ナイジェリア上場金融サービス企業の企業価値に対するサステナビリティ報告の効果
Effect of Sustainability Reporting on Value of Listed Financial Services Companies in Nigeria (原題)
M.M Naburgi
🤖 gxceed AI 要約
日本語
ナイジェリア上場金融サービス企業44社・2015〜2024年の440社年データを用い、サステナビリティ報告の4次元（経済・環境・社会・ガバナンス）がTobin's Qで測る企業価値に与える影響をランダム効果パネル回帰で分析。経済・環境・社会開示は企業価値と有意な正の関係を示す一方、ガバナンス開示は有意な負の関係を示した。開示の方向性と大きさは次元ごとに異なると結論づけている。
English
Using 440 firm-year observations from 44 listed Nigerian financial services firms (2015–2024), this study applies random-effects panel regression to test how four sustainability disclosure dimensions affect firm value (Tobin's Q). Economic, environmental, and social disclosures show significant positive relationships, while governance disclosure shows a significant negative relationship. The authors conclude disclosure effects vary by dimension and call for further study of the counterintuitive governance finding.
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
新興国・金融セクターにおけるESG開示と企業価値の関係を実証した点は、SSBJ基準導入後の日本企業が開示の実質性と企業価値への影響を検討する上で参照価値がある。特にガバナンス開示の負の効果は、形式的開示と実質的開示の区別という日本の統合報告書・有報対応の論点と共鳴する。
In the global GX context
This adds emerging-market evidence to the global disclosure literature, complementing TCFD/ISSB-focused studies that are predominantly EU/US-centric. The counterintuitive negative governance effect speaks to the broader debate on substantive versus symbolic disclosure relevant to CSRD and ISSB implementation.
👥 読者別の含意
🔬研究者:新興国金融セクターにおけるESG開示次元別の企業価値効果を、パネルデータで示した実証的参照点。
🏢実務担当者:ガバナンス開示は量より実質性が重要という示唆は、開示設計の優先順位づけに活用できる。
🏛政策担当者:開示義務化の設計において、次元ごとの効果差と実質性確保の必要性を示唆する。
📄 Abstract（原文）
This study investigates the effect of sustainability reporting on firm value within the unique institutional context of Nigeria's listed financial services sector. Grounded in Stakeholder Theory, the research examines how four dimensions of sustainability reporting, namely economic disclosure, environmental disclosure, social disclosure, and governance disclosure, influence firm value measured by Tobin's Q. Utilizing an ex-post facto research design, secondary data were collected from the annual reports of 44 listed financial services companies over a ten-year period (2015–2024), resulting in 440 firm-year observations. A census sampling method was employed due to the manageable population size, and the data were analyzed using a Random Effects panel regression model, following diagnostic tests that confirmed homoscedasticity and the appropriateness of the random effect’s estimator. The findings reveal that. Economic disclosure, environmental disclosure, and social disclosure shows significant positive relationships with firm value, Conversely, governance disclosure demonstrates a significant negative relationship with firm value, the study concludes that sustainability reporting practices have meaningful implications for firm value, though the direction and magnitude of effects vary across disclosure dimensions. It recommends that financial services companies prioritize economic, environmental, and social disclosures while ensuring that governance disclosures are substantive rather than merely extensive, and calls for further investigation into the mechanisms underlying the counterintuitive governance disclosure finding.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.56201/jafm.vol.12.no3.2026.pg266.279first seen 2026-09-16 04:43:13
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