Bridging the Information Gap: Corporate Sustainability Disclosure and Retail Investor Trading in Emerging Markets
情報格差の解消：新興市場における企業のサステナビリティ開示と個人投資家の取引 (AI 翻訳)
Yanli Wang
🤖 gxceed AI 要約
日本語
本研究は、中国A株市場におけるESG開示の質と個人投資家の取引行動との関連を検証。5次元の開示品質フレームワークを用い、開示の質が1標準偏差向上すると個人取引量が8.3%増加することを発見。情報非対称性がその影響の約40%を媒介している。この結果は、新興市場における開示基準設定に示唆を与える。
English
This study examines the association between ESG disclosure quality and retail investor trading in China's A-share market. Using a five-dimensional quality framework, it finds that a one-standard-deviation increase in disclosure quality is associated with an 8.3% increase in retail trading volume. Information asymmetry mediates about 40% of this effect. The findings provide insights for disclosure standard setting in emerging markets.
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GX文脈では、SSBJ基準が策定中であり、開示の質と投資家行動の関連性は重要。ただし本研究は中国市場に焦点を当てており、日本企業への直接適用には注意が必要。しかし、開示品質の測定枠組みは日本の開示実務にも示唆を与える。
In the global GX context
In the global GX context, this paper contributes to understanding how sustainability disclosure quality influences market behavior, especially in retail-dominated markets. It supports the ISSB's goal of decision-useful information and highlights the importance of disclosure quality over mere presence. The five-dimensional framework can inform disclosure standard setters in emerging economies.
👥 読者別の含意
🔬研究者:Provides a novel five-dimensional ESG disclosure quality framework and empirical evidence on the information asymmetry channel in a retail-dominated market.
🏢実務担当者:Corporate sustainability teams can use the disclosure quality framework to improve investor communication, especially in markets with high retail participation.
🏛政策担当者:Insights for disclosure standard setters in emerging markets on how disclosure quality affects market liquidity and retail investor protection.
📄 Abstract（原文）
This study examines the association between corporate ESG disclosure quality and retail investor trading behavior in Chinese A‐share market, where retail investors account for approximately 90% of trading volume. Using a five‐dimensional disclosure quality framework based on information economics principles and 8756 firm‐year observations (2016–2023), we document several findings. A one‐standard‐deviation increase in ESG disclosure quality is associated with an 8.3% increase in retail trading volume (approximately 2.9 percentage points relative to a sample mean of 35.2%), corresponding to approximately RMB 190 million in additional annual retail trading volume per firm based on sample averages. Mediation analysis suggests that information asymmetry accounts for approximately 40% of this association, operating through reduced bid–ask spreads, analyst forecast dispersion, and illiquidity. The association is significantly stronger in weaker information environments (43% larger) and contexts with higher ESG demand (53% larger). These findings extend the literature on ESG disclosure by developing a five‐dimensional quality framework beyond binary indicators, quantifying the information asymmetry channel, and providing a theoretically motivated test in a retail‐dominated emerging market. While causal inference remains challenging, the results offer insights for disclosure standard setting in emerging markets with similar characteristics.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/bse.70953first seen 2026-05-15 18:01:12
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