 Corporate social responsibility and stock liquidity across the globeVan Ha Nguyen and Tung Lam Dang International Review of Economics & Finance, 2025, vol. 101, issue C Abstract: Our paper examines the impact of corporate social responsibility (CSR) on stock liquidity using a worldwide sample of 42,302 firm-year observations from 43 countries over the 2004˗2019 period. We find that firms with greater CSR are associated with higher levels of stock liquidity. This result is robust to employing alternative variable measures, modifying model specifications, altering sample compositions, and controlling for potential endogeneity including a difference-in-differences analysis based on mandatory ESG disclosure regulations that exogenously enhance firms’ CSR performance. Our further investigation suggests that this linkage can be justified by information asymmetry and internal governance channels. Moreover, the effect of CSR on stock liquidity is stronger in countries that exhibit better institutional quality and lower secrecy culture. Keywords: Corporate social responsibility; Firm performance; Information asymmetry; Institutional environments; Internal governance; Stock liquidity (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:101:y:2025:i:c:s1059056025003454 DOI: 10.1016/j.iref.2025.104182 Access Statistics for this article International Review of Economics & Finance is currently edited by H. Beladi and C. Chen More articles in International Review of Economics & Finance from Elsevier |
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