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ナイジェリア上場非金融企業の企業価値に対する環境・社会・ガバナンス（ESG）報告の効果

Effect of Environmental, Social and Governance (ESG) Reporting on Firm Value of Listed Non-financial Companies in Nigeria (原題)

Patience Ote Ola, Isaac Sunday Oladele

Journal of Global Economics Management and Business Research📚 査読済 / ジャーナル2026-10-30#ESG経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.56557/jgembr/2026/v18i311290
原典: https://doi.org/10.56557/jgembr/2026/v18i311290

🤖 gxceed AI 要約

日本語

ナイジェリア上場非金融企業60社・2016〜2025年のパネルデータ（600社年）を用い、ESG報告が企業価値（Tobin's Q）に与える影響を検証。環境・社会・ガバナンスの各報告はいずれもTobin's Qに正かつ有意な効果を示した（β=2.15、1.78、2.29）。ESG開示が市場評価に強く反映されることを示唆し、ESGを3 pillarに分解して分析した点が貢献。

English

Panel study of 60 listed non-financial Nigerian firms (2016–2025, 600 firm-years) testing whether ESG reporting affects firm value via Tobin's Q. Environmental (β=2.15), social (β=1.78) and governance (β=2.29) reporting all show positive, significant effects. Findings suggest ESG disclosure is strongly reflected in market valuation, contributing by disaggregating ESG into three pillars in an emerging-market setting.

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基準・有報開示・統合報告が進む中、ESG開示と市場評価の関係を新興国で実証した本稿は、開示の経済的効果を比較する参照点となる。新興国市場での開示インフラ整備の重要性を示す。

In the global GX context

As ISSB/IFRS S1-S2 adoption spreads to emerging markets, this study offers evidence that pillar-level ESG disclosure correlates with market valuation in a frontier economy, complementing TCFD/CSRD-era disclosure scholarship focused on developed markets.

👥 読者別の含意

🔬研究者:新興国におけるESG開示と企業価値の関係をpillar別に検証した実証例として参照できる。

🏢実務担当者:新興国子会社・サプライヤーのESG開示が市場評価に結びつく可能性を示す材料となる。

🏛政策担当者:新興国でのESG開示義務化を検討する際、開示と市場評価の連動を示す根拠として活用できる。

📄 Abstract（原文）

This study examined the effect of environmental, social, and governance (ESG) reporting on the firm value of listed non-financial companies in Nigeria. The study specifically evaluated whether environmental reporting, social reporting, and governance reporting influence firm value measured by Tobin’s Q. An ex post facto research design was adopted using panel data for 60 listed non-financial companies over the 2016–2025 period, producing 600 firm-year observations. Secondary data were obtained from companies’ annual reports and sustainability-related disclosures, while ESG reporting was measured through a 30-item content-analysis disclosure index comprising 10 environmental, 10 social and 10 governance indicators. Tobin’s Q was used as a market-based measure of firm value, while firm size and financial leverage were included as control variables. Descriptive statistics, correlation analysis, variance inflation factor tests, and panel specification procedures were used, with the supplied Stata results showing low pairwise correlations among explanatory variables and a mean VIF of approximately 1.00. The regression results indicate that environmental reporting had a positive and significant effect on Tobin’s Q (β = 2.15, p < 0.01), as did social reporting (β = 1.78, p < 0.01), and governance reporting (β = 2.29, p < 0.01). The findings suggest that ESG reporting is strongly reflected in market valuation. The study contributes by disaggregating ESG reporting into its three pillars and examining market-based measures of firm value within Nigeria’s evolving sustainability-reporting environment.

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ナイジェリア上場非金融企業の企業価値に対する環境・社会・ガバナンス（ESG）報告の効果 | gxceed