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The Effect of Triple Bottom Line Reporting on Financial Performance: Evidence from ESG Metrics of Quoted Firms in Nigeria

トリプルボトムライン報告が財務パフォーマンスに与える影響：ナイジェリア上場企業のESG指標からの証拠 (AI 翻訳)

Onipe Adabenege Yahaya

Zenodo (CERN European Organization for Nuclear Research)📚 査読済 / ジャーナル2026-05-28#ESGOrigin: Global
DOI: 10.5281/zenodo.20435455
原典: https://doi.org/10.5281/zenodo.20435455

🤖 gxceed AI 要約

日本語

ナイジェリア上場148社の2010～2025年パネルデータを用い、トリプルボトムライン（ESG）報告が財務パフォーマンス（ROA）に及ぼす影響を分析。ガバナンス品質が有意に正の効果を示し、環境・社会開示は緩やかな関係。レバレッジは負の効果、Big4監査が正の調整効果を持つ。アフリカのESG実証に貢献。

English

Using panel data of 148 Nigerian firms from 2010-2025, this study examines the impact of triple bottom line (ESG) reporting on financial performance (ROA). Governance quality shows a significant positive effect, while environmental and social disclosures have a moderate positive relationship, moderated by firm size and industry. Leverage is negative, and Big4 audit positively moderates. Contributes empirical evidence from an African context.

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や有価証券報告書でのESG開示が進むが、本稿はアフリカ・ナイジェリアの新興市場の証拠を提供。日本企業の海外子会社管理や投資家の新興国ESG評価に示唆を与える。

In the global GX context

While most ESG-performance research focuses on developed markets, this paper provides evidence from Nigeria, an underexplored African context. It challenges the assumption that TBL reporting universally hurts short-term financial performance, offering insights for global disclosure scholars and investors in emerging markets.

👥 読者別の含意

🔬研究者:Provides empirical evidence from an African emerging market on the ESG–financial performance nexus, using a long panel (2010-2025).

🏢実務担当者:Corporate sustainability teams in emerging markets can use the findings to justify ESG reporting as value-relevant, especially governance practices.

🏛政策担当者:Regulators in developing economies can see that mandatory ESG disclosure may not harm firm performance; governance metrics are particularly impactful.

📄 Abstract（原文）

This study investigates the effect of triple bottom line (TBL) reporting on the financial performance of quoted firms in Nigeria, using environmental, social, and governance (ESG) metrics as proxies for TBL dimensions. Drawing on an unbalanced panel dataset of 148 firms listed on the Nigerian Exchange Group (NGX) over the period 2010–2025, the study employs fixed-effects and random-effects panel regression models with robust standard errors, augmented by Hausman specification tests, variance inflation factor (VIF) diagnostics, and heteroscedasticity corrections. Financial performance is measured through return on assets (ROA), while TBL reporting is captured through environmental disclosure scores, social disclosure scores, and governance quality indices. Control variables include firm size, financial leverage, Big 4 audit firm dummy, industry dummies, and year dummies. Results reveal that governance quality exerts a statistically significant and positive effect on financial performance, while environmental and social disclosure scores demonstrate a positive but moderately significant relationship contingent on firm size and industry membership. Leverage is negatively associated with performance, and Big 4 audit engagement positively moderates the ESG–performance relationship. The findings contribute empirical evidence to the largely underexplored African context, challenge the normative assumption that TBL reporting universally impairs short-term financial performance, and offer actionable implications for regulators, investors, and corporate boards in Nigeria's evolving sustainability landscape.

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