DO FIRM CHARACTERISTICS SHAPE ESG DISCLOSURE? INSIGHTS FROM NIGERIA'S LISTED MANUFACTURING COMPANIES
企業特性はESG開示を形成するか？ナイジェリア上場製造企業からの洞察 (AI 翻訳)
Olajide Taiwo, Laka Daniel Temitope, Laka Unenwojo Folaolurin, Mike Soomiyol
🤖 gxceed AI 要約
日本語
本研究は、ナイジェリアの上場製造企業20社（2014-2023年、200企業年）を対象に、収益性、取締役会規模、企業年齢がESG開示（環境・社会・ガバナンスの各要素）に与える影響を分析。パネル回帰分析の結果、企業年齢は環境開示に有意な正の影響を与える一方、収益性や取締役会規模は有意でなかった。企業規模は全ての開示要素に対して安定した正の影響を示し、制度的成熟度と規模が開示行動の主要な規定要因であることを示唆している。
English
This study examines the effect of firm characteristics (profitability, board size, firm age) on ESG disclosure components among 20 listed Nigerian manufacturing firms (2014-2023, 200 firm-years). Panel regression reveals that firm age significantly and positively influences environmental disclosure, while profitability and board size have no significant effect. Firm size (control) is a robust determinant of all three ESG components, suggesting that institutional maturity and scale drive disclosure in emerging markets.
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
日本ではSSBJ基準の適用が進む中、企業規模や成熟度に応じた段階的な開示義務の設計が議論されている。ナイジェリアの事例は、制度が未成熟な市場でも規模が開示を促進することを示し、日本企業の海外子会社管理やサプライチェーン開示に示唆を与える。
In the global GX context
As ISSB standards gain global traction, understanding disclosure drivers in emerging markets is crucial for standard-setters. This study demonstrates that firm size and age, rather than profitability or board composition, are key determinants of ESG disclosure in a developing economy, offering insights for tailoring disclosure requirements to firm characteristics.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG disclosure determinants in an African emerging market, contributing to the literature on firm characteristics and disclosure theory.
🏛政策担当者:Suggests that policymakers in emerging markets should mandate standardized ESG disclosure with gradual obligations based on firm size and maturity to enhance accountability.
📄 Abstract（原文）
Environmental, Social, and Governance (ESG) disclosure has gained prominence as a critical dimension of corporate transparency, particularly for manufacturing firms operating under increasing regulatory and stakeholder scrutiny. This study examines the effect of firm characteristics specifically profitability, board size, and firm age on ESG disclosure, decomposed into its three distinct components: environmental, social, and governance disclosure. The study adopts an ex-post facto quantitative research design, drawing on a balanced panel of 20 listed manufacturing companies on the Nigerian Exchange Group (NGX) over the period 2014-2023 (200 firm-year observations). Data are analysed using panel regression, with model selection guided by Hausman specification and Breusch-Pagan Lagrangian Multiplier tests. Grounded in agency theory, legitimacy theory, and stakeholder theory, the study constructs a coherent theoretical framework for understanding disclosure incentives in emerging markets. The findings reveal that firm age significantly and positively influences environmental disclosure (β = 0.1236, p < 0.05), while profitability and board size do not demonstrate statistically significant effects across any of the three ESG dimensions. Firm size, included as a control variable, emerges as a consistently robust and significant determinant of all three ESG disclosure components. These results suggest that institutional maturity, rather than profitability or board composition, drives disclosure behaviour in Nigeria's manufacturing sector, and that firm scale amplifies external visibility pressures that compel greater transparency. The study recommends that policymakers mandate standardised ESG disclosure requirements, with graduated obligations calibrated to firm size and institutional maturity, to promote accountability and sustainable corporate practices.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.57233/ijamer.v2i2.11first seen 2026-06-29 06:03:00
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