The Nexus Between Carbon Disclosure Quality and Financial Performance: Evidence from Listed Non-Financial Firms in Nigeria (2010-2024)
炭素開示の質と財務業績の連関：ナイジェリア上場非金融企業からのエビデンス（2010-2024年） (AI 翻訳)
Yahaya, Onipe Adabenege
🤖 gxceed AI 要約
日本語
本研究は、ナイジェリアの上場非金融企業における炭素開示の質と財務業績の関係を検証。2010年から2024年のパネルデータを用いた分析の結果、炭素開示の質がROAとTobin's Qに有意に正の影響を与えることを発見し、アフリカにおける気候関連開示の有効性を示した。
English
This study examines the relationship between carbon disclosure quality and financial performance for Nigerian listed non-financial firms from 2010-2024. Using panel data regression, it finds a significant positive effect of carbon disclosure quality on ROA and Tobin's Q, highlighting the business case for robust environmental disclosure in an African emerging market context.
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
ナイジェリアという新興市場において、炭素開示の質が財務業績に正の影響を与えることを示した研究。日本企業が海外子会社の開示を検討する際の参考になる可能性がある。
In the global GX context
This study adds scarce evidence from Africa on the link between carbon disclosure quality and financial performance, supporting the global case for standardized climate disclosure standards such as ISSB. It provides a validated measurement framework applicable in emerging economies.
👥 読者別の含意
🔬研究者:Provides a novel carbon disclosure quality index for an African context and empirical evidence of its positive association with financial performance, contributing to sparse literature on climate disclosure in emerging economies.
🏢実務担当者:Corporate sustainability teams can use this evidence that higher carbon disclosure quality is linked to better financial performance to justify investments in robust disclosure practices.
🏛政策担当者:Regulators in emerging economies considering mandatory climate disclosure can cite this evidence that such disclosure positively impacts firm financial performance.
📄 Abstract（原文）
This study examines the relationship between the quality of carbon disclosure and the financial performance of listed non-financial firms in Nigeria, a significant emerging economy in Sub-Saharan Africa. Motivated by the global push for environmental sustainability and the nascent state of carbon reporting in Nigeria, the paper investigates whether superior carbon disclosure quality translates to improved financial outcomes. Employing an ex-post facto research design and panel data regression analysis on a sample of 148 firms from 2010 to 2024, we construct a novel Carbon Disclosure Quality (CDQ) index. Financial performance is proxied by Return on Assets (ROA) and Tobin’s Q (TQ). The model incorporates critical control variables: Firm Size (FS), Profitability (FP), Leverage (FLEV), Growth Opportunities (GO), Firm Age (FA), and Liquidity (LIQ). Results from the Fixed Effects estimations reveal a statistically significant positive relationship between CDQ and both ROA and Tobin’s Q. Firm size and profitability also show strong positive associations with financial performance, while leverage exhibits a negative relationship. The findings underscore the business case for robust environmental disclosure in the Nigerian context, aligning with stakeholder and legitimacy theories. The study contributes to the sparse literature on carbon disclosure in Africa, provides a validated measurement framework for CDQ, and offers empirical insights for regulators, policymakers, and corporate managers to strengthen environmental, social, and governance (ESG) reporting frameworks.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.5281/zenodo.18504495first seen 2026-05-14 22:30:31
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