Impact of ESG Performance on Stock Liquidity and Its Transmission Mechanisms
The impact of a company's ESG(environment,social responsibility,governance)performance on stock liquidity is empirically examined by utilizing stock liquidity data of A-share listed companies in the period from 2011 to 2022.The results indicate that ESG performance can significantly enhance stock liquidity.The sub-indicators,including environment,society,and corporate governance,all have a positive effect on stock liquidity.Society has the most significant impact on stock liquidity.Heterogeneity analysis shows that the effect of ESG performance on stock liquidity is more significant in non-heavily polluted enterprises and state-owned enterprises.ESG performance primarily impacts corporate liquidity through various channels,including increased attention from external analysts and positive media evaluations,improved internal innovation efficiency,and reduced internal principal-agent costs.
ESG(environment,social responsibility,governance)performancestock liquiditysustainable developmentreputation theory
NETL
NSTL
万方数据
