CORPORATE SUSTAINABILITY REPORTING AND INVESTOR SENTIMENT: A SUSTAINABLE DEVELOPMENT PROSPECTIVE ON PAKISTAN-LISTED COMPANIES
企業のサステナビリティ報告と投資家心理：パキスタン上場企業の持続可能な発展の観点から (AI 翻訳)
Research on Economic & Social Development Options, (RESDO)
🤖 gxceed AI 要約
日本語
パキスタン証券取引所（PSX）上場企業を対象に、ESG情報開示と投資家心理の関係を実証分析。SECPのESG Sustainプラットフォームから開示データを取得し、ESG指数を構築。固定効果パネル回帰の結果、ESG開示スコアが高いほど投資家心理が良好になることを確認。特に環境・ガバナンス情報の開示が社会的情報よりも投資家心理に強く影響することを示した。
English
This study empirically analyzes the relationship between ESG disclosure and investor sentiment using Pakistan Stock Exchange (PSX) listed companies. Using ESG data from SECP's ESG Sustain platform, the authors construct an ESG index and employ fixed-effects panel regression. Results show higher ESG disclosure scores correlate with positive investor sentiment, with environmental and governance disclosures having stronger effects than social disclosures. The study provides evidence from an emerging market where ESG reporting is still developing.
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開示が進む中、ESG情報開示が投資家心理に与える影響の実証的知見は、国内企業の開示戦略や投資家対応に示唆を与える。特に環境・ガバナンス情報の重要性が高いという結果は、日本の有報や統合報告書での情報開示の優先順位付けに参考になる。
In the global GX context
This study contributes to the global discourse on ESG disclosure and investor behavior, particularly in emerging markets. The finding that environmental and governance disclosures have stronger effects on investor sentiment than social disclosures offers insights for companies and regulators worldwide, especially in the context of ISSB and CSRD implementation. It underscores the importance of transparent sustainability reporting for capital market development.
👥 読者別の含意
🔬研究者:ESG開示と投資家心理の関係について、新興市場の実証的証拠を提供しており、開示の優先順位に関する研究に示唆を与える。
🏢実務担当者:ESG情報開示の戦略立案に役立つ。特に環境・ガバナンス情報の重要性が高いことを示しており、開示内容の優先順位付けに参考になる。
🏛政策担当者:新興市場におけるESG開示規制の効果を示す証拠であり、開示制度の設計や投資家保護政策に示唆を与える。
📄 Abstract（原文）
This study uses the Pakistan Stock Exchange (PSX) as an example to explore the relationship betweenenvironmental, social, and governance (ESG) information disclosure and investor sentiment. ESG disclosuredata was obtained from the ESG Sustain platform of the Securities and Exchange Commission of Pakistan(SECP), and an ESG index based on information disclosure was constructed using environmental, social, andgovernance indicators. Investor sentiment is measured through market-based indicators, particularly stocktrading volume and trading activity, which reflect investors’ behavioral responses to ESG-related disclosures.Additionally, company-level control variables, including company size, profitability, leverage ratio, andgrowth rate, are incorporated. A panel data regression framework is used to assess the impact of ESGinformation disclosure on investor sentiment. The baseline estimates were performed using a fixed-effectspanel regression model to control for unobserved company-specific heterogeneity. Empirical results show asignificant correlation between higher ESG disclosure scores and positive investor sentiment. Further analysisshows that the positive impact of environmental and governance information disclosure on investor sentimentis significantly stronger than that of social information disclosure, as evidenced by higher and morestatistically significant coefficients estimates Robustness tests and alternative model specifications bothconfirm these findings. This study contributes to the literature by providing empirical evidence from emergingmarkets where ESG reporting is still developing. The findings highlight the importance of transparentsustainability reporting for enhancing investor confidence and supporting the development of Pakistan'scapital markets.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.5281/zenodo.18636258first seen 2026-05-14 22:06:10 · last seen 2026-08-02 04:49:12
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