on the Nigerian Exchange Group over a fourteen-year period (2010-2023). Sustainability reporting was operationalised through three dimensions: environmental sustainability reporting, social sustainability reporting, and governance sustainability reporting. Shareholders value creation was measured using dividend payments and share appreciation. Panel data regression analysis with fixed effects estimation and robust standard errors was employed. The findings revealed that sustainability reporting significantly affects shareholder value creation (R² = 0.301, F-stat = 13.46, p < 0.05). Governance sustainability demonstrated a strong positive effect (β = 0.554, p < 0.001), while social sustainability exhibited a significant negative effect (β = -0.639, p < 0.001). Environmental sustainability showed no significant individual effect (β = 0.057, p = 0.666). The study concluded that sustainability reporting, particularly governance disclosure, significantly enhances shareholder value creation in Nigerian construction firms. The study recommends that management prioritise robust governance structures and transparent reporting to build investor confidence, while regulators should mandate standardised sustainability disclosure frameworks aligned with international standards.

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