Green Financing Instruments and Their Influence on Capital Structure in Nigeria
グリーンファイナンス手段とナイジェリアにおける資本構成への影響 (AI 翻訳)
Yahaya, Onipe Adabenege
🤖 gxceed AI 要約
日本語
本稿は、グリーンボンド、グリーンローン、サステナビリティ連動型融資などのグリーンファイナンス手段が企業の資本構成（負債比率等）に与える影響を、ナイジェリア企業のパネルデータを用いて分析。固定効果回帰の結果、グリーン債務の発行は従来型融資に比べてレバレッジを高める方向に作用することが示された。ESG要素が資本構成理論に新たな次元を加えることを実証した研究。
English
This study empirically examines how green financing instruments (green bonds, green loans, sustainability-linked financing) affect corporate capital structure (debt-to-equity, debt-to-total assets) using panel data from Nigerian firms. Fixed-effects regressions reveal that green debt issuance is associated with higher leverage ratios compared to conventional financing. The findings suggest that sustainability considerations introduce new dimensions to traditional capital structure theories, offering insights for financial managers, investors, and policymakers in the green economy transition.
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
本稿はナイジェリアに焦点を当てているが、グリーンファイナンス手段の資本構成への影響を実証した点は、日本のグリーンボンド市場やサステナビリティ・リンク・ローン（SLL）の拡大にも示唆を与える。日本の企業がグリーンファイナンスを活用する際の財務戦略の参考となる。
In the global GX context
This paper provides empirical evidence from an emerging economy (Nigeria) on how green financing influences capital structure, adding to the global conversation on transition finance. For international readers, it highlights that green debt can lead to higher leverage, which is relevant for understanding corporate financial behavior under ESG frameworks like ISSB and TCFD reporting.
👥 読者別の含意
🔬研究者:This study offers empirical evidence on the capital structure effects of green financing in an emerging market, contributing to sustainable finance literature.
🏢実務担当者:Corporate finance teams can use these findings to anticipate leverage changes when adopting green bonds or sustainability-linked loans.
🏛政策担当者:Regulators in emerging markets can note that green financing influences corporate debt structure, potentially affecting financial stability and disclosure requirements.
📄 Abstract（原文）
This study investigates the influence of green financing instruments on the capital structure decisions of firms, addressing a critical gap in sustainable finance literature. Using panel data analysis, we examine how the adoption of green bonds, green loans, and sustainability-linked financing affects two key capital structure metrics: debt-to-equity ratio (DE) and debt-to-total assets ratio (DTA). The research controls for traditional capital structure determinants, including firm size (FS), firm profitability (FP), growth opportunities (GO), firm age (FA), and liquidity (LIQ). Employing fixed-effects regression models on a sample of firms across multiple industries over five years, the findings reveal that green financing instruments significantly influence capital structure composition, with green debt issuance associated with higher leverage ratios compared to conventional financing. The results demonstrate that firms utilizing green financing instruments exhibit distinct capital structure patterns, suggesting that sustainability considerations introduce new dimensions to traditional capital structure theories. This research contributes to the emerging literature on sustainable finance by providing empirical evidence on how environmental, social, and governance (ESG) factors reshape corporate financing decisions. The study offers practical implications for corporate financial managers, investors, and policymakers seeking to understand the financial architecture of the green economy transition.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.5281/zenodo.18554600first seen 2026-05-14 21:33:09
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