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ESG開示と個人投資家の行動の相互作用：認知的・感情的評判は重要か？

The Interplay Between ESG Disclosures and Individual Investors’ Behaviors: Do Affective and Cognitive Reputation Matter? (原題)

Touseef Ahmad, Alia Ahmed, Hanan Amin Barakat, Antonio García‐Amate, Abderahman Rejeb

Sustainability📚 査読済 / ジャーナル2026-09-04#ESG経営インパクト: 資金調達対象セクター: finance
DOI: 10.3390/su18179118
原典: https://doi.org/10.3390/su18179118

🤖 gxceed AI 要約

日本語

本研究は、パキスタン証券取引所の個人投資家390人を対象に、ESG開示が投資行動に与える影響を、企業評判（認知的・感情的）を媒介変数として検証した。環境・ガバナンス開示は投資行動に正の影響を与え、評判が媒介するが、社会開示の効果は限定的だった。シグナリング理論を拡張し、新興市場におけるESG情報の信頼性向上に示唆を与える。

English

This study examines how ESG disclosures affect individual investors' trading behaviors in an emerging market (Pakistan), using corporate reputation (cognitive and affective) as a mediator. Based on survey data from 390 investors and SEM analysis, environmental and governance disclosures positively influence behaviors, mediated by reputation, while social disclosures have limited effects. It extends signaling theory and offers insights for enhancing ESG credibility in emerging markets.

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、個人投資家のESG情報活用が課題。本研究成果は、日本企業が開示を投資家行動に結び付ける上で、評判形成の重要性を示唆する。

In the global GX context

Globally, this study contributes to understanding how ESG disclosures influence retail investor behavior in emerging markets, complementing research focused on institutional investors and developed markets. It highlights the role of corporate reputation in translating ESG signals into investment decisions, relevant for markets adopting ISSB standards.

👥 読者別の含意

🔬研究者:Provides empirical evidence on ESG disclosure effects in an emerging market, extending signaling theory with dual-dimensional reputation.

🏢実務担当者:Highlights that environmental and governance disclosures can attract retail investors, especially when building cognitive and affective reputation.

🏛政策担当者:Suggests that enhancing ESG disclosure quality could promote sustainable investment among retail investors in emerging markets.

📄 Abstract（原文）

Sustainable Responsible Investment (SRI) emphasizes the integration of Environmental, Social, and Governance (ESG) factors into investment decisions. This study examines the relationship between ESG disclosures and individual investors’ trading behaviors, with corporate reputation as a mediating construct within the framework of signaling theory. Extending signaling theory, the study incorporates both cognitive and affective dimensions of corporate reputation to explain how ESG signals are interpreted by investors in emerging markets. Primary data were collected in 2025 from 390 individual investors in the Pakistan Stock Exchange (PSX), and Structural Equation Modeling (SEM) was used for analysis. The findings reveal that environmental and governance disclosures have a significant positive impact on investors’ behaviors, while social disclosures show a limited direct effect on both cognitive and affective corporate reputation dimensions. The results further indicate that corporate reputation significantly mediates the relationship between environmental and governance disclosures and investors’ behaviors. However, no mediation effect is observed for social disclosures. The study demonstrates that both cognitive (rational evaluation) and affective (emotional trust) dimensions of corporate reputation enhance the credibility of ESG signals and strengthen their influence on investment decisions. Overall, the study contributes to the ESG and signaling theory literature by highlighting how dual-dimensional corporate reputation shapes investors’ responses to ESG disclosures in emerging markets such as Pakistan.

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