Impact of Information Disclosure on Investment Efficiency: Integrated Interpretation of Evidence from Previous Studies through a Meta–Analysis Approach

This study aims to provide an integrated interpretation of evidence from previous studies that reveals the impact of information disclosure by firms on investment efficiency by adopting a meta–analysis approach. Using the correlation coefficients of primary studies from eight literature databases as effect sizes, I found evidence suggesting that high– quality financial reporting, proactive disclosure of nonfinancial information, and disclosure of CSR (Corporate Social Responsibility) and ESG (Environmental, Social, and Governance) information improve investment efficiency. In contrast, although the results confirm that IFRS (Internal Financial Reporting Standards) adoption improves investment efficiency, it is not robust. The findings of this study are useful for investors interested in integrated evidence rather than the results of numerous individual primary studies.departmental bulletin pape