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

Author

Listed:
  • Xue, Shuyu
  • Wu, Huilin
  • Ling, Yishu
  • Lu, Ye

Abstract

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.

Suggested Citation

  • Xue, Shuyu & Wu, Huilin & Ling, Yishu & Lu, Ye, 2024. "Mandatory CSR disclosure and stock liquidity: Evidence from Chinese listed firms," Finance Research Letters, Elsevier, vol. 59(C).
    • Handle: RePEc:eee:finlet:v:59:y:2024:i:c:s1544612323011893
    DOI: 10.1016/j.frl.2023.104817
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    More about this item

    Keywords

    Corporate social responsibility; Stock liquidity; Information asymmetry; Social capital;
    All these keywords.

    JEL classification:

    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation

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