Environmental Mitigation Financing and Financial Efficiency of Listed Industrial Goods Firms in Nigeria
ナイジェリア上場産業財企業における環境対策資金調達と財務効率 (AI 翻訳)
A. Esther, Oluwaremi Joel Bali, Akinbobola Oluwatobiloba Bolanle
🤖 gxceed AI 要約
日本語
本稿は、ナイジェリアの上場産業財企業を対象に、環境対策資金（グリーンローン、公害対策投資、再生可能エネルギー投資、環境修復費用）が財務効率（経済付加価値）に与える影響を分析した。再生可能エネルギー投資と環境修復費用は財務効率に有意な正の効果を持つ一方、公害対策投資は短期的に負の効果を示した。グリーンローン単独では効果が限定的で、戦略的投資と連動した枠組みの重要性が示唆された。
English
This study examines the effect of environmental mitigation financing (green loans, pollution control, renewable energy, remediation) on financial efficiency (EVA) of Nigerian listed industrial firms. Results show that renewable energy investment and remediation costs positively impact efficiency, while pollution control investment has a negative short-term effect. Green loans alone do not guarantee value creation, highlighting the need for strategic investment frameworks.
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や有報でのグリーンファイナンス開示が進むが、本稿は新興国における実証エビデンスを提供。日本企業がナイジェリアなどで事業展開する際の環境投資判断に参考となる可能性がある。
In the global GX context
While global frameworks like TCFD and ISSB focus on disclosure, this paper provides empirical evidence from an emerging market on the link between green finance and firm efficiency. It reinforces the need to tie green loans to measurable outcomes, a key consideration for transition finance discussions.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the financial impact of various environmental mitigation investments in an African emerging market context.
🏢実務担当者:Suggests that renewable energy investments can enhance financial efficiency, while pollution control may have short-term costs.
🏛政策担当者:Highlights the need for green finance frameworks that link funding to measurable efficiency improvements.
📄 Abstract（原文）
This study investigated the effect of environmental mitigation financing on financial efficiency of listed industrial goods firms in Nigeria. Financial efficiency is measured using Economic Value Added, while environmental mitigation financing is proxied by green loan financing, pollution control investment, renewable energy investment, and environmental remediation and clean-up cost. An ex post facto research design was adopted using a balanced panel of 11 industrial goods firms listed on the Nigerian Exchange Group over the period 2015 to 2024. Secondary data were sourced from audited annual reports, sustainability disclosures, and exchange filings, and analysed using panel regression techniques with robust standard errors. The results indicated that green loan financing has a negative but statistically insignificant effect on financial efficiency, suggesting that access to green credit alone does not guarantee value creation. Pollution control investment showed a negative and significant effect on Economic Value Added, reflecting short term cost pressures associated with compliance driven environmental expenditure. In contrast, renewable energy investment exerted a strong positive and significant influence on financial efficiency, while environmental remediation and clean-up cost also recorded a positive and significant effect, indicating that proactive environmental actions enhance operational efficiency and stakeholder confidence. Based on these findings, the study recommended that industrial goods firms prioritise strategic environmental investments, particularly renewable energy initiatives, integrate environmental remediation into core operational planning, and evaluate pollution control expenditures using value-based performance measures. Policymakers and financial institutions were also encouraged to strengthen green finance frameworks by linking funding access to measurable efficiency outcomes.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.47772/ijriss.2026.100300035first seen 2026-05-15 20:40:41 · last seen 2026-05-23 05:53:29
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