Research on the effect of ESG performance on stock price synchronicity: Empirical evidence from China's capital markets

被引：41

作者：

Hu, Jianxiong ^{[1
]}

Zou, Qing ^{[1
]}

Yin, Qianqian ^{[2
,3
]}

机构：

[1] Nanjing Univ Finance & Econ, Sch Accounting, Nanjing, Peoples R China

[2] Bank Nanjing, Res Ctr Accounting, Nanjing, Peoples R China

[3] Bank Nanjing, Res Ctr Accounting, 3 Wenyuan Rd, Nanjing 210023, Jiangsu, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2023年 / 55卷

基金：

中国国家自然科学基金;

关键词：

ESG performance; Stock price synchronicity; Information asymmetry; RISK;

D O I：

10.1016/j.frl.2023.103847

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study explores the effects of corporate ESG performance on stock price synchronicity, using data from Chinese listed companies from 2010 to 2021. We find strong evidence that high-level corporate ESG performance improves the stock price synchronicity. We address the endogeneity concerns using method such as PSM test. Furthermore, corporate ESG performance has a "noise reduction" effect. That is, ESG performance reduces information asymmetry and thus improves stock price synchronicity. In addition, the "noise reduction" effect of ESG performance is significantly higher in state-owned companies and companies with high investor trust.

引用

页数：7

共 50 条

[41] ESG Performance of Multinational Companies and Stock Price Gash: Evidence from Korea [J].

Lee, Jeong Hwan ;

Cho, Jin Hyung ;

Kim, Bong Joon .

JOURNAL OF ECONOMIC INTEGRATION, 2022, 37 (03) :523-539

[42] How does ESG disclosure improve stock liquidity for enterprises - Empirical evidence from China [J].

Chen, Meng-tao ;

Yang, Da-peng ;

Zhang, Wei-qi ;

Wang, Qi-jun .

ENVIRONMENTAL IMPACT ASSESSMENT REVIEW, 2023, 98

[43] Does mixed-ownership reform restrain stock price synchronicity? Evidence from China [J].

Wang, Wei ;

Cheng, Sijia ;

Nahar, Shamsun ;

Alhaleh, Shadi Emad Areef ;

Wang, Hua .

ECONOMIC ANALYSIS AND POLICY, 2022, 73 :390-404

[44] Environmental regulation and stock price synchronicity: Evidence from a quasi-natural experiment in China [J].

Chen, Jing ;

Liu, Xinghe .

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2023, 88 :1513-1528

[45] Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity: Evidence from China [J].

Gul, Ferdinand A. ;

Kim, Jeong-Bon ;

Qiu, Annie A. .

JOURNAL OF FINANCIAL ECONOMICS, 2010, 95 (03) :425-442

[46] Stock market liberalization and ESG performance: evidence from China connect [J].

He, Guohua ;

Wang, Zhaolin ;

Yu, Jingwen .

APPLIED ECONOMICS LETTERS, 2024,

[47] Social Media Networks and Stock Price Synchronicity: Evidence from a Chinese Stock Forum [J].

Guo, Feng ;

Lyu, Bin ;

Lyu, Xiaoliang ;

Zheng, Jiandong .

ABACUS-A JOURNAL OF ACCOUNTING FINANCE AND BUSINESS STUDIES, 2024,

[48] Stock price synchronicity and dividend policy: evidence from an emerging market [J].

Farooq, Omar ;

ElBannan, Mona A. .

ACCOUNTING RESEARCH JOURNAL, 2019, 32 (04) :627-641

[49] Financial derivatives, analyst forecasts, and stock price synchronicity: Evidence from an emerging market [J].

Su, Kun ;

Zhang, Miaomiao ;

Liu, Chengyun .

JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY, 2022, 81

[50] The Impact of Institutional Investors on Stock Price Synchronicity: Evidence from the Shanghai Stock Market [J].

Kun, Li ;

Yu, Lei ;

Hu, Xiaoxue .

PROCEEDINGS OF THE ELEVENTH INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE AND ENGINEERING MANAGEMENT, 2018, :1548-1558

← 1 2 3 4 5 →