Investors’ Reaction to Sustainability Disclosures Under Varying Assurance Levels and Assurer Types: An Experimental Approach
異なる保証水準と保証提供者に対する投資家の反応：実験的アプローチ (AI 翻訳)
Rola Shawat, Abanoub Wassef, Yaacob Ibrahim, Ahmed Hassanein, Hosam Moubarak, Hebatallah Badawy
🤖 gxceed AI 要約
日本語
この研究は、エジプトの新興市場において、サステナビリティ開示の保証レベル（限定 vs 合理的）と保証提供者（監査法人 vs 非監査法人）が非専門投資家の反応に与える影響を2×2実験で調査。保証レベルが支配的であり、合理的保証が投資家評価を有意に向上させる一方、提供者の種類は有意な影響を与えない。機械学習（SHAP値）を用いた探索的分析も行い、保証が投資判断に影響する経路を解明。
English
This study uses a 2×2 experiment with Egyptian MBA/DBA students to examine how assurance level (limited vs reasonable) and assurer type (audit vs non-audit firm) affect non-professional investors' reactions to sustainability disclosures. Results show assurance level is dominant: reasonable assurance significantly improves investor judgments across all measures, while assurer type has no independent effect. Exploratory machine learning (SHAP) reveals that assurance influences investment decisions mainly through perceived sustainability performance and information reliance. This provides novel emerging-market evidence.
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基準に対応した保証の実務が進行中だが、本実験は合理的保証が情報利用者の判断に及ぼす影響を定量的に示しており、日本企業の開示戦略や保証水準の選択に示唆を与える。エジプトという異なる市場での結果ではあるが、保証の質が投資家行動に与える影響の普遍性を示唆。
In the global GX context
As ISSB adoption advances globally and assurance mandates expand (e.g., CSRD, SEC climate rule), this study provides experimental evidence on the relative importance of assurance level vs. provider identity. It helps regulators and firms understand that reasonable assurance may be more critical than the type of assurance provider. The emerging-market setting (Egypt) adds diversity to the mostly developed-market evidence.
👥 読者別の含意
🔬研究者:Provides experimental design insights and new evidence on assurance level dominance using machine learning exploration.
🏢実務担当者:Indicates that investing in reasonable assurance may enhance investor perceptions more than changing assurance provider.
🏛政策担当者:Supports prioritizing assurance strength over provider type in sustainability disclosure regulation.
📄 Abstract（原文）
This study examines how assurance level and assurer type jointly influence non-professional investors’ reactions to sustainability disclosures in an emerging market context. It employs a controlled 2 × 2 mixed-design experiment that manipulates assurance level (limited vs. reasonable) and assurer type (audit firm vs. non-audit firm). Data were collected from MBA and DBA students in Egypt as proxies for non-professional investors. Investor reaction is captured through multiple measures, including perceived sustainability performance, reliance on sustainability information, investment intention, stock valuation, and decision confidence. Non-parametric statistical techniques are used to test hypotheses, complemented by exploratory machine learning using SHAP values. The results provide strong and consistent evidence that the assurance level is the dominant factor shaping investor reactions. Reasonable assurance significantly enhances investor judgments across all key measures, whereas the type of assurer does not have a statistically significant independent effect. Additional analyses reveal that reasonable assurance from a non-audit firm elicits more favorable reactions than limited assurance from an audit firm, underscoring the primacy of assurance strength over provider identity. Exploratory findings further indicate that assurance influences investment decisions primarily through perceived sustainability performance and reliance on information. This study contributes to the literature by clarifying the relative roles of assurance level and assurer type and providing novel evidence from an emerging market setting (i.e., Egypt). The findings offer important implications for firms, assurance providers, and regulators seeking to enhance the credibility and decision usefulness of sustainability reporting.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/jrfm19060447first seen 2026-07-15 05:12:32
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
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。