Effect of Intellectual Capital Disclosure and Sustainability Reporting on the Value of Listed Industrial Goods Companies in Nigeria
Dr. M. M. Naburgi, Dr. MUSA, Hassan, GODWIN, Sunday Stephen
🤖 gxceed AI 要約
日本語
本研究はナイジェリアの上場産業財企業を対象に、知的資本開示とサステナビリティ報告が企業価値に与える影響を分析した。パネルデータ分析の結果、サステナビリティ報告は企業価値に有意な正の効果を持つ一方、知的資本開示は負の関係を示し、投資家が無形資産情報を十分に評価していない可能性が示唆された。
English
This study examines the effect of intellectual capital disclosure and sustainability reporting on firm value for Nigerian industrial goods companies using panel data. Findings show that sustainability reporting (ESG disclosure) has a significant positive impact on firm value, while intellectual capital disclosure has a negative relationship, indicating low investor trust in voluntary intangible asset reporting.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
In the global GX context
This study contributes to global ESG disclosure literature by demonstrating that sustainability reporting positively affects firm value in an emerging market (Nigeria), supporting signaling theory. It also highlights challenges of voluntary disclosure in weaker institutional environments.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the differential impact of sustainability vs. intellectual capital disclosure in an African emerging market.
🏢実務担当者:Highlights the importance of credible sustainability reporting for investor confidence in emerging markets.
🏛政策担当者:Suggests that regulatory efforts to improve disclosure quality can enhance market valuation.
📄 Abstract（原文）
This study examined the effect of intellectual capital disclosure and sustainability reporting on the value of listed industrial goods companies in Nigeria. The study adopts a panel data approach, covering 130 observations from companies listed on the Nigerian Exchange over a specified period. The findings reveal that sustainability reporting has a statistically significant positive effect on firm value, indicating that firms with higher levels of ESG disclosure are more likely to attract investor confidence and achieve higher market valuation. In contrast, intellectual capital disclosure exhibits a significant negative relationship with firm value, suggesting that investors in the Nigerian industrial goods sector may not fully recognize or trust the information conveyed through voluntary intangible asset reporting. Correlation analysis further supports these findings, showing a strong positive association between SR and FV, while ICD is weakly negatively associated with FV. The study concludes that sustainability reporting serves as a credible signal of firm quality and long-term strategic orientation, consistent with signaling theory. It recommends that firms enhance the quality and credibility of both sustainability and intellectual capital disclosures to improve transparency, investor confidence, and sustainable value creation in the Nigerian capital market.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.47191/jefms/v9-i2-40first seen 2026-05-05 23:10:28
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