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Analysis of the Impact of CSR Reporting on the Development of Socially Responsible Investment

Research Project

Project/Area Number 17K04050
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Accounting
Research InstitutionShiga University

Principal Investigator

Noda Akihiro  滋賀大学, 経済学系, 教授 (40350235)

Co-Investigator(Kenkyū-buntansha) 大西 靖  関西大学, 会計研究科, 教授 (80412120)
Project Period (FY) 2017-04-01 – 2023-03-31
Project Status Completed (Fiscal Year 2022)
Budget Amount *help
¥4,030,000 (Direct Cost: ¥3,100,000、Indirect Cost: ¥930,000)
Fiscal Year 2019: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2018: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2017: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Keywords社会責任投資 / 会計報告 / マーケット・マイクロストラクチャー / 裁量的会計報告 / CSR投資 / ESG / サステナビリティ報告 / 社会的責任投資 / サステナビリティ / 社会的責任投資会計 / CSR情報の開示 / CSR投資の形成 / CSR投資プロジェクト選択 / 所有構造 / 社会責任投資会計 / 会計報告裁量 / 会計学 / 環境会計 / 社会責任会計 / 資本市場
Outline of Final Research Achievements

This study analyzes the role of corporate socially responsible information in the process of development of socially responsible investment in the capital market and conducts research that will serve as a basis for designing institutions to form sustainable social markets, focusing on CSR reporting. First, assuming a capital market consisting of investors with heterogenous preferences for CSR, this study analyzes how trading volume, market liquidity, and market equilibrium prices are affected by CSR accounting information. Second, it elucidates the influence of CSR accounting reports on the development of socially responsible investment. Third, this study analyzed the impact of firms' strategic reporting of CSR information on the market.

Academic Significance and Societal Importance of the Research Achievements

本研究の特色及び意義の第1は,企業の社会的責任に関して異質な利得構造をもつ投資者をモデルに導入している点である。先行研究が,均質な投資者選好構造を仮定して,CSR会計報告の影響を調査してきたのに対し,本研究は,投資者のなかに,企業の社会的責任に関する成果に関心をもち,CSR業績に依存した利得構造をもつ市場参加者が含まれるという新しいモデルを提示している。第2に,CSR会計報告の影響を資本市場のマイクロストラクチャーの観点から分析する。さらに,CSR会計情報に対する投資者ニーズの発生プロセスを記述する理論を開発している。

Report

(7 results)
  • 2022 Annual Research Report   Final Research Report ( PDF )
  • 2021 Research-status Report
  • 2020 Research-status Report
  • 2019 Research-status Report
  • 2018 Research-status Report
  • 2017 Research-status Report
  • Research Products

    (12 results)

All 2022 2020 2019 2018

All Journal Article (7 results) (of which Peer Reviewed: 1 results) Presentation (5 results) (of which Int'l Joint Research: 3 results)

  • [Journal Article] Corporate social responsibility reporting system choice and disclosure management2022

    • Author(s)
      NODA, Akihiro
    • Journal Title

      Shiga University, Working Paper Series

      Volume: 308 Pages: 1-52

    • Related Report
      2021 Research-status Report
  • [Journal Article] Influence of financial reporting on CSR reporting quality2020

    • Author(s)
      NODA, Akihiro
    • Journal Title

      Shiga University, Working Paper Series

      Volume: 299 Pages: 1-50

    • Related Report
      2020 Research-status Report
  • [Journal Article] 企業における持続可能な開発目標の管理2020

    • Author(s)
      大西 靖
    • Journal Title

      現代社会と会計

      Volume: 14 Pages: 1-10

    • Related Report
      2019 Research-status Report
  • [Journal Article] 統合報告における資本形態の転換2019

    • Author(s)
      大西靖
    • Journal Title

      現代社会と会計

      Volume: 13 Pages: 1-10

    • Related Report
      2019 Research-status Report
  • [Journal Article] Effect of corporate social responsibility disclosure on market liquidity2019

    • Author(s)
      Noda, Akihiro
    • Journal Title

      Shiga University, Working Paper No. 283

      Volume: 283 Pages: 1-47

    • Related Report
      2018 Research-status Report
  • [Journal Article] 「統合報告における資本形態の転換」2019

    • Author(s)
      大西靖
    • Journal Title

      『現代会計と社会』

      Volume: 13

    • Related Report
      2018 Research-status Report
  • [Journal Article] Auditor choice as a commitment device2018

    • Author(s)
      Noda, Akihiro
    • Journal Title

      Journal of Financial Reporting and Accounting

      Volume: 16 Issue: 3 Pages: 374-394

    • DOI

      10.1108/jfra-05-2017-0036

    • Related Report
      2018 Research-status Report
    • Peer Reviewed
  • [Presentation] Effect of corporate social responsibility disclosure on market liquidity: Informational masking effect of CSR information2019

    • Author(s)
      Noda, Akihiro
    • Organizer
      European Accounting Association 42nd Annual Congress
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] CSR情報開示の市場流動性への影響: CSRディスクロージャーの情報マスキング効果2019

    • Author(s)
      野田昭宏
    • Organizer
      日本会計研究学会第78回大会
    • Related Report
      2019 Research-status Report
  • [Presentation] Effects of managerial CSR reporting discretion on market behavior2018

    • Author(s)
      Noda, Akihiro
    • Organizer
      European Accounting Association 41st Annual Congress
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] CSRディスクロージャーにおける裁量が投資者行動に及ぼす影響2018

    • Author(s)
      野田昭宏
    • Organizer
      日本会計研究学会第77回大会
    • Related Report
      2018 Research-status Report
  • [Presentation] Effects of managerial CSR reporting discretion on market behaviour2018

    • Author(s)
      Noda, A.
    • Organizer
      European Accounting Association 41st Annual Congress
    • Related Report
      2017 Research-status Report
    • Int'l Joint Research

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Published: 2017-04-28   Modified: 2024-01-30  

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