The Effect of Low‐Carbon Transition Strategy Disclosure on Analyst Following: The Moderating Role of Managerial Myopia
低炭素移行戦略の開示がアナリスト追随に与える影響：経営者近視眼の調整効果 (AI 翻訳)
Le Sun, Jia Liu, Kuanhou Tian
🤖 gxceed AI 要約
日本語
中国A株上場企業2008-2024年のデータを用い、低炭素移行戦略の開示がアナリスト追随を増加させることを実証。投資家関係活動の増加と情報環境の改善がメカニズムとして働くが、経営者の近視眼がこの効果を弱める。資本市場における非財務情報開示の価値を示す。
English
Using Chinese A-share listed firms from 2008-2024, this study finds that low-carbon transition strategy disclosure increases analyst following. The effect is driven by enhanced investor relations and richer information environment, but managerial myopia weakens it. Provides evidence on capital market benefits of climate-related disclosure.
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開示が始まり、低炭素移行戦略の開示が投資家対応で重要に。本研究成果は、開示がアナリストの関心を引き、資本市場での評価向上につながる可能性を示唆。経営者の短期的思考がその効果を減殺する点は、日本企業の統合報告書や有報での開示実務に示唆を与える。
In the global GX context
Globally, as ISSB and CSRD mandate climate-related disclosures, this study provides empirical evidence that low-carbon transition strategy disclosure attracts analyst attention, enhancing market efficiency. It highlights the role of managerial time horizon in moderating these benefits, relevant for global disclosure scholarship and investor relations.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the capital market effects of low-carbon transition disclosure, contributing to accounting and ESG literature.
🏢実務担当者:Highlights the importance of transparent low-carbon transition strategies in attracting analyst coverage and investor interest.
🏛政策担当者:Suggests that promoting low-carbon transition disclosure can enhance market discipline and information intermediation.
📄 Abstract（原文）
ABSTRACT As firms increasingly disclose low‐carbon transition strategies, research on this specific component of nonfinancial disclosure remains limited. This study examines the effect of low‐carbon transition strategy disclosure on analyst following. Using a sample of Chinese A‐share listed firms from 2008 to 2024, we find a positive association between low‐carbon transition strategy disclosure and analyst following. This association is economically meaningful and remains robust after addressing endogeneity concerns and conducting multiple robustness tests. Mechanism evidence supports the analyst supply and demand perspective: Low‐carbon transition strategy disclosure is associated with greater investor–relations interaction, indicating stronger market demand for analysts' interpretation services, and with a richer information environment, suggesting lower costs for analysts to collect, process, and verify firm information. However, managerial myopia weakens this effect, indicating that analysts respond less strongly when managers have a stronger short‐term orientation. Overall, this study explains why low‐carbon transition strategy disclosure attracts analyst following from the analyst supply and demand perspective. In addition, it shows how managerial myopia weakens the capital‐market attention benefits of low‐carbon transition strategy disclosure, providing new evidence on how financial markets respond to sustainability challenges under short‐term logic. Finally, this study advances accounting research at the intersection of business strategy, environmental disclosure, and capital‐market information intermediaries.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1002/bse.71407first seen 2026-08-08 04:56:05
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