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Corporate reputation, ESG disclosure, and stock liquidity

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  • Zhou, Shibo
  • Yang, Kuangyi

Abstract

This paper aims to explore the relationships among corporate reputation, ESG information disclosure, and stock liquidity. Through an empirical analysis of data from Chinese A-share listed companies between 2000 and 2023, the study finds: first, ESG information disclosure has a significant positive impact on stock liquidity; second, corporate reputation also has a significant positive impact on stock liquidity; third, corporate reputation plays a significant moderating role in the relationship between ESG information disclosure and stock liquidity; fourth, financing efficiency significantly moderates the relationship between ESG information disclosure and stock liquidity; fifth, the impact of ESG information disclosure on stock liquidity varies depending on whether the company employs one of the Big Four accounting firms; sixth, the impact of ESG information disclosure on stock liquidity differs between loss-making and non-loss-making firms.

Suggested Citation

  • Zhou, Shibo & Yang, Kuangyi, 2026. "Corporate reputation, ESG disclosure, and stock liquidity," Finance Research Letters, Elsevier, vol. 89(C).
    • Handle: RePEc:eee:finlet:v:89:y:2026:i:c:s154461232502464x
    DOI: 10.1016/j.frl.2025.109215
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    References listed on IDEAS

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