ESG Disclosure Quality and Cost of Capital in Nigeria.
ナイジェリアにおけるESG開示の質と資本コスト (AI 翻訳)
Yahaya, Onipe Adabenege
🤖 gxceed AI 要約
日本語
本研究は、ナイジェリア上場企業152社を対象に、ESG開示の質が資本コストに与える影響を分析した。2015～2024年のパネルデータを用い、ESG開示の質が高いほど加重平均資本コスト（WACC）が低下することを確認した。企業のレバレッジは資本コストを引き上げる一方、規模や収益性は低下させる効果があった。ESG開示の戦略的重要性を示唆する。
English
This study examines the impact of ESG disclosure quality on the cost of capital for 152 Nigerian listed firms from 2015 to 2024. Using panel regression, it finds that higher ESG disclosure quality significantly reduces the weighted average cost of capital (WACC), while leverage increases it. Firm size and profitability have negative effects. Results highlight the strategic importance of ESG transparency for cheaper financing.
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
ナイジェリア市場に焦点を当てた研究であり、日本のGX文脈への直接的な示唆は限定的。ただし、新興国におけるESG開示と資本コストの関係を実証した点は、日本企業が海外子会社やサプライチェーンで同様の効果を期待する際の参考になる可能性がある。
In the global GX context
This paper provides empirical evidence from an emerging market (Nigeria) on the financial benefits of ESG disclosure. While not directly applicable to developed markets with mature disclosure regimes (e.g., TCFD/ISSB adopters), it reinforces the global trend linking ESG transparency to lower capital costs, which is relevant for investors and regulators in all regions, including those implementing CSRD or SEC climate rules.
👥 読者別の含意
🔬研究者:Adds to the literature on ESG disclosure and cost of capital in emerging markets, offering a comparison with developed market findings.
🏢実務担当者:Shows that improving ESG disclosure quality can reduce financing costs, supporting business cases for sustainability reporting in emerging economies.
🏛政策担当者:Provides evidence for regulators in emerging markets to promote mandatory ESG disclosure as a tool to lower corporate financing costs.
📄 Abstract（原文）
This study examines the impact of Environmental, Social, and Governance (ESG) disclosure quality on the cost of capital among Nigerian publicly listed firms. Using a panel dataset of 152 firms over the period 2015–2024, the study investigates how ESG disclosure, alongside firm size, leverage, and profitability, influences financing costs. ESG disclosure quality was measured through a content analysis of annual and sustainability reports, while cost of capital was computed using the weighted average cost of capital (WACC). Descriptive statistics revealed moderate ESG disclosure practices, considerable variation in firm leverage, and heterogeneous profitability across firms. Correlation analysis showed a significant negative association between ESG disclosure quality and cost of capital, indicating that firms with higher ESG transparency attract cheaper financing. Panel regression analyses, guided by pooled OLS, fixed effects, and random effects models, confirmed that ESG disclosure quality significantly reduces cost of capital, while leverage increases it, and firm size and profitability exert negative effects. Post-estimation diagnostics, including Hausman, Breusch–Pagan, Wooldridge, and modified Wald tests, validated model robustness and appropriateness. The findings underscore the strategic importance of ESG disclosure in lowering financing costs and enhancing investor confidence. The study recommends that Nigerian firms strengthen ESG reporting, optimize capital structures, and integrate ESG into corporate strategy to achieve financial efficiency and sustainable value creation.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.5281/zenodo.18047054first seen 2026-05-14 22:08:33
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