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Green investors and stock price volatility in tourism enterprises: A perspective on information disclosure quality

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  • Lei, Shuyan
  • zheng, Luman

Abstract

Amid the growing global trend of green investment, the role of green investors in financial markets has become increasingly significant. This study, based on a sample of tourism companies from 2010 to 2022, examines how green investors influence the stock price volatility of these companies. The findings reveal that green investors can significantly reduce the stock price volatility of tourism firms. Moreover, green investors lower stock price volatility by enhancing the companies' ESG performance and marketization level. Additionally, improving the quality of information disclosure helps strengthen the role of green investors in reducing stock price volatility, whereas the climate risks faced by the company diminish this effect. The study further highlights that the influence of green investors on stock price volatility varies depending on industry concentration and debt levels. Notably, the effect is more pronounced in tourism companies with higher industry concentration and lower debt levels.

Suggested Citation

  • Lei, Shuyan & zheng, Luman, 2025. "Green investors and stock price volatility in tourism enterprises: A perspective on information disclosure quality," International Review of Economics & Finance, Elsevier, vol. 102(C).
    • Handle: RePEc:eee:reveco:v:102:y:2025:i:c:s105905602500406x
    DOI: 10.1016/j.iref.2025.104243
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    Keywords

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    JEL classification:

    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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