IDEAS home Printed from https://ideas.repec.org/a/wly/ijfiec/v31y2026i2p2824-2844.html

Reporting ESG Initiatives and Gender Diversity in Germany: Implications for Stock Liquidity

Author

Listed:
  • Ahmed Hassanein
  • Nader Elsayed

Abstract

Adopting multiple theoretical perspectives, this study separately and jointly examines the impacts of reporting Environmental, Social, and Governance (ESG) initiatives and gender diversity in boardrooms on corporate stock liquidity. Using a sample of non‐financial firms listed on the Frankfurt CDAX from 2010 to 2023, the study investigates whether ESG reporting enhances stock liquidity and how gender diversity moderates this relationship. To assess ESG reporting, we utilise Refinitiv Workspace ESG scores, while gender diversity and stock liquidity are measured through various indices. The results demonstrate that firms with higher ESG reporting experience higher stock liquidity, with governance disclosure having the most substantial impact. Likewise, firms with greater gender‐diverse boards exhibit higher stock liquidity. Besides, gender diversity in the boardroom positively moderates the effect of ESG reporting and its components on stock liquidity, implying that as gender diversity increases within a company, the influence of ESG reporting on enhancing stock liquidity becomes more pronounced. The results signify the roles of ESG reporting gender diversity in enhancing stock liquidity and investor confidence, and provide theoretical and practical implications for firms, investors, and policymakers to promote sustainable corporate practices and enhance market liquidity.

Suggested Citation

  • Ahmed Hassanein & Nader Elsayed, 2026. "Reporting ESG Initiatives and Gender Diversity in Germany: Implications for Stock Liquidity," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 31(2), pages 2824-2844, April.
    • Handle: RePEc:wly:ijfiec:v:31:y:2026:i:2:p:2824-2844
    DOI: 10.1002/ijfe.70009
    as

    Download full text from publisher

    File URL: https://doi.org/10.1002/ijfe.70009
    Download Restriction: no
    File URL: https://libkey.io/10.1002/ijfe.70009?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wly:ijfiec:v:31:y:2026:i:2:p:2824-2844. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.interscience.wiley.com/jpages/1076-9307/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.