CSR, Media and Stock Illiquidity: Evidence from Chinese Listed Financial Firms

被引：9
|
作者：
Zhang, Junru [1 ]
Zhang, Zhaoyong [2 ]
机构：
[1] Murdoch Univ, Murdoch Business Sch, Murdoch, WA, Australia
[2] Edith Cowan Univ, Sch Business & Law, 270 Joondalup Dr, Joondalup, WA 6027, Australia
来源：
FINANCE RESEARCH LETTERS | 2021年 / 41卷
关键词：
CSR; CSR News release; Media tone; Stock illiquidity; PUBLIC INFORMATION ARRIVAL; VOLATILITY EVIDENCE; BAD-NEWS; LIQUIDITY; IMPACT;
D O I：
10.1016/j.frl.2020.101809
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines the dynamic relationship among stock illiquidity, corporate social responsibility (CSR) news release and media tone. Using news from 93 news publishers, we investigate the circumstance in which public news release is related to illiquidity by employing the EGARCH-M and the FIGARCH models. The results indicate that CSR news release has a negative and significant impact on stock illiquidity, and media tone effect is asymmetric. Both CSR news and other firm specific general news reduce the volatility persistence and long memory property of stock illiquidity. The sources of news releases matter in impacting stock illiquidity.
引用
收藏
页数：7
相关论文
共 50 条
  • [41] Diversification and internationalization with performance: Evidence from Chinese listed firms
    Ma, J
    PROCEEDINGS OF THE 2005 INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE & ENGINEERING (12TH), VOLS 1- 3, 2005, : 2056 - 2061
  • [42] ESG and overcapacity governance evidence from Chinese listed firms
    Ou, Dingyu
    Hou, Siyao
    Zhou, Fenfang
    BUSINESS ETHICS THE ENVIRONMENT & RESPONSIBILITY, 2024,
  • [43] CSR and financial performance analysis: evidence from top ASEAN listed companies
    Waworuntu, Stephanus Remond
    Wantah, Michelle Dewi
    Rusmanto, Toto
    INTERNATIONAL CONFERENCE ON ACCOUNTING STUDIES 2014, ICAS 2014, 2014, 164 : 493 - 500
  • [44] The Impact of Financial Leverage on the Financial Performance of the Firms Listed on the Tokyo Stock Exchange
    Arhinful, Richard
    Radmehr, Mehrshad
    SAGE OPEN, 2023, 13 (04):
  • [45] Corporate accidents, media coverage, and stock market responses Empirical study of the Chinese listed firms
    Wei, Jiuchang
    Wang, Han
    Fan, Jin
    Zhang, Yujuan
    CHINESE MANAGEMENT STUDIES, 2013, 7 (04) : 617 - 630
  • [46] Gender Diversity and Financial Stability: Evidence from Malaysian Listed Firms
    Al-Absy, Mujeeb Saif Mohsen
    Almaamari, Qais
    Alkadash, Tamer
    Habtoor, Ammar
    JOURNAL OF ASIAN FINANCE ECONOMICS AND BUSINESS, 2020, 7 (12): : 181 - 193
  • [47] Financial Instruments Disclosure Practices: Evidence from Malaysian Listed Firms
    Adznan, Syaima
    Nelson, Sherliza Puat
    ASIAN JOURNAL OF ACCOUNTING AND GOVERNANCE, 2015, 6 : 37 - 48
  • [48] Financial instruments disclosure practices: Evidence from Malaysian listed firms
    Adznan, Syaima'
    Nelson, Sherliza Puat
    INTERNATIONAL CONFERENCE ON ACCOUNTING STUDIES 2014, ICAS 2014, 2014, 164 : 62 - 67
  • [49] Board Financial Expertise and Financial Sustainability: Evidence from Saudi-Listed Firms
    Alshareef, Mohammed Naif
    Sulimany, Hamid Ghazi H.
    SUSTAINABILITY, 2024, 16 (16)
  • [50] Boardroom diversity (task- and relation-oriented diversity) and financial stability: evidence from Chinese financial listed firms
    Ning, Ding
    Bhat, Kalimullah
    Nabi, Ghulam
    Yinong, Roy
    PACIFIC ACCOUNTING REVIEW, 2024, 36 (01) : 21 - 38
12345