How does corporate ESG performance affect stock liquidity? Evidence from China

被引：44
作者：
Wang, Kai [1 ,2 ]
Li, Tingting [2 ]
San, Ziyao [2 ]
Gao, Hao [3 ]
机构：
[1] Capital Univ Econ & Business, China ESG Inst, Beijing 100070, Peoples R China
[2] Capital Univ Econ & Business, Coll Business Adm, Beijing 100070, Peoples R China
[3] Tsinghua Univ, PBC Sch Finance, Beijing 100083, Peoples R China
来源：
PACIFIC-BASIN FINANCE JOURNAL | 2023年 / 80卷
关键词：
Corporate sustainability; ESG; Stock liquidity; Capital market; Risk prevention; Stakeholders; SOCIAL-RESPONSIBILITY; FINANCIAL PERFORMANCE; FIRM PERFORMANCE; MARKET; RISK; GOVERNANCE; INFORMATION; MANAGEMENT; EQUITY; TRUST;
D O I：
10.1016/j.pacfin.2023.102087
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines whether and how corporate environmental, social, and governance (ESG) performance is associated with firm's stock liquidity. We find robust evidence that ESG performance statistically and significantly increases firm's stock liquidity. The results of channel tests indicate that ESG performance increases firm's stock liquidity by lowering corporate risk and gaining stakeholders' support. Additionally, we find that the positive effect of corporate ESG performance is driven by all the three dimensions. Collectively, our study highlights the importance of corporate ESG performance and its economic consequences.
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页数：18
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