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ナイジェリアにおけるESG報告と企業価値：機関投資家所有は重要か？

ESG Reporting and Firm Value in Nigeria: Does Institutional Ownership Matter? (原題)

Haruna Muhammed Musa, Muhammed Dahiru Tahir

📚 査読済 / ジャーナル2026-10-01#ESGOrigin: Global経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.67203/njar.2026.n5dfsnuo
原典: https://doi.org/10.67203/njar.2026.n5dfsnuo

🤖 gxceed AI 要約

日本語

ナイジェリア上場企業120社・11セクター・2015〜2024年の1,200社年データを用い、ESG報告が企業価値に与える影響と機関投資家所有の調整効果をパネル回帰とGMMで分析。環境報告は企業価値に正の有意な効果を持つ一方、ガバナンス報告は負の効果を示した。機関投資家所有は経済・社会報告の効果を非有意から正に転換させ、GMM推定では経済報告の係数0.6546（p<0.001）と内生性補正の重要性を強調している。

English

Using 1,200 firm-year observations from 120 Nigerian listed firms across 11 sectors (2015–2024), this study examines how ESG reporting affects firm value and whether institutional ownership moderates this nexus via panel regression and GMM. Environmental reporting significantly raises firm value while governance reporting shows an inverse effect; institutional ownership turns economic and social reporting from insignificant to positive and significant. GMM confirms a strong positive economic-reporting coefficient (0.6546, p<0.001), underscoring the need for endogeneity correction.

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

新興国におけるESG開示の価値関連性と機関投資家の役割を示す実証で、SSBJ・有報開示の拡大を進める日本企業にとって、開示の質と投資家構成が企業価値に与える影響を相対化する材料となる。

In the global GX context

Adds emerging-market evidence to the global disclosure literature (ISSB/TCFD adoption), showing that institutional investor oversight conditions the value relevance of ESG reporting—relevant as ISSB standards extend to African and other emerging markets.

👥 読者別の含意

🔬研究者:新興国でのESG開示と企業価値の関係における内生性補正と機関投資家の調整効果の実証例として参照できる。

🏢実務担当者:投資家構成や開示の質が企業価値評価に影響しうることを示し、ESG開示戦略の設計に示唆を与える。

🏛政策担当者:新興国でのESG開示義務化を検討する際、機関投資家の監視強化が開示の価値関連性を高める点を考慮すべき。

📄 Abstract（原文）

As global reporting practices evolve beyond traditional financial metrics to incorporate Environmental, Social, and Governance (ESG) dimensions, understanding their valuation impact is imperative. This study examines the moderating influence of institutional ownership on the sustainability reporting–firm value nexus among Nigerian listed companies. Analyzing secondary data from 120 firms across 11 sectors over a ten-year period (2015–2024), yielding 1,200 firm-year observations, the study employs panel regression and the Generalized Method of Moments (GMM) to address endogeneity. The results reveal that environmental reporting positively and significantly affects firm value, whereas governance reporting exhibits a significant inverse effect. Furthermore, institutional ownership transforms the effects of economic and social sustainability reporting from statistically insignificant to positive and significant. Critically, the GMM estimation confirms a strong positive association for economic reporting (coefficient = 0.6546, p < 0.001), whereas baseline and moderated regressions yield coefficients of -0.1585 (p = 0.864) and -0.2255 (p = 0.090), respectively. This contrast underscores the critical necessity of endogeneity correction in uncovering the true value relevance of sustainability disclosures. The study concludes that institutional ownership significantly moderates how sustainability reporting influences firm valuation. These findings offer practical implications for managers, investors, regulators, and policymakers in emerging markets seeking to leverage institutional investor oversight to maximize the value-enhancing potential of ESG disclosures.

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