Moderating Effect of Board Diversity on Economic Sustainability Reporting and Firm Value of Listed Manufacturing Firms in Nigeria
経済的持続可能性報告と企業価値に及ぼす取締役会多様性の調整効果：ナイジェリア上場製造企業の証拠 (AI 翻訳)
Ada Francis
🤖 gxceed AI 要約
日本語
ナイジェリア上場製造企業43社の2010-2024年のパネルデータを用い、経済的持続可能性報告が企業価値に与える影響と、取締役会の多様性がその関係を強化するかを検証。結果、持続可能性報告は企業価値を有意に高め、取締役会の多様性がその効果を増幅することを確認。ガバナンスの質が開示の価値関連性を高めることを示唆。
English
Using panel data from 43 listed Nigerian manufacturing firms (2010-2024), this study finds that economic sustainability reporting positively and significantly affects firm value, and that board diversity strengthens this relationship. The interaction effect is positive and significant, indicating that governance quality enhances the value relevance of sustainability disclosures.
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開示が始まり、取締役会の多様性とサステナビリティ開示の相互作用は投資家対応の観点から重要。本研究成果は、日本企業の開示戦略やガバナンス改革に示唆を与える。
In the global GX context
Globally, this study contributes to the literature on sustainability reporting and firm value, highlighting the moderating role of board diversity. It provides evidence from an African emerging market, adding diversity to the predominantly developed-country evidence base, and informs discussions on governance and disclosure quality under ISSB and other frameworks.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the moderating role of board diversity in the sustainability reporting-firm value nexus, useful for comparative studies.
🏢実務担当者:Highlights the importance of board diversity and sustainability reporting for enhancing firm value, relevant for corporate governance and disclosure strategies.
🏛政策担当者:Suggests that policies promoting board diversity and sustainability reporting can improve market valuations, relevant for emerging market regulators.
📄 Abstract（原文）
This study examined the effect of economic sustainability reporting on firm value of listed manufacturing firms in Nigeria and assessed the moderating role of board diversity in this relationship. A quantitative ex-post facto research design was adopted, utilizing panel data from annual reports and sustainability disclosures of firms listed on the Nigerian Exchange Group over the period 2010–2024. The population of the study is all the 54 quoted firms on the Nigerian Exchange group as of year 2024 while the sample of the study is 43 firms that had the complete 15-year data set required for the study. Secondary data were complemented with this information. Data analysis was conducted by employing descriptive statistics, panel unit root and cointegration tests, and panel regression techniques with heteroskedasticity-consistent standard errors to ensure robustness. The findings reveal that economic sustainability reporting has a positive and statistically significant effect on firm value, indicating that enhanced disclosure improves transparency, strengthens investor confidence, and increases market valuation. Board diversity was also found to exert a positive and significant effect on firm value, reflecting improved governance quality and strategic decision-making. More importantly, the interaction between economic sustainability reporting and board diversity was positive and significant, confirming that board diversity strengthens the value relevance of sustainability reporting. The study concludes that effective governance mechanisms enhance the benefits of sustainability disclosures and recommends that firms should strengthen reporting practices and board diversity to improve their value and long-term competitiveness.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.56201/ijbfr.vol.12.no7.2026.pg115.130first seen 2026-08-16 05:06:04
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