Environmental disclosure and stock market liquidity: evidence from Arab MENA emerging markets

Mejda Mahmoudi Akrout and Hakim Ben Othman

Applied Economics, 2016, vol. 48, issue 20, 1840-1851

Abstract: The objective of this study is to examine the impact of environmental disclosure levels on the stock market liquidity of Arab Middle Eastern and North African (MENA) companies. For that, a self-constructed disclosure index was applied to the annual reports for the years 2010, 2011 and 2012 and the bid-ask spread was used as a proxy for stock market liquidity. Results indicate that levels of environmental disclosure in MENA companies are quite low. In addition, using a sample of 276 firm-year observations, multivariate analysis shows that the higher the level of environmental disclosure provided in the annual reports, the lower the spread between the market bid and ask prices, thereby indicating an increase in stock market liquidity.

Date: 2016
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DOI: 10.1080/00036846.2015.1109041

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