DO SUSTAINABILITY DISCLOSURES MATTER FOR MARKET VALUATION? EVIDENCE FROM CONSUMER GOODS FIRMS IN SUB-SAHARAN AFRICA
サステナビリティ開示は市場評価に影響するか？サブサハラアフリカの消費財企業からのエビデンス (AI 翻訳)
null FEMI, null YOHANNA, null ADEBISI
🤖 gxceed AI 要約
日本語
本研究は、サブサハラアフリカの上場消費財企業におけるサステナビリティ報告の価値関連性を検証。SDGs、GRI、統合報告、TCFDの開示と市場評価の関係を分析し、開示の標準化や信頼性、制度的文脈が重要であることを示した。
English
This study examines the value relevance of sustainability disclosures for listed consumer goods firms in Sub-Saharan Africa, finding that SDG and TCFD reporting are negatively associated with market valuation, while GRI reporting shows a positive association. Results highlight the importance of standardization and institutional 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
本論文はサブサハラアフリカに焦点を当てているが、日本企業が新興市場で開示戦略を展開する際の参考となる。特にTCFD開示への市場の懐疑的態度は、制度の信頼性設計の重要性を示唆する。
In the global GX context
This paper contributes to the global debate on the value relevance of sustainability disclosures, challenging the assumption that all frameworks enhance firm value. It underscores the role of institutional strength and disclosure credibility, relevant for standard-setters like ISSB and regulators in emerging economies.
👥 読者別の含意
🔬研究者:Provides empirical evidence on heterogeneous market responses to different disclosure frameworks in an emerging market context.
🏢実務担当者:Can inform corporate sustainability reporting strategies in regions with limited enforcement and institutional support.
🏛政策担当者:Highlights the need for regulatory frameworks that enhance disclosure credibility and standardization to improve market valuation.
📄 Abstract（原文）
This study examines the value relevance of corporate sustainability reporting frameworks among listed consumer goods manufacturing firms in Sub-Saharan Africa (SSA). Using an unbalanced panel of 826 firm-year observations from 87 firms across 13 SSA countries over the study period, the analysis assesses whether disclosures aligned with the Sustainable Development Goals (SDGs), Global Reporting Initiative (GRI), Integrated Reporting (IR), and the Taskforce on Climate-related Financial Disclosures (TCFD) convey value-relevant information to capital markets. Firm value relevance is proxied using market-based valuation residuals derived from an Ohlson-type framework, while sustainability disclosures are measured using binary adoption indicators. The study employs panel Ordinary Least Squares, Fixed Effects, and Generalised Linear Models, controlling for firm size, leverage, profitability, and country effects. The results reveal heterogeneous market responses to sustainability disclosures. SDG and TCFD reporting are negatively associated with value relevance, suggesting investor scepticism towards disclosures perceived as symbolic or risk- revealing in weaker institutional environments. In contrast, GRI-based reporting exhibits a positive and significant association with firm valuation once firm-specific heterogeneity is controlled for, while Integrated Reporting shows no significant valuation effect. Overall, the findings indicate that the value relevance of sustainability reporting in SSA is contingent on disclosure standardisation, credibility, and institutional context. Keywords: Sustainability reporting; Value relevance; ESG disclosure; GRI; SDGs; TCFD
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.65922/msxxyf16first seen 2026-05-14 22:17:37
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。