気候不安開示と投資家行動：自主的なエコ心理報告の会計的影響の検証
Climate Anxiety Disclosures and Investor Behavior: Examining the Accounting Consequences of Voluntary Eco-Psychological Reporting (原題)
Amel Mahmood Ali Alobaidi
🤖 gxceed AI 要約
日本語
本研究は、気候リスク開示に加えた自主的な気候不安開示が投資家行動に与える影響を、テキスト分析、資本市場データ、行動実験の混合手法で検証。開示は投資家行動を有意に予測し、企業規模やCEOの環境背景が強化要因となる。開示は資本コストや流動性に負の影響を与え、投資家の意図や信頼を高める。
English
This study examines the impact of voluntary climate anxiety disclosure on investor behavior using mixed methods: textual analysis, archival data, and experiments. Disclosure significantly predicts investor behavior, moderated by firm size and CEO environmental background. It reduces cost of equity and liquidity spread, and enhances investor trust and allocation intentions.
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開示が始動し、気候関連の非財務情報の質が問われる中、心理的側面の開示は新たな差別化要素となる。投資家対応や統合報告書での活用可能性を示唆。
In the global GX context
Globally, as ISSB and CSRD frameworks evolve, this research expands climate disclosure beyond quantitative risk to psychological dimensions, offering insights for standard-setters and investors on the value of eco-psychological reporting.
👥 読者別の含意
🔬研究者:気候開示研究に心理的要素を組み込む新たな理論的枠組みを提供。
🏢実務担当者:自主的な気候不安開示が投資家の信頼向上や資本コスト低減に寄与する可能性を示唆。
🏛政策担当者:開示基準策定において心理的側面の考慮が投資家行動に影響する証拠を提供。
📄 Abstract（原文）
Climate disclosure has grown to include the psychological and behavioral domain, from financial risk disclosures. The research aims to investigate voluntary climate anxiety disclosure as an eco-psychological reporting initiative in addition to the compulsory disclosure of climate risk. The research design adopted is a mixed-methods approach comprising a computational textual analysis of the corporate documents filed by the firms, archival capital market data and a controlled behavioral experiment. Sample of firm-year observations 2020-25, from non-financial firms in the MSCI World Index. A sample of 500 retail and institutional investors is included in the experiments, where they receive treatment and control vignette conditions. All three specifications (baseline, firm-control, fixed-effects) show that climate anxiety disclosure is a significant predictor of investor behavior. Moderation analysis shows that firm size and the environmental background of the CEO do have a positive and reinforcing effect on this relationship, while carbon intensity does not. Moderated mediation and structural equation results validate that investor behavior is a partial mediator in a significant negative relation between disclosure and cost of equity, liquidity spread and analyst forecast dispersion. Experiments show that disclosure framing positively influences intention to allocate, trust, and negatively influences risk perception, whereas financial literacy is a moderator of investors' reactions. Robustness checks with different measurement specification techniques confirm the stability of these effects. Such studies advance the potential argument for disclosure of climate anxiety as a distinctive explanatory construct that transcends quantitative, risk-based disclosure as already addressed in the literature and engages with the psychological nature of corporate disclosure, as seen from the perspective of investors.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://dergipark.org.tr/en/download/article-file/6387225first seen 2026-09-02 05:38:58 · last seen 2026-09-21 05:15:38
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