Sustainability Reporting And Investors' Perception Evidence from Selected Sectors in Nigeria
持続可能性報告と投資家の認識：ナイジェリアの特定セクターからの証拠 (AI 翻訳)
Fadekemi Ajasa-Adeoye, I. Osamor, Omoregbee Godwin, Honour Oyedoyin Oyetunji, S. Adeoye, Vutomi Maureen Mhlongo
🤖 gxceed AI 要約
日本語
本研究は、ナイジェリアの石油・ガスおよび工業製品セクターの上場企業を対象に、ESG開示が株価収益率（PER）に与える影響を調査。パネルデータ回帰分析の結果、環境・社会・ガバナンス開示はPERに有意な正の効果を持ち、持続可能性報告が投資家にとって価値関連性があることを示した。
English
This study investigates the effect of ESG disclosures on the Price Earnings (P/E) ratio of listed firms in Nigeria's oil and gas and industrial goods sectors from 2015 to 2024. Using panel regression, it finds that environmental, social, and governance disclosures positively and significantly influence P/E ratios, explaining 34.56% of the variation, suggesting sustainability reporting is value-relevant for investors in this emerging market.
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
本論文はナイジェリアを対象としているが、日本企業が新興市場でESG開示を行う際の投資家認識への影響を理解する上で参考になる。また、日本のESG開示基準策定にも示唆を与える可能性がある。
In the global GX context
This paper provides empirical evidence from Nigeria on the value relevance of ESG disclosures, contributing to the global literature on sustainability reporting and investor perception in emerging markets. It underscores the importance of standardized reporting for market transparency, relevant for global initiatives like ISSB and TCFD.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG disclosure effects in an understudied African market, useful for comparative studies.
🏢実務担当者:May inform investors and companies in Nigeria about the importance of ESG reporting for valuation.
🏛政策担当者:Highlights the need for standardized ESG reporting frameworks in emerging markets to enhance investor confidence.
📄 Abstract（原文）
Purpose: The study aimed to investigate the effect of sustainability reporting on investors’ perceptions in Nigeria, specifically examining how environmental, social, and governance (ESG) disclosures influence the Price Earnings (P/E) ratio of listed firms. Method: An ex-post facto research design was employed using panel data from ten listed firms in the oil and gas and industrial goods sectors between 2015 and 2024. Data were collected from annual reports, sustainability reports, and NGX sources. ESG disclosure indices were constructed and normalized. Panel regression techniques were applied, with the Hausman test supporting the use of fixed effects. Findings: The results revealed that environmental, social, and governance disclosures had a positive and significant effect on the P/E ratio. The combined ESG model explained 34.56% of the variation in P/E ratios, indicating that sustainability reporting is value-relevant for investors. Implication: The study recommends that firms enhance the quality of ESG disclosures and that regulators promote standardized reporting practices. Such measures would improve market transparency and strengthen investor confidence in Nigeria’s capital market. Originality: This research provides empirical evidence from Nigeria, highlighting the direct link between sustainability reporting and investor valuation metrics. It contributes to the literature by demonstrating the relevance of ESG disclosures in shaping investor perceptions in emerging markets.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.61656/ijospat.v4i1.419first seen 2026-05-05 23:27:59
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