The Effectiveness of Environmental, Social, and Governance (ESG) Disclosure on Investor Preferences
環境・社会・ガバナンス（ESG）開示が投資家選好に与える有効性 (AI 翻訳)
Ika Putri Fitri Ajiani, Khairunnisa
🤖 gxceed AI 要約
日本語
本研究は、ESG開示の完全性が投資家の選好に与える影響を実験的に検証した。完全開示、部分開示、最小限開示の3グループに分け、完全なESG開示が投資家の選好を有意に高めることを示した。これは、開示の透明性が投資家の信頼獲得に重要であることを示唆する。
English
This study experimentally examines how the completeness of ESG disclosure affects investor preferences. Using a between-subject design with 180 participants, it finds that complete ESG disclosure significantly increases investor preference compared to partial or minimal disclosure. The results highlight that transparency in ESG reporting is crucial for building investor trust.
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基準の導入が進む中、本実験結果は開示の完全性が投資家評価に直結することを示し、企業の開示戦略に実証的な根拠を提供する。
In the global GX context
In the global context of TCFD, ISSB, and CSRD, this study provides experimental evidence that comprehensive ESG disclosure enhances investor confidence, supporting the case for mandatory disclosure frameworks.
👥 読者別の含意
🔬研究者:Provides experimental evidence on the causal effect of ESG disclosure completeness on investor preferences.
🏢実務担当者:Demonstrates that complete ESG disclosure can improve investor trust and potentially lower cost of capital.
🏛政策担当者:Supports the need for regulatory requirements on comprehensive ESG disclosure to protect investors.
📄 Abstract（原文）
The phenomenon of increasing investor attention to sustainability issues encourages companies to pay attention to the quality of Environmental, Social, and Governance (ESG) disclosures in financial reports. However, there are still differences in the level of ESG disclosure completeness across companies, making it important to examine how this affects investor preferences. This study aims to test the effectiveness of ESG disclosure on investor preferences by comparing three treatment groups: reports with complete, partial, and minimal disclosure. The research method used is a between- subject experimental design with 180 respondents randomly divided into three groups (60 respondents each). Data were analyzed using one-way ANOVA, followed by Post-Hoc Tukey HSD and Independent Sample T-Test to identify differences among groups. The results show significant differences in investor preferences across the three groups, with the order of preference being Group A (Complete) > Group B (Partial) > Group C (Minimal). Complete ESG disclosure significantly increases investor preferences compared to partial or minimal disclosure. The implication of this study is that completeness and transparency of ESG information are not merely a form of regulatory compliance but also a crucial strategy to enhance investor trust, strengthen corporate reputation, and support long-term sustainability in the capital market.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://journal.kalibra.or.id/index.php/emis/article/download/492/403first seen 2026-07-05 05:34:54
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