Does ESG Certification Improve Price Efficiency in the Chinese Stock Market?

被引：21

作者：

Wu, Chunying ^{[1
]}

Xiong, Xiong ^{[1
,2
]}

Gao, Ya ^{[3
]}

机构：

[1] Tianjin Univ, Coll Management & Econ, Tianjin 300072, Peoples R China

[2] Ctr Social Comp & Analyt, Tianjin 300072, Peoples R China

[3] Dalian Univ Technol, Sch Econ & Management, Dalian 116024, Peoples R China

来源：

ASIA-PACIFIC FINANCIAL MARKETS | 2022年 / 29卷 / 01期

基金：

中国国家自然科学基金;

关键词：

ESG certification; Price efficiency; The Chinese stock market; CORPORATE SOCIAL-RESPONSIBILITY; CROSS-SECTION; FINANCIAL PERFORMANCE; SHORT SALES; INFORMATION; LIQUIDITY; DELAY; MEDIA; QUALITY; RISK;

D O I：

10.1007/s10690-021-09346-4

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper investigates the impact of ESG certification on the pricing efficiency in Chinese listed firms and examines the internal mechanism of this impact. Empirical findings identify that stocks included in the ESG lists have relatively better pricing efficiency performances. Added to (Removed from) the ESG lists can be a certification of good (bad) ESG performance and improve (lessen) the pricing efficiency. Two potential internal mechanisms of the improvement of ESG certification on pricing efficiency performances might be the improvement of stock liquidity and the reduction of information asymmetry.

引用

页码：97 / 122

页数：26

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