Environmental Accounting Disclosure and Financial Performance of Listed Manufacturing Firms in Nigeria
ナイジェリアの上場製造企業における環境会計開示と財務業績 (AI 翻訳)
Rapheal Olufemi Ajayi, Mercy Okafor, Akwasi Acheampong, Jeremiah Yusuf, Victor Olalekan Kolapo, Emmanuel Oluwatimileyin Kolapo
🤖 gxceed AI 要約
日本語
本研究は、ナイジェリアの上場製造企業25社を対象に、環境会計開示（EDI、ECD、SRP）と財務業績（ROA、ROE、EPS）の関係を分析した。2018～2023年のパネルデータを用いた実証分析の結果、環境開示指標（EDI）と持続可能性報告（SRP）はROAやROEに有意な正の影響を与えることが確認された。環境費用開示（ECD）は統計的に有意ではないが、全般的に環境開示は企業価値向上に寄与することが示唆された。
English
This study examines the relationship between environmental accounting disclosure and financial performance of 25 listed manufacturing firms in Nigeria from 2018 to 2023. Using panel data analysis, it finds that environmental disclosure index and sustainability reporting practices positively and significantly affect return on assets and return on equity. Environmental cost disclosure is positive but not significant. The results suggest that environmental disclosure enhances firm value through reputational and capital market channels.
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
この研究はナイジェリアの製造企業を対象としていますが、環境開示と財務パフォーマンスの関係を実証した点で、日本企業のSSBJ対応や統合報告書における環境情報開示の投資家効果を考察する参考になります。特に、環境開示が評判や資本市場を通じて価値向上に寄与するメカニズムは日本企業にも示唆を与えます。
In the global GX context
This paper provides empirical evidence from an emerging market (Nigeria) that environmental disclosure positively impacts financial performance. For global audiences, it reinforces the business case for sustainability disclosure, particularly relevant in the context of ISSB standards and global moves toward mandatory climate and environmental reporting. It highlights that even in less regulated environments, voluntary environmental disclosure can be value-enhancing.
👥 読者別の含意
🔬研究者:This paper offers empirical evidence on the value relevance of environmental disclosure in an emerging market context, useful for researchers studying ESG-financial performance linkages.
🏢実務担当者:Corporate sustainability teams can use these findings to justify investment in environmental disclosure practices, especially in markets with less stringent regulations.
🏛政策担当者:This evidence supports the case for mandatory environmental disclosure, showing it does not harm financial performance but may enhance it.
📄 Abstract（原文）
The corporate manufacturing industry is one of the top contributors to pollution, waste production and carbon emissions in Nigeria, and disclosure of environmental impacts is largely voluntary, irregular and inadequately regulated. In light of this background, this study examines the relationship between environmental accounting disclosure and financial performance of 25 listed manufacturing companies in Nigeria for the period 2018 – 2023. The Environmental Disclosure Index (EDI), Environmental Cost Disclosure (ECD) and Sustainability Reporting Practices (SRP) are analyzed for three performance dimensions, namely Return on Assets (ROA), Return on Equity (ROE) and Earnings per Share (EPS). The study uses a balanced panel of 150 firm-year observations, with stationarity confirmed through the Levin–Lin–Chu panel unit root test and the choice of estimator determined by the Hausman specification test. The findings indicate that EDI makes a positive and statistically significant contribution to ROA and ROE; and SRP makes a significant and positive contribution to ROE and EPS. ECD is consistently positive across all three dependent variables although is not statistically significant, due to the multi-year horizontal time lag between the recognition of environmental costs and realisation of environmental performance. Stability of the core results is ensured through robustness checks in pooled OLS. The general finding was that environmental accountability and sustainability disclosure are value-enhancing strategic processes of the Nigerian manufacturing sector and that performance benefits are largely realised via reputational, equity and capital market channels.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.62154/ajmbr.2026.023.01019first seen 2026-07-18 09:16:34
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