グリーンボンドにおける投資家信頼の決定要因
DETERMINANTS OF INVESTOR TRUST IN GREEN BONDS (原題)
L. Thanh, Le Quang Trung, Long Le Vu, Tuyet Phuong, Du Thi Tran
🤖 gxceed AI 要約
日本語
ベトナムの投資家369名を対象に、グリーンボンドへの投資家信頼の決定要因をCB-SEMで分析。グリーン会計情報品質、開示透明性、外部レビュー・保証、発行体ESG評判の4要因すべてが信頼を有意に高め、特に外部保証の影響が最大。信頼の分散の50.1%を説明し、グリーンラベルだけでなく情報・信頼性メカニズムの複合が重要と示す。
English
Surveying 369 Vietnamese investors, this study models determinants of trust in green bonds using CB-SEM. Green accounting information quality, disclosure transparency, external review/assurance, and issuer ESG reputation all significantly raise trust, with external assurance strongest. The model explains 50.1% of trust variance, showing credibility mechanisms—not green labels alone—drive investor confidence.
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
日本のSSBJ基準・有報開示・グリーンボンド外部評価の議論に対し、開示透明性と第三者保証が投資家信頼を高める実証的根拠を提供。特に保証の効果が最大という知見は、日本企業のサステナビリティ保証導入や移行金融の信頼性設計に示唆を与える。
In the global GX context
Amid ISSB/CSRD-driven assurance mandates and greenwashing scrutiny, this paper quantifies how external review and disclosure transparency build investor trust in green bonds. It offers emerging-market evidence that assurance is the strongest credibility signal, informing global debates on green bond standards and investor protection.
👥 読者別の含意
🔬研究者:情報非対称性とシグナリング理論をグリーンボンド信頼形成に適用した実証モデルとして参照価値が高い。
🏢実務担当者:グリーンボンド発行体は外部保証と開示透明性への投資が投資家信頼獲得に最も効くと理解すべき。
🏛政策担当者:新興国グリーンボンド市場では第三者保証と開示義務の制度設計が投資家保護に有効という示唆。
📄 Abstract（原文）
The importance of investor trust in ensuring that green bonds successfully mobilize funding for ecologically sustainable activities has increased due to the swift growth of green finance. However, the information and credibility mechanisms driving investor trust remain relatively understudied, especially in emerging markets. In the context of the Vietnamese market, this study aims to explore the relationship between investor trust in green bonds and Green Accounting Information Quality (GAIQ), Green Bond Disclosure Transparency (GBDT), External Review and Assurance (ERA), and Issuer ESG Reputation (IER). Using survey data from 369 ordinary investors and representatives of institutional investors, the study creates an integrated information-and-credibility paradigm based on information asymmetry and signaling viewpoints. The suggested relationships are evaluated using covariance-based structural equation modeling (CB-SEM). The results show that investor trust is positively and considerably impacted by all four focus variables, with ERA having the greatest impact, followed by GAIQ, GBDT, and IER. The model accounts for 50.1% of the variance in investor trust, suggesting that investor trust is influenced by a variety of information and credibility mechanisms rather than only green labeling. By combining firm-level green accounting data, bond-specific disclosure, independent assurance, and issuer ESG reputation under a single investor-trust framework, the study adds to the literature on green finance and accounting. The results are especially pertinent to investors assessing the quality of green bonds and the risk of greenwashing; listed companies and financial managers looking to bolster the credibility of green bonds; accounting and assurance professionals in charge of sustainability information and verification; and policymakers and regulators creating disclosure, assurance, and investor-protection mechanisms for Vietnam's developing green bond market. Overall, the study emphasizes how crucial it is to combine reliable external and reputational signals with high-quality information in order to boost investor trust and promote the long-term growth of green financing.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://fkd.net.ua/index.php/fkd/article/download/5306/4725first seen 2026-11-04 05:49:12 · last seen 2026-11-06 05:46:41
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