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ナイジェリアの金融サービス企業におけるESG開示、パフォーマンス、競争優位性

ESG Disclosure, Performance And Competitive Advantage In Financial Service Firms In Nigeria (原題)

Omowunmi Jumoke Ogunleye, Akingbade Abdulbasit Abiola, Ismaila Aderemi Bello

Metropolitan Journal of Academic and Applied Research📚 査読済 / ジャーナル2026-04-30#ESG経営インパクト: 資金調達対象セクター: finance
DOI: 10.68598/mjaar.392
原典: https://doi.org/10.68598/mjaar.392

🤖 gxceed AI 要約

日本語

ナイジェリア上場金融機関31社の2020〜2024年パネルデータを用い、ESG開示が企業パフォーマンス（ROA）と競争優位性（財務コスト）に与える影響を固定・変量効果モデルで検証。環境・ガバナンス開示は有意な影響を示さなかったが、社会開示は財務コストと有意な負の関係にあり、資金調達コスト低減を通じて競争優位性を高める可能性を示唆。企業年齢やレバレッジもパフォーマンスに有意に影響した。

English

Using panel data from 31 listed Nigerian financial firms (2020–2024) and fixed/random effects models, this study tests whether ESG disclosure affects firm performance (ROA) and competitive advantage (finance cost). Environmental and governance disclosures show no significant effect, but social disclosure is significantly negatively related to finance cost, suggesting a financing-cost channel for competitive advantage. Firm age and leverage also significantly influence outcomes.

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・金融セクターにおけるESG開示の経済的効果を実証した点は、SSBJ基準導入後に開示の費用対効果を問う日本企業・投資家にとって比較材料となる。特に「社会」開示が資本コスト低減に効くという知見は、人的資本・社会関係資本開示の議論と接続しうる。

In the global GX context

This adds emerging-market evidence to the global debate on whether ESG disclosure translates into financial outcomes, complementing TCFD/ISSB-aligned disclosure research that is dominated by EU and US samples. The finding that social disclosure lowers financing costs speaks to transition-finance and cost-of-capital arguments in disclosure policy design.

👥 読者別の含意

🔬研究者:ESG開示と財務成果の関係が制度・地域文脈で異なることを示す比較実証として参照できる。

🏢実務担当者:社会（S）開示の充実が資金調達コスト低減に寄与しうる点を、開示戦略の優先順位づけに活用できる。

🏛政策担当者:ESG開示基準の整備が企業の財務ポジションに与える効果を踏まえ、開示制度設計の根拠として参考になる。

📄 Abstract（原文）

This study examined the effect of Environmental, Social, and Governance (ESG) disclosure on firm performance and competitive advantage among listed financial service firms in Nigeria. Adopting an ex-post facto research design, panel data were collected from 31 firms over the period 2020–2024 and analyzed using fixed and random effects regression models. ESG disclosure was measured using environmental, social, and governance scores, while firm performance and competitive advantage were proxied by Return on Assets (ROA) and finance cost respectively. The findings revealed that environmental and governance disclosures had no significant impact on firm performance or competitive advantage in listed financial service firms in Nigeria. However, social disclosure exhibited a significant negative relationship with finance cost, indicating its role in enhancing competitive advantage through reduced financing costs. The results further showed that firm-specific factors such as age and leverage significantly influenced performance outcomes. Overall, the study concludes that ESG disclosure does not uniformly affect firm performance in Nigeria, although social disclosure plays a critical role in improving firms’ financial positioning. The study recommends improved ESG reporting standards and deeper integration of sustainability practices into corporate strategy to enhance long-term value creation.

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