Sustainability Reporting and Cost of Capital: The Moderating Role of Corporate Transparency in Reducing Financing Constraints in Nigeria
サステナビリティ報告と資本コスト：企業透明性がナイジェリアの資金調達制約緩和に与える調整効果 (AI 翻訳)
J. Madukwe, Promise Ezinne Eleke, Glory Ihuaku Ndukwe
🤖 gxceed AI 要約
日本語
本論文は、ナイジェリアの上場製造企業を対象に、サステナビリティ報告と企業透明性が資本コストに与える影響を分析。固定効果パネル回帰により、サステナビリティ報告と企業透明性はそれぞれ資本コストを有意に低下させ、両者の相互作用がさらに効果を高めることを示した。ESG開示とガバナンス向上が投資家の信頼を高め、資金調達制約を緩和することを示唆。
English
This paper analyses the impact of sustainability reporting and corporate transparency on cost of capital in Nigerian manufacturing firms. Using panel data from 38 firms (2014-2023), fixed effects regression shows both sustainability reporting and corporate transparency significantly reduce cost of capital, with a stronger effect jointly. Findings suggest ESG disclosure and governance enhancements lower financing constraints.
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
ナイジェリアの文脈ではあるが、ESG開示と資本コストの関係は日本の企業にも示唆を与える。特に、透明性向上が資金調達に与える効果は、国内の統合報告やSSBJ基準への関心とも関連。
In the global GX context
For global GX context, this provides empirical evidence from an emerging market on the positive effects of sustainability disclosure on cost of capital, reinforcing the business case for ESG reporting as promoted by TCFD/ISSB frameworks.
👥 読者別の含意
🔬研究者:This study offers a methodology for examining ESG disclosure's financial impact in emerging markets, useful for comparative research.
🏢実務担当者:Corporate sustainability teams can cite this evidence to justify enhanced ESG disclosure as a means to lower cost of capital.
🏛政策担当者:Regulators in emerging economies may consider strengthening sustainability reporting requirements to improve capital access.
📄 Abstract（原文）
This paper examines the relationship between sustainability reporting, corporate transparency and cost of capital in listed manufacturing firms in Nigeria. It adopts panel data from a population of 76 firms, with a sample of 38 firms based on data availability for the years 2014-2023, providing 380 firm-year observations. The study used an ex post facto research design and applied Fixed Effects panel regression analysis to the data. Sustainability reporting was assessed through a disclosure index and corporate transparency was measured by disclosure quality and board independence. The results show that sustainability reporting exerts a significant negative impact on cost of capital (β = −0.182, p < 0.01), and corporate transparency also significantly lowers the cost of capital (β = −0.147, p < 0.05). Moreover, the interaction between sustainability reporting and corporate transparency enhances cost reduction effects. The findings suggest that improved ESG disclosure and governance practices boost investor trust and alleviate financing constraints. The study suggests more stringent regulatory enforcement and corporate support for sustainability reporting.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.56557/jgembr/2026/v18i210597first seen 2026-05-20 05:29:13
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