Moderating Effect of Board Diversity on the Relationship between Environmental, Social, and Governance Disclosure Quality and Value of Listed Industrial Goods Companies in Nigeria
取締役会の多様性がナイジェリアの上場産業財企業におけるESG開示品質と企業価値の関係に与える調整効果 (AI 翻訳)
Yusuf Mohammed Muktar, Mohammed Musa Naburgi, Musa Umar Doshiro
🤖 gxceed AI 要約
日本語
本研究は、ナイジェリアの上場産業財企業13社を対象に、取締役会の多様性（ジェンダー、専門性、在任期間）がESG開示品質と企業価値の関係に与える調整効果を分析。高品質なESG開示は企業価値向上に寄与するが、その効果は取締役会が多様である場合に有意に強化されることを示した。新興市場におけるESGとガバナンスの統合の重要性を強調。
English
This study analyzes the moderating effect of board diversity (gender, expertise, tenure) on the relationship between ESG disclosure quality and firm value for 13 listed industrial goods companies in Nigeria. High-quality ESG disclosure positively affects firm value, and this effect is significantly strengthened when boards are diverse. The findings highlight the importance of integrating governance and ESG strategies 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
日本の文脈では、SSBJや有価証券報告書におけるESG情報開示の質向上が課題となっている。本研究成果は、取締役会の多様性が開示品質と市場評価の連関を強化する点で、日本の上場企業や規制当局にも示唆を与える。ただしナイジェリア特有の制度的背景に留意が必要。
In the global GX context
While focused on Nigeria, this study contributes to global ESG disclosure literature by empirically linking board diversity to the market valuation of ESG practices. It reinforces the ISSB and TCFD emphasis on governance as a driver of disclosure effectiveness, offering evidence from an understudied emerging market.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the moderating role of board diversity in ESG–firm value link in an African emerging market.
🏢実務担当者:Boards should consider diversity to enhance the value-relevance of ESG disclosure; useful for corporate governance and sustainability teams.
🏛政策担当者:Regulators in emerging markets may use findings to promote board diversity as part of ESG disclosure frameworks.
📄 Abstract（原文）
The study examined the moderating effect of board diversity on the relationship between Environmental, Social, and Governance (ESG) disclosure quality and the value of listed industrial goods companies in Nigeria. In recent years, ESG considerations have emerged as critical determinants of corporate reputation, investor confidence, and financial performance globally. While ESG disclosures provide non-financial information that informs stakeholders about a firm’s sustainability practices, the quality of these disclosures varies widely across firms and sectors. Corporate governance, particularly board diversity, is theorized to influence the effectiveness of ESG reporting by bringing multiple perspectives, enhancing oversight, and promoting transparency. Using a panel dataset of 13 industrial goods firms listed on the Nigerian Exchange between 2015 and 2024, this study employs multiple regression and moderation analysis to examine how board diversity affects the link between ESG disclosure quality and firm value, proxied by market capitalization and Tobin’s Q. Preliminary findings indicate that high-quality ESG disclosure is positively associated with firm value, but the strength of this relationship is significantly enhanced when boards are diverse in terms of gender, expertise, and tenure. The results suggest that board diversity acts as a critical governance mechanism that amplifies the market benefits of robust ESG practices. This study contributes to the growing literature on corporate sustainability in emerging markets by highlighting the importance of integrating governance and ESG strategies to maximize firm value. It also offers practical implications for policymakers, regulators, and corporate boards aiming to strengthen ESG reporting frameworks and promote sustainable business practices in Nigeria.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.5281/zenodo.19013487first seen 2026-05-14 22:09:07
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