Retail Investor Attention and Corporate ESG Disclosure
個人投資家の注目と企業のESG情報開示 (AI 翻訳)
Tao Hong, Maochuan Wang
🤖 gxceed AI 要約
日本語
本研究は、個人投資家のESGへの注目が企業のESG開示に与える影響を検証。中国の上場企業データ（2010-2022年）を用い、NLPで投資家プラットフォーム上のESG関連質問を分析。個人投資家の注目がESG開示を促進することを発見し、そのメカニズムとして市場退出の脅威とESG評判圧力を特定。非国有企業、機関投資家保有比率が高い企業、ネガティブな感情の質問、公共のESG意識が高い都市で効果が顕著。
English
This paper examines whether retail investors influence corporate ESG transparency. Using NLP to measure ESG-related inquiries on Chinese investor platforms from 2010-2022, the authors find that retail investor ESG attention promotes ESG disclosure. Mechanisms include market exit threats and ESG reputation pressure. The effect is stronger for non-state-owned firms, firms with high institutional ownership, and in cities with greater public ESG awareness.
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
日本でもESG開示の促進要因として個人投資家の役割が注目される。本研究は中国を対象とするが、日本の対話型プラットフォームにおける投資家の関与が企業の開示行動に与える影響を示唆。SSBJ基準への対応や統合報告書の充実を検討する日本の企業・政策担当者にとって、投資家の声をいかに開示に反映させるかの参考となる。
In the global GX context
This study highlights the underexplored role of retail investors in driving ESG disclosure, relevant to global markets where retail investor activism is rising. It demonstrates that digital investor platforms can influence corporate transparency, offering insights for policymakers considering shareholder engagement in ESG reporting. The NLP methodology provides a replicable approach for analyzing investor attention in other markets.
👥 読者別の含意
🔬研究者:Provides causal evidence of retail investor attention on ESG disclosure using a novel NLP measure, contributing to the literature on stakeholder influence on corporate transparency.
🏢実務担当者:Corporate sustainability teams should recognize that retail investor attention on online platforms can pressure firms to enhance ESG disclosure, especially when facing negative sentiment.
🏛政策担当者:Regulators may consider the role of retail investors in promoting ESG disclosure and the potential of digital platforms to amplify stakeholder voices in corporate governance.
📄 Abstract（原文）
ABSTRACT Do retail investors matter for corporate ESG transparency? We measure retail investors’ ESG attention by employing natural language processing to identify ESG‐related inquiries on Chinese investor interactive platforms. Using data on Chinese listed firms from 2010 to 2022, we find that retail investors’ ESG attention promotes corporate ESG disclosure. This result remains robust to endogeneity analyses, alternative estimation strategies, and alternative explanation exclusions. Mechanism analyses attribute this effect to market exit threats and ESG reputation pressure. Furthermore, the baseline effect is more pronounced for non‐state‐owned firms, for firms with higher institutional ownership, for inquiries with more negative sentiment, and for cities with greater public ESG awareness. Additional analyses reveal that the baseline effect is primarily driven by disclosure‐focused inquiries rather than practice‐focused ones. Our findings shed light on the influence of retail investors on corporate ESG transparency in the digital age.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.1111/jifm.70017first seen 2026-06-05 05:56:08
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。