The Effect of ESG-Based Financial Statement Transparency on Investor Confidence
ESGに基づく財務諸表の透明性が投資家の信頼に与える影響 (AI 翻訳)
Antony Antony, Lena Agustin
🤖 gxceed AI 要約
日本語
本研究は、インドネシア資本市場において、ESG報告の透明性が投資家の信頼に与える影響を実証的に分析した。132の企業年観測データを用いたPLS-SEM分析の結果、ESG開示の透明性は投資家の信頼に有意な正の効果を持ち、特にガバナンス開示の影響が最も強いことが示された。開示の質と信頼性が重要であることを確認。
English
This empirical study examines the effect of ESG reporting transparency on investor trust in the Indonesian capital market using 132 firm-year observations and PLS-SEM. Results show a significant positive impact, with governance transparency having the strongest influence, confirming that disclosure quality and credibility matter more than mere existence of reports.
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
インドネシア市場の調査だが、日本の企業にとっても、ESG開示の質が投資家とのコミュニケーション向上に寄与する点で参考になる。特にガバナンス開示の重要性は、日本企業の開示戦略にも示唆を与える。
In the global GX context
This study adds to the global debate on the effectiveness of ESG disclosure by providing empirical evidence from an emerging market. It underscores that transparency quality, especially governance, drives investor trust, relevant to ISSB and mainstreaming of sustainability reporting.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the causal link between ESG disclosure quality and investor trust using robust SEM methodology.
🏢実務担当者:Highlights that governance transparency is most impactful for building investor confidence, guiding the focus of corporate ESG reporting.
🏛政策担当者:Suggests that standard-setters should emphasize qualitative aspects and governance indicators in disclosure frameworks.
📄 Abstract（原文）
The increasing demand for non-financial transparency has encouraged publicly listed companies to integrate Environmental, Social, and Governance (ESG) aspects into financial reporting as a basis for investment decision-making. However, the growing intensity of ESG reporting does not always translate into higher investor trust, raising empirical concerns regarding the effectiveness of ESG transparency. This study aims to empirically examine the effect of ESG-based financial reporting transparency on investor trust in the Indonesian capital market. A quantitative explanatory approach was employed, and data were analyzed using Partial Least Squares Structural Equation Modeling (SEM–PLS). The research sample comprised 132 firm-year observations of publicly listed companies that consistently published ESG reports. ESG transparency was measured using a disclosure index based on Global Reporting Initiative and Sustainability Accounting Standards Board standards, while investor trust was proxied by capital market indicators. The results indicate that ESG-based financial reporting transparency has a positive and statistically significant effect on investor trust. Partial analysis reveals that governance transparency exerts the strongest influence, followed by environmental and social dimensions. These findings demonstrate that investor trust is shaped by the quality and credibility of ESG disclosure rather than the mere existence of sustainability reports, and they confirm the relevance of signaling theory and information asymmetry reduction in explaining investor responses to ESG transparency.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.62872/6sk13t85first seen 2026-05-14 22:03:11
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。