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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#ESG
DOI: 10.5281/zenodo.20435456
原典: https://doi.org/10.5281/zenodo.20435456

🤖 gxceed AI 要約

日本語

本研究は、ナイジェリア上場企業148社の2010～2025年のパネルデータを用い、トリプルボトムライン（TBL）報告が財務パフォーマンス（ROA）に与える影響を検証した。ガバナンス品質は有意に正の効果を示し、環境・社会開示は企業規模・業種に依存して中程度の正の関係が見られた。大手監査法人の関与がESG-パフォーマンス関係を強化する。

English

This study investigates the effect of triple bottom line (TBL) reporting on financial performance of 148 Nigerian listed firms (2010–2025). Governance quality positively affects ROA, while environmental and social disclosure have contingent positive effects. Big 4 audit engagement strengthens the ESG–performance link.

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

日本のGX文脈では、SSBJや有報でのサステナビリティ開示基準が整備される中、新興国におけるESG開示と財務パフォーマンスの関連性を実証した点が参考になる。ただしナイジェリア固有の制度要因に留意が必要。

In the global GX context

This paper provides empirical evidence from an underexplored African market, challenging the assumption that TBL reporting harms short-term financial performance. It adds to global debate on ESG materiality and the role of audit quality, relevant for ISSB and CSRD discussions about emerging economies.

👥 読者別の含意

🔬研究者:Provides evidence from an African context on ESG–financial performance link, useful for cross-country studies.

🏢実務担当者:Highlights the role of governance quality and Big 4 auditors in moderating ESG–performance relationship.

🏛政策担当者:Suggests that mandatory ESG disclosure may not impair financial performance, supporting regulatory developments in Africa.

📄 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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