ナイジェリアにおけるガバナンス持続可能性開示と企業市場価値：投資家取引行動の媒介的役割
Governance Sustainability Disclosure and Firm Market Value in Nigeria: The Mediating Role of Investor Trading Behaviour (原題)
Okechukwu D. Amadi, U. Uwaleke, Success Jibrin Musa
🤖 gxceed AI 要約
日本語
ナイジェリアの上場産業財企業を対象に、ガバナンス持続可能性開示が企業価値（Tobin's Q）に与える影響と、投資家取引行動の媒介効果を検証。2010-2025年のパネルデータを用いた分析の結果、開示は市場価値や取引行動に有意な影響を与えておらず、新興市場では開示が十分な市場シグナルとして機能していないことを示唆。
English
This study examines the effect of governance sustainability disclosure on firm market value in Nigeria's listed industrial goods sector, with investor trading behavior as a mediator. Using panel data from 2010-2025, the results show no significant direct or indirect effects, suggesting that such disclosure does not yet serve as a strong market signal in this emerging market.
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開示が始まったばかりで、開示が投資家にどう伝わるかは重要。新興市場の事例は、日本企業が海外子会社やサプライチェーンで直面する開示の実効性を考える参考になる。
In the global GX context
This paper contributes to the global discourse on the value relevance of sustainability disclosure, particularly in emerging markets. It highlights that disclosure alone may not influence market valuation without complementary factors, offering insights for ISSB and CSRD implementation in less mature markets.
👥 読者別の含意
🔬研究者:Provides evidence on the limited market impact of governance sustainability disclosure in an African emerging market, contributing to the literature on disclosure effectiveness.
🏢実務担当者:Suggests that merely increasing disclosure may not attract investor attention; companies may need to enhance communication and integrate sustainability into strategy.
🏛政策担当者:Indicates that mandatory disclosure frameworks may need supporting mechanisms to enhance market responsiveness, relevant for regulators in emerging economies.
📄 Abstract（原文）
The increasing emphasis on sustainability reporting has renewed interest in whether governance-related disclosures are sufficiently value relevant to influence investor behaviour and firm valuation in emerging capital markets. This study examines the effect of governance sustainability disclosure on the market value of listed industrial goods firms in Nigeria and investigates the mediating role of investor trading behaviour. Anchored primarily on signalling theory, with complementary insights from agency and stakeholder theories, the study adopts an ex-post facto panel design covering nine listed firms from 2010 to 2025. Governance sustainability disclosure is measured using a graded content-analysis index, firm market value is proxied by Tobin’s Q, and investor trading behaviour is measured by share turnover, with trading volume used for robustness analysis. Random-effects panel regressions with firm-clustered robust standard errors are estimated, while mediation is assessed using a 5,000-replication firm-level bootstrap procedure. The results indicate that governance sustainability disclosure has a positive but statistically insignificant effect on firm market value (b = 0.667, p = 0.736) and no significant effect on investor trading behaviour (b = 0.0037, p = 0.981). Investor trading behaviour also has no significant effect on market value (b = 0.0159, p = 0.916), while the bootstrapped indirect effect is insignificant. The findings suggest that governance sustainability disclosure has yet to function as a sufficiently strong market signal to induce observable investor response or valuation effects in Nigeria’s industrial goods sector.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://rsisinternational.org/journals/ijriss/uploads/vol10-iss8-pg747-757-202608_pdf.pdffirst seen 2026-09-02 05:24:11 · last seen 2026-09-22 04:58:39
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。