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Multiple Global CSR Pronouncements and Market Liquidity—Evidence From European Union

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  • Takumi Nomura
  • Muhammad Nurul Houqe
  • Warwick Stent
  • FJ Abu Mohaimen

Abstract

This study investigates the impact of Corporate Social Responsibility (CSR) frameworks/standards/guidelines (hereafter ‘pronouncements’) on market liquidity (proxied by bid‐ask spread) for 3012 firms from 21 European Union countries for the years 2015–2019. The results suggest that use of multiple CSR pronouncements is negatively associated with bid‐ask spread. These results remain robust after addressing endogeneity concerns arising from omitted variables and reverse causality. The results support voluntary disclosure theory and suggest that the use of multiple CSR pronouncements improves market liquidity. These findings should be of interest to preparers and users of CSR reports, regulators, standard‐setters, and academics.

Suggested Citation

  • Takumi Nomura & Muhammad Nurul Houqe & Warwick Stent & FJ Abu Mohaimen, 2026. "Multiple Global CSR Pronouncements and Market Liquidity—Evidence From European Union," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 66(2), pages 1346-1368, June.
    • Handle: RePEc:bla:acctfi:v:66:y:2026:i:2:p:1346-1368
    DOI: 10.1111/acfi.70154
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