Carbon disclosure and investor decision-making: A systematic review of mechanisms, contexts, and methodological quality
カーボン開示と投資家の意思決定：メカニズム、文脈、方法論の質の系統的レビュー (AI 翻訳)
Lin Oktris, Siti Fathimah Azzahra, N. Nengzih, Nurhafifah Amalina, Sugeng Rifqi Mubaroq, Tegar Ditya Pragama
🤖 gxceed AI 要約
日本語
本レビューは、カーボン開示が投資家の意思決定に与える影響を、メカニズム（情報非対称性の低減、リスクコミュニケーション、シグナリング）と文脈（義務的vs任意開示、高炭素セクター、2020年前後）に着目して系統的に検討した。10件の実証研究から、義務的開示や高炭素セクターで効果が強く、方法論の質が結果に影響することを示した。限定的なサンプルサイズと研究デザインの多様性に注意が必要だが、開示フレームワーク設計や企業戦略に示唆を与える。
English
This systematic review synthesizes evidence from 10 empirical studies (2020-2025) on how carbon disclosure influences investor decisions. It identifies hierarchical mechanisms: information asymmetry reduction enables risk communication and signaling. Mandatory disclosure and high-carbon sectors show stronger effects, with post-2020 findings heightened. Methodological quality moderates results, with quasi-experiments providing more credible estimates. Findings offer guidance for mandatory disclosure design and corporate strategy, though limited by sample size.
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基準の適用が目前に迫り、有価証券報告書でのサステナビリティ開示義務化が議論されている。本レビューの知見は、開示義務化の効果設計や、高炭素セクター企業の投資家対応に直接的な示唆を提供する。特に、メカニズムの階層性理解は、日本企業の開示戦略立案に有用である。
In the global GX context
With ISSB standards being adopted globally and mandatory climate disclosure expanding under CSRD and SEC rules, this review provides crucial evidence on when and how carbon disclosure actually influences investors. The finding that mandatory regimes and high-carbon sectors yield stronger effects supports regulators designing phased implementation. The emphasis on methodological quality is a valuable caution for both researchers and practitioners interpreting disclosure studies.
👥 読者別の含意
🔬研究者:GX researchers should note the hierarchical mechanism framework and the importance of methodological quality in disclosure-investor studies.
🏢実務担当者:Corporate sustainability teams can use the findings to prioritize disclosure in mandatory regimes and for high-carbon sectors, focusing on risk communication and signaling.
🏛政策担当者:Policymakers should consider mandatory disclosure design features and sector-specific materiality, as the review indicates stronger effects under mandatory regimes.
📄 Abstract（原文）
Type of the article: Research ArticleAbstractThe global imperative to address climate change has transformed financial markets, yet the mechanisms through which carbon disclosure influences investor decisions remain insufficiently understood. Prior reviews characterize findings as inconclusive due to inadequate mechanism specification and contextual variation, leaving policymakers, corporate managers, and investment professionals without evidence-based guidance. This review synthesizes evidence examining how carbon disclosure is associated with investment decisions through distinct mechanisms across varying contexts. Following PRISMA 2020 guidelines, we systematically searched Scopus and Web of Science databases, identifying 228 unique records published between 2020 and 2025. After rigorous screening, we extracted and synthesized data from 10 empirical studies examining disclosure mechanisms, contextual moderators, and methodological quality. Evidence suggests that carbon disclosure is associated with investor responses through hierarchical mechanisms, where information asymmetry reduction serves as the foundational pathway enabling risk communication and signaling. Mandatory disclosure regimes tend to generate stronger effects than voluntary approaches, while high-carbon sectors demonstrate comparatively larger investor responses, likely reflecting greater climate risk materiality. Post-2020 findings indicate heightened associations compared to pre-2020 periods, consistent with regulatory acceleration and market maturation. Methodological quality substantially shapes observed findings, with quasi-experimental approaches providing more conservative and causally credible estimates than observational designs. Overall, disclosure effectiveness appears to depend on mechanism activation, institutional context, and measurement quality. These findings offer preliminary evidence-based guidance for designing mandatory disclosure frameworks, developing corporate disclosure strategies, and integrating climate risks into institutional investment practices, though conclusions should be interpreted cautiously given the limited sample of studies and heterogeneity across research designs.AcknowledgmentsWe acknowledge the institutional support provided by Universitas Mercu Buana, Universitas Trisakti, and Akademi Digital Bandung in conducting this research.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.21511/ee.17(2).2026.11first seen 2026-06-29 08:24:21
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