Mandate-Backed ESG Reporting and Limited Price Discovery: Evidence from Sustainability Report Releases on the Abu Dhabi Securities Exchange
義務付けられたESG報告と限定的な価格発見：アブダビ証券取引所におけるサステナビリティ報告書発表の証拠 (AI 翻訳)
Veliota Drakopoulou
🤖 gxceed AI 要約
日本語
本研究はアブダビ証券取引所（ADX）におけるESG報告書の公表が市場に与える影響をイベントスタディで検証。2021～2025年のデータを用いた分析の結果、報告書公表は有意な異常リターンや取引活動を生まず、投資家の反応は限定的であった。ただし、より定量化され保証を受けた報告書では、個人投資家が買い越し、法人投資家が売り越すといった漸進的なリバランスが観察された。ESG開示の有効性には情報の信頼性が重要であることを示唆。
English
This study examines the market impact of ESG report releases on the Abu Dhabi Securities Exchange (ADX) from 2021 to 2025 using an event study. Results show no significant abnormal returns or trading activity, indicating limited price discovery. However, reports with higher credibility (quantified, assured, standards-linked) lead to gradual investor rebalancing, particularly individual buying and corporate selling over wider windows. The findings highlight that mere publication is insufficient; disclosure usefulness depends on credibility.
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
本論文は、日本でもSSBJ基準に基づくサステナビリティ開示が義務化される中、開示の質と信頼性の重要性を再認識させる。単なる報告書公表が必ずしも市場価格に反映されないという結果は、日本の企業や投資家が開示情報の実質的な有用性を評価する際の参考となる。
In the global GX context
This paper contributes to global debates on the effectiveness of mandatory ESG disclosure, particularly relevant to standard-setters like ISSB and SEC. It shows that disclosure without credibility (assurance, quantification, standards alignment) may not lead to price discovery, underscoring the need for high-quality reporting frameworks. The ADX case offers emerging-market evidence often absent from the literature.
👥 読者別の含意
🔬研究者:Provides evidence that ESG disclosure alone does not drive market reactions; credibility is key. Useful for event-study and disclosure literature.
🏢実務担当者:Highlights that simply publishing a sustainability report may not affect stock prices; focus on content credibility and assurance to engage investors.
🏛政策担当者:Suggests that mandating disclosure is insufficient; regulators should also require quality standards, assurance, and enforcement to achieve market efficiency.
📄 Abstract（原文）
Abstract This study examines whether ESG report releases generate market reactions on the Abu Dhabi Securities Exchange (ADX). Using an event-study design, the analysis begins with an ESG report universe covering approximately 101 ADX-listed firms, representing nearly the full actively traded ADX equity universe. After cleaning report dates and requiring valid daily trading data, the final sample consists of 67 aligned ESG report-release events and 1,388 firm-event-trading-day observations between 2021 and 2025. The study tests whether report publication is associated with abnormal stock returns, abnormal trading activity, and investor-type order imbalance across standard event windows. The results show limited price discovery. ESG report releases do not generate statistically significant abnormal returns across the main event windows, and abnormal trading activity is also insignificant. Investor-type trading provides a more nuanced result: over wider windows, Individual accounts become net buyers while Company accounts become net sellers, suggesting gradual rebalancing rather than immediate event-day repricing. A content-credibility heterogeneity test further shows that reports with more quantified, assured, standards-linked, and less boilerplate disclosures are associated with stronger wider-window investor-type trading responses, although not with significant abnormal-return heterogeneity. The findings contribute to ESG disclosure research by distinguishing disclosure publication from disclosure usefulness. In the ADX setting, ESG report publication alone does not appear sufficient to move prices. Instead, investor responses appear more closely linked to the credibility and specificity of the information inside the report. Keywords: ESG disclosure; sustainability reporting; event study; abnormal returns; investor order imbalance; disclosure credibility; ADX; UAE; emerging markets; signaling theory. https://github.com/vdrakopoulou/ADX-ESG-Reporting-Event-Study-Replication-Package/tree/main
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.5281/zenodo.20371868first seen 2026-05-27 04:41:31
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