Environmental, Social, and Governance (ESG) Reporting and Firm Value in Nigeria Manufacturing Firms: The Moderating Role of Firm Advantage

Jurnal Dinamika Akuntansi dan Bisnis Pub Date : 2023-06-04 DOI:10.24815/jdab.v10i2.30491

I. Igbinovia, B. Agbadua

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引用次数: 2

Abstract

The study examines the influence of environmental, social and governance (ESG) reporting on value-based performance; and the moderating effect of firm advantage on the nexus between ESG reporting and value-based performance of Nigerian quoted manufacturing firms. Using secondary data from the annual report of 20 manufacturing firms for the period 2017 to 2021, analysis involved descriptive statistics, correlation and regression analysis. The study finds that ESG reporting exerts no significant impact of firm value during the study period, but the effect was magnified and significant when moderated with firm advantage (profitability minus capital cost). Firm advantage has a significant effect on firm value-based performance of Nigerian quoted firms. No direct impact was observed for ESG and firm value, implying that ESG disclosures can only influence firm value meaningfully if it is focused on improving profitability by increasing sales through improved public image, and by achieving reduced finance cost. From the study’s findings, ESG alone do not directly drive firm valuation, suggesting the existence of possible channels of transmitting ESG disclosure to value.

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尼日利亚制造企业的环境、社会和治理(ESG)报告与企业价值:企业优势的调节作用

该研究考察了环境、社会和治理报告对基于价值的绩效的影响；以及公司优势对尼日利亚上市制造公司ESG报告和基于价值的业绩之间关系的调节作用。利用20家制造业公司2017年至2021年年报的二次数据，分析包括描述性统计、相关性和回归分析。研究发现，在研究期间，ESG报告对公司价值没有显著影响，但当与公司优势（盈利能力减去资本成本）一起调节时，这种影响被放大并显著。公司优势对尼日利亚上市公司基于价值的业绩有显著影响。没有观察到对ESG和公司价值的直接影响，这意味着ESG披露只有专注于通过改善公众形象提高销售额和降低财务成本来提高盈利能力，才能对公司价值产生有意义的影响。从研究结果来看，ESG本身并不能直接推动公司估值，这表明存在将ESG披露转化为价值的可能渠道。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Jurnal Dinamika Akuntansi dan Bisnis

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