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Moderating Role of Board Independence on the Relationship Between ESG Disclosure Quality and Firm Value: Evidence from Listed Manufacturing Firms in Nigeria

取締役会の独立性がESG開示の質と企業価値の関係に与える調整効果：ナイジェリア上場製造企業の証拠 (AI 翻訳)

Kpochi C. Toryila

IIARD INTERNATIONAL JOURNAL OF ECONOMICS AND BUSINESS MANAGEMENT📚 査読済 / ジャーナル2026-08-13#ESGOrigin: Global対象セクター: manufacturing
DOI: 10.56201/ijebm.vol.12.no7.2026.pg252.265
原典: https://doi.org/10.56201/ijebm.vol.12.no7.2026.pg252.265

🤖 gxceed AI 要約

日本語

ナイジェリアの上場製造企業22社（2015-2024年）を対象に、ESG開示の質と企業価値（Tobin's Q）の関係における取締役会独立性の調整効果を検証。ランダム効果パネル回帰の結果、ESG開示の質は企業価値に正の影響を与え、独立性がその関係を強化することを示した。新興国におけるコーポレートガバナンスと持続可能性報告の重要性を強調。

English

This study examines the moderating effect of board independence on the relationship between ESG disclosure quality and firm value (Tobin's Q) for 22 listed Nigerian manufacturing firms (2015-2024). Using random effects panel regression, it finds that ESG disclosure quality positively affects firm value, and board independence strengthens this relationship. Highlights the role of independent directors in credible sustainability reporting in emerging markets.

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開示が始まる中、取締役会の独立性とESG開示の質が企業価値に与える影響は、日本企業のガバナンス改革や投資家対応にも示唆を与える。新興国事例ではあるが、独立取締役の役割を再考する材料となる。

In the global GX context

This study contributes to the global discourse on ESG disclosure and corporate governance, particularly for emerging markets. It provides empirical evidence that board independence enhances the value relevance of ESG disclosures, relevant for ISSB and CSRD implementation contexts where governance quality is a key factor in credible reporting.

👥 読者別の含意

🔬研究者:Provides empirical evidence on the moderating role of board independence in ESG disclosure-firm value nexus in an African context.

🏢実務担当者:Highlights the importance of board independence for enhancing the credibility and value impact of ESG disclosures.

🏛政策担当者:Suggests policy implications for strengthening board independence and ESG reporting requirements in emerging markets.

📄 Abstract（原文）

This study investigates the moderating influence of board independence on the relationship between Environmental, Social, and Governance (ESG) disclosure quality and firm value, proxied by Tobin’s Q, among 22 listed manufacturing companies in Nigeria from 2015 to 2024 (220 firm year observations). Employing a random effects panel regression model with robust standard errors, the findings indicate that ESG disclosure quality exerts a significant positive direct effect on firm value. Board independence significantly and positively moderates this relationship, strengthening the value-enhancing impact of high-quality ESG disclosures. These results are robust to alternative specifications and endogeneity checks. Anchored primarily in legitimacy theory and supported by stakeholder and agency perspectives, the study underscores the critical role of independent directors in ensuring credible sustainability reporting that translates into market valuation premiums in emerging economies. Policy implications include strengthening board independence requirements and mandating comprehensive ESG reporting for Nigerian listed firms to enhance investor confidence and sustainable value creation.

🔗 Provenance — このレコードを発見したソース

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