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ESG開示品質と知覚された投資魅力度：企業評判・ステークホルダー信頼・グリーンイノベーションの役割と、知覚された投資家信頼の調整効果

ESG Disclosure Quality and Perceived Investment Attractiveness: The Roles of Corporate Reputation, Stakeholder Trust, and Green Innovation, and the Moderating Role of Perceived Investor Confidence (原題)

Huthifah Al-Hazaima

Horizons Intermediary Journal of Business Research📚 査読済 / ジャーナル2026-09-23#ESGOrigin: Global経営インパクト: 資金調達対象セクター: finance
DOI: 10.67150/hijbr.v1i2.3.
原典: https://doi.org/10.67150/hijbr.v1i2.3.

🤖 gxceed AI 要約

日本語

ヨルダン・アンマン証券取引所上場企業410名へのサーベイをPLS-SEMで分析。ESG開示品質・企業評判・ステークホルダー信頼・グリーンイノベーションはいずれも知覚された投資魅力度と正に関連し、ESG開示品質が最も強い。知覚された投資家信頼はESG開示品質と投資魅力度の関係を強めるが、企業評判との交互作用は有意でなかった。フロンティア市場における非財務シグナルの役割を実証した。

English

Survey of 410 representatives from Amman Stock Exchange-listed firms analyzed via PLS-SEM. ESG disclosure quality, corporate reputation, stakeholder trust, and green innovation are all positively associated with perceived investment attractiveness, with ESG disclosure quality strongest. Perceived investor confidence strengthens the ESG disclosure–attractiveness link but not the reputation interaction. Extends sustainability accounting and signaling research to a frontier market.

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

日本企業にとって直接の政策連動は薄いが、ESG開示品質が投資家の知覚魅力度に与える影響は、SSBJ基準導入後の有報・統合報告書における非財務情報の訴求力を考える上で示唆的。新興国市場での実証は、日本企業の新興国拠点・サプライチェーン開示を検討する際の参照材料となる。

In the global GX context

Adds frontier-market evidence to the global disclosure literature dominated by TCFD/ISSB/CSRD contexts, showing that ESG disclosure quality is the strongest perceived driver of investment attractiveness even where formal disclosure mandates are nascent. Useful for comparative scholarship on how non-financial signals function across regulatory regimes.

👥 読者別の含意

🔬研究者:フロンティア市場におけるESG開示と投資魅力度の関係を、評判・信頼・グリーンイノベーションと共に検証した実証枠組みを提供する。

🏢実務担当者:ESG開示品質の向上が投資家からの知覚魅力度に最も強く寄与する可能性を示し、開示強化の優先順位づけに示唆を与える。

🏛政策担当者:新興国市場において非財務開示の質が投資家知覚に影響することを示し、開示制度整備の政策的根拠となりうる。

📄 Abstract（原文）

Non-financial signals are increasingly considered alongside financial performance in capital markets, yet little is known about how ESG disclosure quality, corporate reputation, stakeholder trust, and green innovation are jointly associated with investment attractiveness in frontier markets, or whether investor confidence conditions these associations. Drawing on stakeholder, signaling, and legitimacy theories, this study analyses cross-sectional survey data from 410 representatives (managers, finance and accounting staff, and investor relations staff) of firms listed on the Amman Stock Exchange in Jordan using PLS-SEM. Because respondents are firm representatives rather than investors, investment attractiveness and investor confidence are measured as perceived constructs. ESG disclosure quality, corporate reputation, stakeholder trust, and green innovation are each positively and significantly associated with perceived investment attractiveness, with ESG disclosure quality showing the strongest association. Perceived investor confidence significantly strengthens the association between ESG disclosure quality and perceived investment attractiveness, whereas its interaction with corporate reputation is not significant at the 5% level (p = .052); this hypothesis is therefore not supported. The model explains 67.9% of the variance in perceived investment attractiveness within the sample and shows predictive relevance. The findings extend sustainability accounting and signaling research to a frontier market and offer firms and regulators guidance on non-financial signals, while recognizing that they reflect insiders' perceptions and associations rather than actual investor behaviour or causal effects.

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