Economic sustainability practices and financial performance of largest listed companies in Sub-Saharan Africa
サブサハラアフリカにおける大手上場企業の経済的持続可能性実践と財務業績 (AI 翻訳)
O. Oluwagbade, N. Awotomilusi, Omowumi Olanike Oshatimi, A. Adekoya, Ifeoluwa Adebiyi
🤖 gxceed AI 要約
日本語
この研究は、サブサハラアフリカの大手上場企業115社（ナイジェリア、南アフリカ、ケニア）を対象に、経済的持続可能性指標（経済付加価値、市場シェア、投入強度、調達コスト、企業規模、税務コンプライアンス）が財務業績（ROA、トービンのQ）に与える影響を分析した。結果、経済付加価値と市場シェアは正の影響を与える一方、投入強度と調達コストは弱いまたは負の効果を示し、企業規模は負の関係だった。税務コンプライアンスは市場評価に正の影響を与えた。
English
This study analyzes 115 largest listed firms in Sub-Saharan Africa (Nigeria, South Africa, Kenya) over 15 years to examine how economic sustainability practices (EVA, market share, input intensity, procurement cost, firm size, tax compliance) affect financial performance (ROA and Tobin's Q). Results show that EVA and market share positively influence both performance measures, while input intensity and procurement cost have weak or negative effects. Firm size negatively affects performance, and tax compliance positively affects Tobin's Q. The research provides cross-country evidence from African capital markets linking sustainability to financial outcomes.
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
日本企業がサブサハラアフリカに進出する際のESG実践と財務パフォーマンスの関係を理解する参考になる。ただし、直接的な日本GX文脈（SSBJ、有報など）には関連しない。
In the global GX context
This paper adds cross-country evidence from African capital markets to the global debate on whether sustainability practices improve financial performance. It is relevant for investors and firms engaging in emerging markets.
👥 読者別の含意
🔬研究者:Provides empirical evidence on economic sustainability metrics and financial performance in an under-studied region.
🏢実務担当者:Offers insights on which sustainability practices (value creation, market share) are most beneficial for financial outcomes.
🏛政策担当者:Shows that tax compliance is rewarded by markets, suggesting regulatory emphasis on compliance can align with investor valuation.
📄 Abstract（原文）
This study aims to investigate how economic sustainability practices affect financial performance among the largest listed firms in Sub-Saharan Africa. While prior studies have explored sustainability disclosures and environmental, social and governance (ESG) indicators within single countries or sectors, few have examined a broad range of economic sustainability metrics such as value creation, input intensity, procurement efficiency, market share (MAS), company size (CS) and tax compliance using a multi-country sample. This study fills that gap by analyzing 115 firms drawn from Nigeria's Nigerian Exchange Limited 50, South Africa's Johannesburg Stock Exchange Top 40 and Kenya's Nairobi Securities Exchange 25 indices over 15 years. Firm performance is measured by return on assets (ROA) and Tobin's Q, while economic sustainability variables include economic value added (EVA), market share, raw material/input intensity, procurement cost and CS. The study employs panel-corrected standard errors to address heteroskedasticity, serial correlation and cross-sectional dependence. Results reveal that EVA and MAS positively and significantly influence both ROA and Tobin's Q, indicating that value creation and competitive positioning enhance profitability and investor valuation. Input intensity and procurement cost show weak or negative effects, implying potential inefficiencies. Firm size negatively affects both performance measures, suggesting diseconomies of scale, while tax compliance positively influences Tobin's Q, highlighting market rewards for legitimacy and compliance. This research contributes novel cross-country evidence from African capital markets, demonstrating that certain economic sustainability practices strengthen financial outcomes. It provides valuable insights for managers, regulators and investors on aligning sustainability with financial performance in emerging economies.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1108/pjsbsi-10-2025-0057first seen 2026-06-12 05:51:24 · last seen 2026-06-15 05:28:12
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