Beyond Single-Theory Explanations: A Dual-Capacity Model of Carbon Disclosure Effectiveness in Sustainable Finance
単一理論を超えて：サステナブルファイナンスにおける炭素開示の有効性に関する二重能力モデル (AI 翻訳)
Lin Oktris, Afzal Izzaz Zahari, Suharmadi, Hirdinis M.
🤖 gxceed AI 要約
日本語
本論文は、炭素開示が投資家の意思決定に影響を与えるメカニズムを統合的に検討した系統的レビューである。情報非対称性の低減、経営品質のシグナリング、リスクコミュニケーション、正当性構築の4つのメカニズムが同時に作用し、セクターやコンテクストによって優位性が異なることを示した。また、開示と投資の関係は時間とともに強化され、2015-18年の効果量中央値b=0.12から2022-25年にはb=0.27に上昇した。シグナリング理論の二重能力拡張とカスケード型正当性理論を提案し、政策立案者や実務家への示唆を提供する。
English
This systematic literature review synthesizes 44 studies to explain how carbon disclosure influences investor decisions. It identifies four simultaneous mechanisms: information asymmetry reduction, signaling, risk communication, and legitimacy building, with median effect sizes ranging from 0.06 to 0.35. Disclosure-investment relationships show temporal strengthening, with effect sizes rising from 0.12 (2015-2018) to 0.27 (2022-2025). The paper proposes a dual-capacity extension of signaling theory and a cascading legitimacy theory, offering implications for policymakers, managers, and investors.
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が開示基準を策定中であり、本論文が示す開示メカニズムの有効性と時間的強化は、日本の企業が有価証券報告書や統合報告書で開示を行う際の戦略策定に直接的な示唆を与える。また、グローバルな知見に基づくため、日本企業の投資家対応の質向上に貢献する。
In the global GX context
This study provides a comprehensive framework for understanding carbon disclosure effectiveness, directly relevant to the ISSB and TCFD implementation globally. It highlights how disclosure mechanisms evolve over time and vary by sector, which can inform the design of reporting standards and investor engagement strategies. The findings support the shift from voluntary to mandatory disclosure regimes.
👥 読者別の含意
🔬研究者:The paper offers a dual-capacity model integrating multiple theories, providing a foundation for future empirical studies on disclosure effectiveness and temporal dynamics.
🏢実務担当者:Corporate sustainability teams can use the sector-specific mechanism insights to prioritize disclosure content that most influences investors, improving reporting ROI.
🏛政策担当者:Regulators can consider the temporal strengthening effect and cascading legitimacy to design phased disclosure mandates that build market capacity over time.
📄 Abstract（原文）
Carbon disclosure has emerged as a central mechanism of sustainable finance, yet its effectiveness in influencing investor decision-making remains theoretically fragmented across legitimacy, signaling, stakeholder, and institutional theory. Applied in isolation, these frameworks generate contradictory findings and leave three gaps unresolved: the absence of integrative frameworks explaining simultaneous mechanism operation, the lack of dynamic models accounting for temporal strengthening, and insufficient boundary condition specification across contexts. This systematic literature review synthesises 44 empirical studies published between January 2015 and June 2025, identified through a Scopus search conducted in July 2025 following PRISMA 2020 guidelines, with inter-rater reliability of k = 0.85 at screening and k = 0.82 at full-text assessment. Four mechanisms are identified: information asymmetry reduction (75% of studies; median b = 0.24), signaling of management quality (57%; b = 0.18 to 0.35), risk communication (50%; b = 0.08 to 0.35), and legitimacy building (39%; b = 0.06 to 0.28). These mechanisms operate simultaneously, with relative dominance shifting across sectors and contexts. Disclosure-investment relationships show temporal strengthening, with median effect sizes rising from b = 0.12 in 2015 to 2018 to b = 0.27 in 2022 to 2025. Three contributions are proposed: a dual-capacity extension of signaling theory suggesting that disclosure effectiveness may depend multiplicatively on information supply and market processing capacity, a cascading legitimacy theory offering one account of temporal strengthening through feedback loops between disclosure and infrastructure development, and boundary conditions specifying mechanism dominance across sectors. Findings carry implications for policymakers, managers calibrating sector-specific reporting, and investors building disclosure-informed portfolios aligned with net-zero objectives.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://journalofsustainability.net/ojs/JoS/article/download/190/94first seen 2026-07-10 05:49:22
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