サステナビリティ報告の次元的効果と財務パフォーマンス：ナイジェリア上場製薬企業の証拠
DIMENSIONAL EFFECT OF SUSTAINABILITY REPORTING ON FINANCIAL PERFORMANCE: EVIDENCE FROM QUOTED PHARMACEUTICAL FIRMS IN NIGERIA (原題)
NNAJI REGINALD CHIDI, AGIM GODSWILL ODOWUEZ, Amasiatu K. M., DORCAS OGHALE UZOESHI, Peter Ifeanyichukwu Ali
🤖 gxceed AI 要約
日本語
ナイジェリア上場製薬企業65社・年次データ（2013-2025）を用い、サステナビリティ報告を環境・社会・経済の3次元に分解し財務指標への影響を回帰分析した。経済次元は売上総利益率に正の効果、環境次元はROCEに負・GPMに正、社会次元は有意な効果なし。効果は次元ごとに異なり、単一構成概念ではなく次元的評価の必要性を示す。
English
Using 65 firm-year observations from Nigerian listed pharmaceutical firms (2013-2025), this study disaggregates sustainability reporting into environmental, social, and economic dimensions and regresses them on ROCE, ROA, and gross profit margin. Economic disclosure positively affects GPM; environmental disclosure shows a negative effect on ROCE but positive correlation with GPM; social disclosure has no significant effect. Effects are dimension-specific, arguing against treating sustainability reporting as a single construct.
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
日本企業のSSBJ・有報サステナビリティ開示では、開示を単一のESGスコアで扱う傾向があるが、本稿は環境・社会・経済の次元別に財務影響が異なることを示す。新興国市場の実証だが、次元的評価という視点は日本企業の開示設計や投資家対話に示唆を与える。
In the global GX context
While framed in a Nigerian emerging-market context, the paper's core finding—that sustainability disclosure dimensions have divergent financial effects—speaks to global disclosure scholarship under ISSB/CSRD, where aggregation into single ESG scores may mask material dimension-specific impacts. It offers empirical evidence from an under-studied African market, complementing predominantly developed-market studies.
👥 読者別の含意
🔬研究者:サステナビリティ開示を次元別に分解し財務指標へ回帰する手法は、新興国・セクター別の比較研究に応用可能。
🏢実務担当者:ESG開示を単一スコアでなく環境・社会・経済の次元別に管理し、財務影響を評価する視点を提供。
🏛政策担当者:開示規制設計において、次元別の情報価値を考慮した枠組みの必要性を示唆。
📄 Abstract（原文）
This study examined the dimensional effect of sustainability reporting on the financial performance of quoted pharmaceutical companies in Nigeria from 2013 to 2025. Sustainability reporting was disaggregated into environmental, social, and economic dimensions, while financial performance was measured using Return on Capital Employed, Return on Assets, and Gross Profit Margin. A quantitative research design was adopted using ex-post facto data obtained from the annual reports of 65 firm-year observations. Data were analyzed using descriptive statistics, Pearson correlation, and simple linear regression in SPSS. Results show that Environmental Sustainability Reporting had a significant negative effect on Return on Capital Employed (β = -.267, p = .032) but a significant positive correlation with Gross Profit Margin (r = .323, p = .009). Social Sustainability Disclosure had no significant effect on Return on Assets (β = -.014, p = .914). Economic Sustainability Disclosure had a significant positive effect on Gross Profit Margin (β = .248, p = .046). The explanatory power of the models was low, with R² values ranging from .000 to .071. The study concludes that the effect of sustainability reporting on financial performance is dimension-specific. Economic sustainability practices improve short-term profitability, environmental practices create a short-term trade-off between margins and capital efficiency, and social practices show no significant financial effect in the short run. The study recommends that firms, regulators, and investors should evaluate sustainability disclosures dimensionally rather than as a single construct.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.70382/caijarss.v13i2.077first seen 2026-10-14 05:11:46
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