| Keywords [eng] |
Sustainability Reporting, Environmental, Social, and Governance (ESG) disclosures, Investor decision-making, Emerging Economies, Bangladesh, Lithuania. |
| Abstract [eng] |
This study explores the impact of Sustainability Reporting (SR) and Environmental, Social, and Governance (ESG) disclosures on investor decision-making in emerging economies, using Bangladesh and Lithuania as comparative case studies. With growing global emphasis on responsible investing, understanding how non-financial disclosures influence investor behavior is critical—particularly in transitional economies where ESG adoption is evolving. Grounded in Signaling Theory, Stakeholder Theory, and the Theory of Planned Behavior (TPB), the research investigates four core hypotheses, including the moderating roles of investor trust and perceived report quality, and the individual influence of environmental, social, and governance disclosures. A quantitative, cross-sectional survey design was used to collect primary data from institutional and retail investors across both countries. A structured questionnaire was developed based on validated scales, covering SR exposure, trust, quality, ESG dimensions, and investor decision behavior. Data were analyzed using SPSS, employing multiple linear regression, moderation analysis via PROCESS macro, and independent sample t-tests for cross-country comparison. Findings indicate that SR has a statistically significant impact on investor behavior (p < 0.05), particularly when reports are perceived as high-quality and trustworthy. Investor trust positively moderates the relationship between SR and decision-making, while report quality emerges as a key driver of perceived reliability. Among ESG components, environmental and governance disclosures exhibit stronger predictive power than social disclosures. The study also reveals contextual variations between the two countries, reflecting differences in institutional maturity, regulatory expectations, and investor awareness. The thesis includes 8 analytical tables summarizing descriptive and inferential statistics and 1 conceptual framework figure illustrating the theoretical model. The study spans 71 pages, incorporating literature review, theoretical development, methodology, empirical analysis, and implications. The research contributes to the expanding body of literature on ESG integration, particularly in the context of emerging markets, and offers actionable insights for companies, regulators, and investors aiming to enhance sustainable investment ecosystems. |
