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ESG格付変動と投資家の心理的反応：投資家のメンタルヘルスへの影響

ESG Rating Fluctuations and Investor Psychological Reactions: Impacts on Investors’ Mental Health (原題)

Pengyu Zhang

Schizophrenia bulletin📚 査読済 / ジャーナル2026-08-01#AI×ESGOrigin: CN経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.1093/schbul/sbag159.037
原典: https://doi.org/10.1093/schbul/sbag159.037

🤖 gxceed AI 要約

日本語

本研究は、ESG格付の変動が投資家心理（不安・ストレス）に与える影響と、それが株価や企業業績に及ぼす波及効果を、中国A株1,236社のパネルデータ（2018-2023年）と機械学習・ビッグデータ分析を用いて実証した。格付変動は株価変動と投資家の不安症状を有意に増加させ、投資家心理が市場反応の65.3%を媒介することを示した。企業のESG安定性が投資家のメンタルヘルス向上に寄与することを提言している。

English

This study empirically examines how ESG rating fluctuations affect investor psychology (anxiety, stress) and subsequent market reactions, using panel data from 1,236 Chinese A-share firms (2018-2023) and machine learning/big data analysis. It finds that rating changes significantly increase stock volatility and investor anxiety, with investor sentiment mediating 65.3% of market reactions. The authors recommend stable ESG performance and enhanced disclosure to mitigate psychological stress.

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開示が始まり、ESG情報と投資家心理の関連は機関投資家対応や統合報告書の質向上に直結する。本研究の知見は、日本企業がESG情報開示の安定性を保つことの重要性を示唆し、投資家とのエンゲージメント戦略に示唆を与える。

In the global GX context

Globally, this paper contributes to the growing literature on ESG disclosure and market reactions, particularly the psychological mechanisms underlying investor behavior. It aligns with ISSB/CSRD efforts to improve disclosure quality, suggesting that stable ESG ratings can reduce market volatility and investor stress, which is relevant for sustainable finance and investor protection.

👥 読者別の含意

🔬研究者:Provides empirical evidence on the mediating role of investor psychology in ESG-market reactions, useful for behavioral finance and ESG research.

🏢実務担当者:Highlights the importance of stable ESG performance and communication to manage investor expectations and reduce anxiety, informing IR and sustainability reporting strategies.

🏛政策担当者:Suggests that enhanced ESG disclosure and rating stability can mitigate investor psychological stress, supporting investor protection and market stability.

📄 Abstract（原文）

This study aims to investigate the profound impact of investor psychology on stock prices and financial performance against the backdrop of ESG rating fluctuations, with particular focus on revealing the psychological mechanisms between corporate sustainability performance and market reactions, including investors' anxiety disorders and stress responses. The research employed a mixed-methods approach, analyzing panel data from 1,236 A-share listed companies (2018-2023). Through big data analysis of investor sentiment and experimental economics methods, we examined behavioral patterns under different ESG rating scenarios. The study utilized the Investor Sentiment Index, ESG ratings, corporate financial indicators, and incorporated psychological assessments including the Generalized Anxiety Disorder Scale (GAD-7) and Perceived Stress Scale (PSS). ESG rating fluctuations significantly influenced investor psychology, with each grade change causing 8.7% stock price fluctuation and triggering 25% increase in anxiety symptoms. Negative ESG adjustments provoked stronger psychological reactions (β = -0.83, p < 0.01) and 30% higher stress levels. Investor sentiment mediated 65.3% of the market reaction to ESG changes. Companies with stable ESG ratings showed 23.6% lower stock volatility and significantly better investor mental health indicators. Investor psychology plays a pivotal mediating role in the ESG-performance relationship, with significant implications for investors' mental health. Enterprises should stabilize ESG performance to manage investor expectations and reduce anxiety, while regulators should enhance information disclosure to mitigate psychological stress in sustainable investing. Pengyu Zhang, Department of Economics and Management, Jining Normal University, Ulanqab, Inner Mongolia Autonomous Region, 012000, China.

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