← 論文一覧に戻る

ESG Disclosure Quality and Analyst Forecast Accuracy: Evidence from Listed Firms on the Nigerian Exchange Group

ESG開示の質とアナリスト予測精度：ナイジェリア証券取引所上場企業の証拠 (AI 翻訳)

Yahaya, Onipe Adabenege

Zenodoプレプリント2026-05-13#ESGOrigin: Global経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.5281/zenodo.20161027
原典: https://zenodo.org/records/20161027
📄 PDF

🤖 gxceed AI 要約

日本語

本研究は、ナイジェリア証券取引所（NGX）上場企業148社の2011〜2025年のデータを用いて、ESG開示の質とアナリスト予測精度の関係を検証した。GRI基準やNGXガイドラインに基づく複合指標を用いたパネル回帰分析の結果、ESG開示の質が高いほど予測精度が向上し、情報非対称性の低減に寄与することが示された。ナイジェリアがISSB基準の採用に向かう中、政策立案者や企業経営者に示唆を与える。

English

This study examines the relationship between ESG disclosure quality and analyst forecast accuracy for 148 Nigerian listed firms from 2011-2025. Using a composite disclosure index based on GRI and NGX guidelines, panel regressions show that higher ESG disclosure quality significantly improves forecast accuracy, reducing information asymmetry. Findings support mandatory sustainability reporting as Nigeria moves toward ISSB adoption.

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基準の適用が始まり、有報でのサステナビリティ情報開示が進む中、開示の質が資本市場に与える影響を示す本研究成果は、日本の企業や投資家にとっても示唆に富む。特に、開示の質向上がアナリスト予測精度を高めるという実証結果は、日本企業の開示戦略の重要性を裏付ける。

In the global GX context

As global jurisdictions adopt ISSB standards, this study provides empirical evidence from an African frontier market that ESG disclosure quality enhances market efficiency by improving analyst forecast accuracy. It supports the business case for standardized sustainability reporting, relevant for emerging economies transitioning from voluntary to mandatory disclosure.

👥 読者別の含意

🔬研究者:Provides empirical evidence on ESG disclosure and information asymmetry in an understudied African market, contributing to the literature on disclosure quality and capital market outcomes.

🏢実務担当者:Demonstrates that investing in high-quality ESG reporting can reduce information asymmetry and potentially lower cost of capital, justifying sustainability reporting investments.

🏛政策担当者:Offers evidence that mandatory ESG disclosure regimes can improve market efficiency, supporting the case for ISSB-aligned regulations in emerging markets.

📄 Abstract（原文）

This study examines the relationship between environmental, social, and governance (ESG) disclosure quality and analyst forecast accuracy for firms listed on the Nigerian Exchange Group (NGX) over the period 2011–2025. Using an ex-post facto research design and panel regression analysis on an unbalanced sample of 148 listed firms, we construct a composite ESG disclosure quality index based on the Global Reporting Initiative (GRI) standards, NGX Sustainability Disclosure Guidelines, and the Nigerian Code of Corporate Governance 2018. Our findings reveal that higher ESG disclosure quality is significantly and positively associated with analyst forecast accuracy, suggesting that transparent and comprehensive sustainability reporting reduces information asymmetry between corporate managers and external information intermediaries. The relationship remains robust after controlling for firm size, leverage, liquidity, asset tangibility, sales growth, firm age, earnings volatility, natural risk management, industry classification, risk exposure, and year fixed effects. Post-estimation diagnostics, including the Hausman test, Wooldridge test for autocorrelation, Pesaran CD test for cross-sectional dependence, and modified Wald test for groupwise heteroskedasticity, confirm the appropriateness of the fixed-effects model with Driscoll-Kraay standard errors. The study contributes to the limited but growing body of literature on ESG disclosure in frontier and emerging African markets, offering timely insights as Nigeria transitions from voluntary to mandatory sustainability reporting under the Financial Reporting Council's roadmap for International Sustainability Standards Board (ISSB) adoption. For policymakers, the findings underscore the capital market benefits of enforcing standardized ESG disclosure regimes. For corporate managers, the results provide empirical justification for investing in high-quality sustainability reporting infrastructure.

🔗 Provenance — このレコードを発見したソース

🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。

gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。