ナイジェリア上場非金融企業における外国人所有と財務業績：環境サステナビリティ報告による調整効果
Foreign Ownership and Financial Performance of Listed Non Financial Companies in Nigeria: Moderated by Environmental Sustainability Reporting (原題)
Solomon Ngu
🤖 gxceed AI 要約
日本語
ナイジェリア上場非金融企業61社の2011〜2023年データを用い、外国人所有がROAに負の影響を与える一方、環境サステナビリティ報告が財務業績に正の影響を与えることを示した。さらに環境開示が高い企業ほど外国人所有の負の効果を緩和することを発見。規制当局に対し環境報告の義務化を提言している。
English
Using data from 61 listed non-financial Nigerian firms (2011-2023), this study finds foreign ownership negatively affects ROA, while environmental sustainability reporting positively affects financial performance. Environmental disclosure significantly moderates the foreign ownership-performance relationship, mitigating the negative effect. The authors recommend mandatory environmental reporting by Nigeria's Financial Reporting Council.
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
新興国における環境開示と財務業績の関係を実証した研究であり、SSBJ基準や有報でのサステナビリティ開示義務化を検討する日本にとって、開示の経済的効果を裏付ける参考事例となる。ただしナイジェリア固有の制度・市場環境に依存する点には留意が必要。
In the global GX context
This study adds emerging-market evidence to the global debate on whether sustainability disclosure pays off financially, relevant to ISSB/CSRD implementation discussions. It supports the view that mandatory environmental reporting can improve transparency and firm performance, though findings are context-specific to Nigeria.
👥 読者別の含意
🔬研究者:新興国におけるESG開示と財務業績の調整効果に関する実証的知見を提供する。
🏢実務担当者:環境サステナビリティ報告の充実が外国人投資家対応と財務業績改善に寄与しうることを示唆する。
🏛政策担当者:環境報告の義務化が透明性と企業業績の両立に資する可能性を示す参考事例となる。
📄 Abstract（原文）
This study examined the effect of foreign ownership on financial performance of listed non financial companies in Nigeria, with environmental sustainability reporting as a moderating variable. A total of 61 listed non-financial companies were chosen using a stratified random sampling method from a population of 107. Secondary data was collected from the annual reports and financial statements of the selected companies covering the period from 2011 to 2023, and the data was analyzed using multiple regression analysis with STATA 18 statistical software. The results revealed that foreign ownership has a negative and statistically significant effect on financial performance, as measured by return on assets (ROA). However, environmental sustainability reporting was found to have a significant positive effect on financial performance. Furthermore, the moderating effect of environmental sustainability reporting on the relationship between foreign ownership and financial performance was found to be significant, suggesting that companies with higher environmental disclosures tend to mitigate the negative effect of foreign ownership on financial performance. The findings indicate that while foreign ownership may result in decrease in financial performance, robust environmental sustainability reporting can enhance financial outcomes. Therefore, the study recommends that listed non-financial companies in Nigeria should prioritize environmental sustainability reporting to improve financial performance. Regulatory authorities, such as the Financial Reporting Council of Nigeria should consider making environmental sustainability reporting mandatory to enhance transparency and accountability. Additionally, companies should attract more foreign investors, as their presence, combined with strong environmental disclosures, can lead to better financial performance.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.56201/jbae.vol.12.no2.2026.pg45.60first seen 2026-09-19 05:10:41
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