財務開示と株式市場の反応：企業の透明性に対する投資家の関心に関するテーマ別研究
Financial Disclosure and Stock Market Reaction: Thematic Study of Investors’ Concern in Transparency of Corporate Firm (原題)
Ogiriki Tonye
🤖 gxceed AI 要約
日本語
本論文は、財務・非財務開示が株式市場の反応と投資家の信頼に与える影響を理論的に検討する。シグナリング理論に基づき、透明性の高い開示が情報非対称性を減らし、株価の安定と投資家の信頼向上につながると論じる。特にESG情報を含む非財務開示の重要性が高まっていると指摘する。
English
This paper theoretically examines how financial and non-financial disclosures affect stock market reactions and investor trust. Drawing on signaling theory, it argues that transparent disclosure reduces information asymmetry, leading to price stability and investor confidence. It highlights the growing importance of non-financial disclosures, especially ESG factors.
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開示基準の適用が進む中、非財務情報の透明性が投資家との対話に与える影響を示す理論的枠組みは、企業の開示戦略を考える上で参考になる。
In the global GX context
Globally, this paper reinforces the importance of ESG disclosure in investor decision-making, aligning with ISSB and CSRD trends. It provides a theoretical basis for why transparent non-financial reporting matters for market efficiency.
👥 読者別の含意
🔬研究者:ESG開示と市場反応の理論的関連を整理する上での基礎文献として有用。
🏢実務担当者:開示の透明性向上が投資家関係に与える影響を理解するための概念的枠組みを提供。
🏛政策担当者:非財務開示の規制強化が市場効率に寄与する理論的根拠を示す。
📄 Abstract（原文）
The thematic paper explored the relationship between financial disclosure practices and stock market reactions, with a particular focus on investor concerns regarding corporate transparency. The research examined how both financial and non-financial disclosures influenced stock market behavior, investor perceptions, and market efficiency. Drawing on signaling theory, the study emphasized that transparency played a significant role in reducing information asymmetry and building trust between corporate firms and investors. The findings indicated that firms with comprehensive, accurate, and timely disclosures experienced positive stock market reactions, including greater price stability and increased investor confidence. In contrast, selective or delayed disclosures led to negative market reactions, often reflecting heightened uncertainty. Additionally, the paper highlighted the growing importance of non-financial disclosures, particularly environmental, social, and governance (ESG) factors, which shaped investor decisions and stock performance. The study concluded that corporate transparency was not only essential for regulatory compliance but also served as a strategic tool for improving investor relations, enhancing market efficiency, and ensuring long-term business success.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://iiardjournals.org/get/IJBFR/VOL. 11 NO. 4 2025/FINANCIAL DISCLOSURE AND STOCK 45-55.pdffirst seen 2026-09-02 05:42:51 · last seen 2026-09-22 05:20:20
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