Does ESG Certification Improve Price Efficiency in the Chinese Stock Market?

被引：0
|
作者：
Chunying Wu
Xiong Xiong
Ya Gao
机构：
[1] Tianjin University,College of Management and Economics
[2] Center for Social Computing and Analytics,School of Economics and Management
[3] Dalian University of Technology,undefined
来源：
Asia-Pacific Financial Markets | 2022年 / 29卷
关键词：
ESG certification; Price efficiency; The Chinese stock market;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
This paper investigates the impact of ESG certification on the pricing efficiency in Chinese listed firms and examines the internal mechanism of this impact. Empirical findings identify that stocks included in the ESG lists have relatively better pricing efficiency performances. Added to (Removed from) the ESG lists can be a certification of good (bad) ESG performance and improve (lessen) the pricing efficiency. Two potential internal mechanisms of the improvement of ESG certification on pricing efficiency performances might be the improvement of stock liquidity and the reduction of information asymmetry.
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页码：97 / 122
页数：25
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