ナイジェリア製造企業におけるサステナビリティ報告と市場価値
Sustainability Reporting and Market Value of Manufacturing Firms in Nigeria (原題)
Onovayen Erus Evelyn, Okolie, Agustine Oke, Okoro Edesiri Godsday
🤖 gxceed AI 要約
日本語
ナイジェリア証券取引所上場の製造企業46社を2015〜2024年の10年間対象に、ESGサステナビリティ報告が市場価値に与える影響を固定効果回帰で分析。環境・社会・ガバナンス報告はいずれも統計的に非有意で、集約したサステナビリティ報告も市場価値と有意な関係を示さなかった。著者は投資家が開示情報を投資判断の重要情報として活用していないと結論づけ、開示実務・規制遵守・ステークホルダーの認知向上を提言する。
English
Panel fixed-effects study of 46 Nigerian listed manufacturing firms (2015–2024) testing whether ESG sustainability reporting affects market value. Environmental, social, and governance reporting each show statistically insignificant effects, and aggregate reporting is also insignificant. The authors conclude disclosure lacks materiality for investors and recommend stronger disclosure practice, regulatory compliance, and stakeholder awareness.
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
新興国におけるESG開示の市場評価を実証した点は、SSBJ基準導入後に開示の投資家有用性を問う日本企業・規制当局にとって比較材料となる。開示の「質」と投資家の認知が価値に結びつく条件を考える示唆がある。
In the global GX context
Adds emerging-market evidence to the global debate on whether sustainability disclosure is priced by markets, relevant to ISSB/IFRS S1-S2 adoption and CSRD-style mandatory regimes where materiality and investor use of ESG data remain contested.
👥 読者別の含意
🔬研究者:新興国でのESG開示と企業価値の非有意な関係を示す実証データとして、開示の情報有用性研究に援用できる。
🏢実務担当者:開示の存在だけでは市場評価に結びつかず、情報の質と投資家対話が重要という示唆を得られる。
🏛政策担当者:開示義務化だけでは不十分で、投資家の認知・利用を高める制度設計の必要性を示す。
📄 Abstract（原文）
This study examines the effect of sustainability reporting on market value of listed manufacturing companies in Nigeria, specifically focusing on Environmental Sustainability Reporting (ESR), Social Sustainability Reporting (SSR) and Governance Sustainability Reporting (GSR). This research is justified by increasing world concerns and pressure for companies to disclose their environment, social and governance (ESG) activities due to stakeholders pressure to enhance transparency and accountability. The study makes use of expost facto research design; the investigation of the annual report for the listed 46 listed manufacturing companies on Nigeria Exchange Group for 10 years period. Data for the study are obtained from the annual reports of 46 listed manufacturing companies on Nigeria Exchange Group (NGX) covering the 10 years from 2015-2024. The analysis involves descriptive statistics, correlation Analysis, Variance Inflation Factor(VIF), Brusch pagan Lagrangian multiplier test , Hausman specification test and fixed effects regression. The findings from result confirm that Environmental Sustainability Reporting have a negative but statistical insignificant effect on the market value, Social sustainability Reporting have positive but not statically significance effect on firm value, Governance Sustainability Reporting have negative but statistically insignificant effect on market value. The finding from the regression results also confirmed that sustainability reporting aggregate have no statistical significance on the market value of listed manufacturing Companies in Nigerian within the study periods The study concludes that sustainability disclosure did not provide a basis for materiality to investors during investment decisions process among listed manufacturing Companies. It shows that over the period sustainability reporting have no financial implication on stock valuation among firm that has disclosure sustainability. In view of these findings, the research recommends increased practice for sustainability disclosures, increased regulatory compliance, and higher stakeholder perception or awareness towards the information embedded within sustainability reporting practice among companies.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.51505/ijebmr.2026.11011first seen 2026-11-07 05:49:01
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