Park So Ra, Oh Kum-Sik
Department of Tourism Management, Cheju Halla University, Jeju, South Korea.
Division of Global and Interdisciplinary Studies, Pukyong National University, Busan, South Korea.
Front Psychol. 2022 Apr 25;13:899480. doi: 10.3389/fpsyg.2022.899480. eCollection 2022.
Environmental, Social, and Governance (ESG) criteria are now considered significant, global non-financial evaluating factors of corporate value. However, no attention is given to what influences the integration of ESG information by individual investors in their investment decisions. This study first identifies different types of information investors use to make investment decisions. Risks identified in information integration in investment decision making is reviewed. Next, the Unified Theory of Acceptance and Use of Technology (UTAUT) model is used to identify individual investors' investment tendencies and the factors affecting integration of ESG information into investment decisions. Each of four categories for UTAUT innovation adoption factors (performance expectancy, effort expectancy, social influences, and facilitating conditions) are discussed in relation to how they affect individual investors' integration of ESG information. Standardization of ESG reporting and evaluation frameworks would reduce efforts to adopt ESG information and could build a strong foundation for facilitating ESG information integration. Corporates' efforts to further communicate their ESG management through their investor relations and active governmental well as non-governmental organizations' participation are recommended.
环境、社会和治理（ESG）标准如今被视为企业价值重要的全球非财务评估因素。然而，对于个体投资者在投资决策中整合ESG信息受到何种影响，却未得到关注。本研究首先识别投资者用于做出投资决策的不同类型信息。回顾投资决策中信息整合所识别出的风险。接下来，运用技术接受与使用统一理论（UTAUT）模型来识别个体投资者的投资倾向以及影响ESG信息融入投资决策的因素。针对UTAUT创新采用因素的四个类别（绩效期望、努力期望、社会影响和促成条件），分别讨论它们如何影响个体投资者对ESG信息的整合。ESG报告和评估框架的标准化将减少采用ESG信息的努力，并可为促进ESG信息整合奠定坚实基础。建议企业通过投资者关系进一步传达其ESG管理情况，以及政府和非政府组织积极参与。
