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Gaining a deeper understanding of the impact of ESG performance on stock liquidity: Evidence from China

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  • Zhao, Cheng
  • Wei, Yu
  • Wang, Qian
  • Yan, Guang

Abstract

Our study investigates the relationship between ESG (Environmental, Social, and Governance) performance and the stock liquidity of Chinese listed companies. Using 14,334 observations of A-share listed companies in China from 2018 to 2023, we demonstrate that (1) Improvements in ESG performance contribute to increased stock liquidity, but this relationship is non-linear. The primary reason for this is that the marginal utility of improvement diminishes as ESG performance rises; (2) The impact of performance across the environmental (E), social (S) and governance (G) dimensions differs in terms of liquidity, reflecting investors' varying sensitivity to information across these dimensions; (3) Tests conducted to investigate heterogeneity across the three dimensions (property rights, geography and information disclosure) validate the significance of signaling theory in China's stock market. Our findings provide a theoretical basis for further strengthening ESG development and offer new insights into the market's understanding of ESG information.

Suggested Citation

  • Zhao, Cheng & Wei, Yu & Wang, Qian & Yan, Guang, 2026. "Gaining a deeper understanding of the impact of ESG performance on stock liquidity: Evidence from China," Research in International Business and Finance, Elsevier, vol. 83(C).
    • Handle: RePEc:eee:riibaf:v:83:y:2026:i:c:s0275531926000188
    DOI: 10.1016/j.ribaf.2026.103291
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    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics

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