Electronic Theses and Dissertations

Sohee Kim

Date

2024

Document Type

Dissertation

Degree Name

Doctor of Philosophy

Department

Business Administration

Committee Chair

Nirmalee Raddatz

Committee Member

Hannah Antinozzi

Committee Member

Kate Sorensen

Committee Member

Philip Kunz

Abstract

Environmental, Social, and Governance (ESG) reporting is increasingly important for investors and corporations, yet retail investors often struggle to navigate the vast amounts of information presented. The lack of standardized ESG disclosure frameworks in accounting increases these difficulties, making it challenging for non-professional investors to evaluate and integrate ESG information effectively into their decision-making processes. This study investigates which types of ESG information retail investors prioritize and how presentation formats influence their investment decisions. Through two experiments (3x2x2 and 3x2) and an eye-tracking study, this research explores how different types and framing of ESG information affect investment intentions. According to the eye-tracking results, non-professional investors are still concerned about social issues, but retail investors exhibit a greater preference for environmental and governance variables over social ones over the long run. Also, findings shows that the interaction between information type, framing, and performance outcomes significantly impacts investment intentions. Importantly, investors demonstrated increased interest in ESG disclosures when they were framed in terms of financial impact. These findings contribute to understanding how retail investors process ESG information, providing crucial insights for corporations aiming to enhance ESG disclosures. Improved ESG reporting frameworks could help convey information with greater consistency, thereby supporting more informed investment decisions and fostering transparency in the financial markets.

Comments

Data is provided by the student.

Library Comment

Dissertation or thesis originally submitted to ProQuest.

Notes

Embargoed until 11-15-2026

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Available for download on Sunday, November 15, 2026

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