Generational Biases in Sustainable Investment Decisions: An Accounting-Theory Perspective on ESG Disclosure, Investor Perception, and Long-Term Value Orientation
持続可能な投資判断における世代バイアス：ESG開示、投資家認識、長期的価値志向に関する会計理論の視点から (AI 翻訳)
Greeshma Francis, Dr Madhavi Lokhande
🤖 gxceed AI 要約
日本語
本論文は、ESG開示情報が異なる世代（Z世代、ミレニアル世代、X世代、ベビーブーマー）の投資意思決定に与える影響を、会計理論と行動ファイナンスの観点から概念的に考察する。世代ごとに環境意識、金融リテラシー、デジタル接触度、リスク認識が異なるため、ESG情報の解釈や信頼度に差が生じ、投資判断にバイアスがかかることを主張する。確認バイアスやグリーンハロー効果などの行動バイアスが、持続可能な投資の認識と満足度に影響する枠組みを提示し、今後の実証研究への仮説を提供する。
English
This conceptual article examines how ESG disclosure influences sustainable investment decisions across generational cohorts (Gen Z, Millennials, Gen X, Baby Boomers). Drawing on accounting theory, stakeholder theory, and behavioral finance, it argues that generational differences in environmental consciousness, financial literacy, and digital exposure lead to varied interpretation of ESG information and biases such as confirmation bias and green halo effects. The study proposes a framework linking disclosure quality, trust, perceived greenwashing, and investment satisfaction, offering propositions for future empirical research.
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、日本のESG投資実務においても重要な示唆を与える。特に、異なる世代の投資家がESG情報をどのように解釈し、バイアスが生じるかを理解することは、企業の開示戦略やIR活動に役立つ。日本の個人投資家層の高齢化や、若年層のESG関心の高まりを踏まえ、世代別の情報発信や信頼構築の必要性を示唆している。
In the global GX context
This paper contributes to the global discourse on ESG disclosure effectiveness by highlighting the role of generational biases in sustainable investment decisions. It extends accounting theory by integrating behavioral finance and generational cohort theory, providing a framework that can inform disclosure standards and investor communication strategies worldwide. Particularly relevant for jurisdictions like the EU and US where ESG disclosure regulations (CSRD, SEC) are evolving.
👥 読者別の含意
🔬研究者:Provides a conceptual framework linking ESG disclosure quality, investor biases, and generational differences, offering testable propositions for empirical research on sustainable investment behavior.
🏢実務担当者:Highlights how generational differences in ESG interpretation affect investment decisions, informing corporate disclosure strategies and investor relations to build trust and reduce perceived greenwashing.
🏛政策担当者:Suggests that disclosure regulations may need to consider generational cognitive biases to improve the effectiveness of mandatory ESG reporting in guiding sustainable investment.
📄 Abstract（原文）
Sustainable investment has become a significant area of accounting and investment research as investors increasingly evaluate firms through both financial and environmental, social, and governance criteria. This conceptual and theory-building article examines how sustainability accounting information and ESG disclosure influence sustainable investment awareness, preferences, decision-making, satisfaction, future intention, and advocacy across Gen Z, Millennials, Gen X, and Baby Boomers. The study argues that generational cohorts interpret ESG information differently because they vary in environmental consciousness, financial literacy, digital exposure, risk perception, income security, investment experience, ethical orientation, and trust in corporate reporting. Drawing on sustainability accounting, stakeholder theory, legitimacy theory, signalling theory, behavioural finance, and generational cohort theory, the article develops a conceptual framework linking ESG disclosure quality, investor awareness, trust, perceived greenwashing risk, behavioural biases, perceived financial performance, satisfaction, and advocacy. It highlights that investment decisions are shaped not only by rational assessment of risk and return but also by biases such as confirmation bias, herding, overconfidence, availability bias, scepticism, and green halo effects. The study contributes to accounting theory by positioning sustainable investment as a generationally mediated accounting phenomenon and offers propositions for future empirical testing across diverse markets, regulations, and investor groups.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://jtar.org/index.php/JTAR/article/download/251/179first seen 2026-07-17 05:33:50
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