新興国におけるESGサステナビリティ開示と市場ベース評価：ナイジェリア上場石油・ガス企業からの証拠

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:新興国・資源セクターにおけるESG開示と市場評価の動学的関係を示す実証例として、GMM手法と情報非対称性の議論が参考になる。

🏢実務担当者:環境・社会開示が株価評価に効く可能性を示唆し、開示の優先順位づけや投資家向け情報発信の設計に示唆を与える。

🏛政策担当者:新興国市場でESG開示の質を高めるには、資本市場関係者と連携したESG教育・政策改革が必要という示唆を提供する。

This study examines the effect of Environmental, Social and Governance (ESG) sustainability disclosure on share price of listed oil and gas companies in Nigeria over ten-year period covering 2016 to 2025. The research employed three dimensions of sustainability disclosures, Environmental, Social and Governance (ESG) while share price form the Proxy of the dependent variable (Market performance Valuation). The research used an ex-post factor research design, with population consisting of all the eleven (11) listed oil and gas companies in Nigeria as of 31st December 2025. Judgmental Sampling technique was used in selecting only (7) seven oil firms whose report are up to the study reporting date. Data was sourced from secondary sources, since this is a quantitative research grounded on the positivist paradigm. The analysis was conducted using the two-step system GMM estimation technique, which addressed the dynamic nature of firm performance and controlled for potential endogeneity. However, the findings of the GMM analysis revealed that only environmental and social sustainability had a statistically significant impact on market-based performance, as measured by share price. While Governance disclosure were not statistically significant on share price of listed oil and gas firms. Although the coefficients for the indicators of the variables (Governance Sustainability) were having positive signed in the baseline model (Model One) however, the p-values of the variable (Governance disclosures) exceeded the 5% threshold for significance. In line with the findings it was concluded that, high or low levels of information asymmetry do always alter how investors interpret sustainability disclosures. Based on the findings and conclusions, the study recommended among other things that, given the broader dimension of direct effects of the study variables, capital market stakeholders should initiate collaborative ESG education and policy reform efforts to help companies improve ESG disclosure practices.

• openalex https://doi.org/10.70382/hijbems.v013i7.0111first seen 2026-10-12 04:46:51
• semanticscholar https://harvardpublications.com/hijbems/article/download/814/752first seen 2026-10-14 05:35:10