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信頼構築と発展途上経済：ESG開示が外国直接投資に与える影響

Developing Trust, Developing Economies: The Role of ESG Disclosure in Attracting Foreign Investment (原題)

A. Csordás, M. Al-Dalahmeh

Finance: Theory and Practice📚 査読済 / ジャーナル2026-08-18#ESGOrigin: Global経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.26794/2587-5671-2026-30-4-1709-02
原典: https://doi.org/10.26794/2587-5671-2026-30-4-1709-02
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🤖 gxceed AI 要約

日本語

本研究は、28カ国のデータを用いてESG開示と外国直接投資（FDI）の関係を検証し、レジティマシー理論の国際的適用可能性を探る。分析の結果、ESG基準が発展した西欧諸国が投資家として優位であり、発展途上国はESG基準の整備を通じてFDIを誘引できる可能性が示唆された。地域のESG開示基準の標準化が信頼構築に重要である。

English

This study examines the relationship between ESG disclosure and foreign direct investment (FDI) across 28 countries, applying legitimacy theory. Results show that Western nations with developed ESG standards dominate as investors, while developing countries can attract FDI by improving ESG practices. Standardizing regional ESG disclosure norms is crucial for building trust and fostering investment.

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、ESG情報の質と国際的な投資家の信頼獲得の関連性を示す本研究成果は、日本企業の開示戦略や政策立案に示唆を与える。特に、アジア地域のESG基準調和の重要性を強調しており、日本のリーダーシップが期待される。

In the global GX context

This study contributes to global discussions on ESG disclosure and investment flows, aligning with ISSB and CSRD efforts to standardize reporting. It highlights the role of regional standards in building trust, relevant for policymakers and investors seeking to harmonize disclosure frameworks and attract FDI.

👥 読者別の含意

🔬研究者:Provides empirical evidence on ESG disclosure and FDI, useful for legitimacy theory and comparative policy research.

🏢実務担当者:Highlights the importance of robust ESG reporting for attracting foreign investment, guiding corporate disclosure strategies.

🏛政策担当者:Suggests that developing regional ESG standards can enhance a country's attractiveness to foreign investors.

📄 Abstract（原文）

Legitimacy theory posits that organizations strive to align with societal expectations to gain advantages, yet its focus has primarily been at the company level. The purpose of the study is to investigate the global applicability of legitimacy theory by examining the relationship between Environmental, Social, and Governance (ESG) disclosures and Foreign Direct Investment (FDI). In particular, the study sets the task: analyze the impact of ESG disclosures on FDI across twenty-eight countries; compare the ESG performance of different nations; and explore the role of regional ESG standards in influencing ESG performance and FDI. The application of the Kruskal-Wallis test revealed the dominant position of Western nations with developed ESG standards. The Bonferroni adjustment post hoc test on World Bank data indicated that countries with well-developed ESG standards act as global investors, trusting the high standards of rapidly improving Western regions. Statistical tests confirmed that countries in the developing stage, with values somewhat similar to the most developed areas, present attractive alternatives for foreign investors. However, the lack of standardized norms hinders the establishment of trustworthy economic relationships. These findings suggest that just as businesses use Corporate Social Responsibility (CSR) to gain legitimacy, countries can adopt ESG practices to align with global norms and attract FDI. Although this transition may be time-consuming, developing regional ESG disclosure norms could serve as an effective stepping stone.

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