ナイジェリア上場製造企業の財務業績に対するサステナビリティ報告の効果：取締役会独立性の調整役割

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🔬研究者:新興国におけるESG開示と財務業績の関係、および取締役会独立性の調整効果に関する実証的知見を提供する。

🏢実務担当者:取締役会の独立性強化とESG開示の充実が財務業績向上に寄与しうることを示す。

🏛政策担当者:新興国においてESG報告基準とコーポレートガバナンスコードの執行を強化する根拠となりうる。

The growing global emphasis on sustainability and corporate transparency has intensified interest in the relationship between Environmental, Social, and Governance (ESG) reporting and firm financial performance, particularly in emerging economies such as Nigeria. Although prior studies have examined ESG components as determinants of financial performance, limited empirical attention has been given to the moderating role of corporate governance mechanisms, especially board independence, within the Nigerian manufacturing sector. This study examined the effect of sustainability reporting on the financial performance of listed manufacturing companies in Nigeria, with emphasis on the moderating role of board independence. A longitudinal research design was adopted, covering the period 2014–2024. The study population consisted of 74 manufacturing firms listed on the Nigerian Exchange Group, from which 43 firms were purposively selected, yielding consistent annual reports for analysis. Secondary data were extracted from published financial statements and sustainability disclosures. Financial performance was measured using Return on Assets (ROA) and Return on Equity (ROE), while sustainability reporting was assessed through environmental, social, and governance disclosures. Board independence was measured as the proportion of independent directors on the board. Data analysis employed descriptive statistics, correlation analysis, and panel regression techniques, including random effects, Panel‑Corrected Standard Errors (PCSE), and robust regression models to ensure reliability and consistency of results. The findings revealed that environmental, social, and governance reporting each exerted positive and statistically significant effects on financial performance. Board independence also had a positive and significant effect on firm performance, indicating that independent directors enhance monitoring and decision-making efficiency. Furthermore, board independence significantly moderated the relationship between Sustainability reporting and financial performance, suggesting that firms with stronger board independence derive greater benefits from sustainability practices. The study concludes that Sustainability reporting and board independence are critical drivers of financial performance in Nigeria’s manufacturing sector. It recommends that firms strengthen ESG disclosure practices, improve board composition by increasing the proportion of independent directors, and align sustainability initiatives with corporate strategy, while regulatory authorities enforce ESG reporting standards and corporate governance codes to promote transparency, accountability, and sustainable economic growth.

• openalex https://wajm.isroset.org/index.php/j/article/view/190first seen 2026-10-07 05:07:33