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Beyond Compliance: Do ESG Disclosures Drive Financial Value in Ngeria’s Non-Financial Firms?”

コンプライアンスを超えて：ナイジェリアの非金融企業におけるESG開示は財務価値を促進するか？ (AI 翻訳)

R. Ayoola, A. Aikomo

International Journal of Multidisciplinary and Innovative Research📚 査読済 / ジャーナル2026-04-18#ESG
DOI: 10.58806/ijmir.2026.v3i4n04
原典: https://doi.org/10.58806/ijmir.2026.v3i4n04

🤖 gxceed AI 要約

日本語

ナイジェリアの上場非金融企業76社の2010～2024年パネルデータを用いて、ESG開示が財務業績（ROCE、税引後利益率）に与える影響を検証。環境・ガバナンス開示は有意な影響なし、社会開示は利益率に負の影響。ESG報告は戦略的価値創造に至っておらず、コンプライアンス中心であると結論。規制強化と開示品質向上を提言。

English

This study analyzes 76 Nigerian listed non-financial firms from 2010-2024, finding that environmental and governance disclosures have no significant impact on financial performance (ROCE, profit margin), while social disclosure negatively affects profitability. It concludes ESG reporting in Nigeria remains compliance-driven rather than value-creating, recommending stronger regulation and improved disclosure quality.

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

本論文は新興国ナイジェリアを対象としており、日本企業のESG実務に直接示唆を与えるものではない。しかし、開示が戦略的価値に結びつくための条件（規制の実効性、投資家意識）を考える上で参考になる。

In the global GX context

Provides empirical evidence from an understudied African market on the ESG-financial performance link, contributing to the global debate on whether disclosure creates value. Highlights the gap between compliance and strategic integration, relevant for emerging economies.

👥 読者別の含意

🔬研究者:Offers a rare panel data study on ESG and financial performance in Nigeria, contributing to emerging market literature.

🏢実務担当者:Limited direct relevance for Japanese practitioners; useful for those operating in Nigeria.

🏛政策担当者:Relevant for Nigerian regulators considering ESG disclosure mandates; less so for Japanese policymakers.

📄 Abstract（原文）

This study investigates the effect of sustainability reporting on the financial performance of listed non-financial firms in Nigeria, with particular emphasis on environmental, social, and governance (ESG) disclosures. Drawing on stakeholder theory, the study examines whether ESG reporting functions as a value-enhancing strategic tool or remains a compliance-driven obligation within Nigeria’s emerging market context. Using an ex-post facto research design, a balanced panel dataset of 76 listed non-financial firms over the period 2010–2024 was analyzed. Financial performance was measured using Return on Capital Employed (ROCE) and Profit After Tax Margin (PATM), while sustainability performance was captured through a disclosure index covering environmental (ENVD), social (SOCD), and governance (GOVD) dimensions. Panel regression techniques, including fixed-effects and random-effects models, were employed to ensure robust estimation. The results revealed that environmental and governance disclosures have no statistically significant impact on either ROCE or PATM, indicating that these dimensions of sustainability reporting remain largely symbolic and compliance-oriented in Nigeria. Social disclosure, however, exerts a significant negative effect on PATM, suggesting that social investments impose short-term profitability costs without generating immediate financial returns. The study concluded that sustainability reporting in Nigeria has not yet evolved into a strategically embedded driver of financial value. It recommends stronger regulatory enforcement, improved disclosure quality, and greater investor awareness to unlock the long-term financial benefits of ESG practices.

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