Mandatory CSR disclosure and stock liquidity: Evidence from Chinese listed firms

被引：4

作者：

Xue, Shuyu ^{[1
]}

Wu, Huilin ^{[1
]}

Ling, Yishu ^{[2
]}

Lu, Ye ^{[1
]}

机构：

[1] Southwestern Univ Finance & Econ, Sch Finance, Chengdu, Peoples R China

[2] Southwestern Univ Finance & Econ, Sch Math, Chengdu, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2024年 / 59卷

关键词：

Corporate social responsibility; Stock liquidity; Information asymmetry; Social capital; CORPORATE SOCIAL-RESPONSIBILITY; RETURNS;

D O I：

10.1016/j.frl.2023.104817

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines how and when mandatory corporate social responsibility (CSR) disclosure impacts stock liquidity by using a quasi-natural experiment in China. We find that mandatory CSR disclosure significantly increases stock liquidity compared to voluntary CSR disclosure. Furthermore, the positive effect is stronger for firms with better corporate governance, higher profitability, and more QFII ownership. Our paper is a supplementary argument to information asymmetry theory and social capital theory.

引用

页数：10

共 50 条

[21] Mandatory CSR Disclosure, CSR Assurance, and the Cost of Debt Capital: Evidence from Taiwan
Kuo, Lopin
Kuo, Po-Wen
Chen, Chun-Chih
SUSTAINABILITY, 2021, 13 (04) : 1 - 19
[22] Capital Structure Choices and Stock Market Volatility: Evidence from Chinese Listed Firms
Thi Huong Giang Vuong
Wu, Yang-Che
Weng, Tzu-Ching
Huu Manh Nguyen
Xuan Vinh Vo
CHINESE ECONOMY, 2023, 56 (01) : 25 - 49
[23] Public attention, investor sentiment and stock markets: Evidence from Chinese listed firms
Shi, Renbo
Shan, Wei
Gao, Junguang
Cheng, Changfeng
INVESTMENT ANALYSTS JOURNAL, 2024,
[24] Stock Ownership Incentive and Firm Innovation: Experimental Evidence from Chinese Listed Firms
Yang Zheng
Liu Fang
Cheng Chen
INNOVATION-DRIVEN CAPABILITY BUILDING AND INDUSTRY DEVELOPMENT (ISMOT'16), 2016, : 218 - 231
[25] Corporate green transformation and stock returns: evidence from Chinese listed manufacturing firms
Li, Yong
APPLIED ECONOMICS, 2024,
[26] Internal Ties and Stock Price Crash Risk: Evidence from Chinese Listed Firms
Zhou, Jian
Yu, Jianglong
Lei, Xiaodong
ABACUS-A JOURNAL OF ACCOUNTING FINANCE AND BUSINESS STUDIES, 2024,
[27] Using stock split to secure pledged shares: Evidence from Chinese listed firms
Tao, Qizhi
Xiang, Xueman
Yi, Biao
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2021, 74 : 160 - 175
[28] Influence of investment fund on stock dividend policy: evidence from Chinese listed firms
Liu, W. L.
INFORMATION SCIENCE AND MANAGEMENT ENGINEERING, VOLS 1-3, 2014, 46 : 29 - 36
[29] Liquidity and Firms' Financial Performance Nexus: Panel Evidence From Non-Financial Firms Listed on the Ghana Stock Exchange
Li, Kaodui
Musah, Mohammed
Kong, Yusheng
Adjei Mensah, Isaac
Antwi, Stephen Kwadwo
Bawuah, Jonas
Donkor, Mary
Coffie, Cephas Paa Kwasi
Andrew Osei, Agyemang
SAGE OPEN, 2020, 10 (03):
[30] Mandatory CSR disclosure, monitoring and investment efficiency: evidence from China
Liu, Li
Tian, Gary Gang
ACCOUNTING AND FINANCE, 2021, 61 (01): : 595 - 644

← 1 2 3 4 5 →