ナイジェリア上場消費財企業の企業価値に対する炭素会計開示の影響
Carbon Accounting Disclosures Effect on the Firm Value of Listed Consumer Goods Firms in Nigeria (原題)
Samuel Enefiok Ndarake
🤖 gxceed AI 要約
日本語
ナイジェリア上場消費財企業を対象に、2016〜2025年の炭素会計情報開示が企業価値（Tobin's Q）に与える影響をパネル回帰で検証した研究。炭素排出開示（β=0.218）、削減・緩和開示（β=0.267）、炭素関連リスク管理開示（β=0.193）がいずれも企業価値に正かつ有意な影響を持つことを示す。炭素開示が投資家にとって価値関連情報であることを新興国市場から実証した。
English
This study examines how carbon accounting disclosures affect the market valuation (Tobin's Q) of listed consumer goods firms in Nigeria over 2016–2025 using panel regression. Carbon emission disclosure (β=0.218), reduction/mitigation disclosure (β=0.267), and carbon risk management disclosure (β=0.193) all show positive, significant effects on firm value. It provides emerging-market evidence that carbon disclosure is value-relevant to investors.
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基準・有報での気候関連開示が拡大する中、開示の「価値関連性」を新興国で実証した本稿は、開示規制の投資家便益を裏付ける傍証となる。日本企業のScope3・炭素リスク開示の投資家評価を考える上での比較材料を提供する。
In the global GX context
As ISSB/IFRS S2 and CSRD push mandatory climate disclosure globally, this paper adds emerging-market evidence that carbon disclosure is priced by investors—useful for regulators weighing assurance and reporting mandates beyond advanced economies.
👥 読者別の含意
🔬研究者:開示の価値関連性研究に、アフリカ新興国・セクター特化の実証データを加える。
🏢実務担当者:炭素開示の質と網羅性の向上が市場評価に資することを示す経営・開示担当向けの根拠。
🏛政策担当者:気候関連報告義務と保証制度の強化を正当化する新興国エビデンスとして参照可能。
📄 Abstract（原文）
This study examined the effect of carbon accounting information disclosure on the market valuation of listed consumer goods firms in Nigeria for the period 2016–2025. Specifically, the study investigated the effects of carbon emission disclosure, carbon reduction and mitigation disclosure, and carbon-related risk and management disclosure on market valuation. An ex-post facto research design was adopted, while secondary data was obtained from the annual reports, sustainability reports and audited financial statements of sampled listed consumer goods firms. Market valuation was measured using Tobin’s Q, while the explanatory variables were measured using disclosure indices. Panel regression analysis was employed to test the hypotheses at the 5% level of significance. The findings revealed that carbon emission disclosure had a positive and significant effect on market valuation (β = 0.218; p = 0.004). Carbon reduction and mitigation disclosure also had a positive and significant effect on market valuation (β = 0.267; p = 0.001), while carbon-related risk and management disclosure exerted a positive and significant effect on market valuation (β = 0.193; p = 0.014). The study concludes that carbon accounting information constitutes value-relevant information to investors in the Nigerian consumer goods sector. It recommends that listed firms improve the quality and comprehensiveness of carbon-related disclosures and that regulatory authorities strengthen climate-related reporting requirements and assurance mechanisms. The study contributes to the emerging literature on carbon accounting and corporate valuation by providing sector-specific evidence from an emerging capital market.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.56201/jafm.vol.12.no10.2026.p1.13first seen 2026-10-23 06:16:42 · last seen 2026-11-06 05:42:46
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