Mandatory CSR disclosure and stock liquidity: Evidence from Chinese listed firms

Shuyu Xue, Huilin Wu, Yishu Ling and Ye Lu

Finance Research Letters, 2024, vol. 59, issue C

Abstract: This paper examines how and when mandatory corporate social responsibility (CSR) disclosure impacts stock liquidity by using a quasi-natural experiment in China. We find that mandatory CSR disclosure significantly increases stock liquidity compared to voluntary CSR disclosure. Furthermore, the positive effect is stronger for firms with better corporate governance, higher profitability, and more QFII ownership. Our paper is a supplementary argument to information asymmetry theory and social capital theory.

Keywords: Corporate social responsibility; Stock liquidity; Information asymmetry; Social capital (search for similar items in EconPapers)
JEL-codes: G33 G34 G35 M14 M48 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:59:y:2024:i:c:s1544612323011893

DOI: 10.1016/j.frl.2023.104817

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