| Issue |
E3S Web Conf.
Volume 409, 2023
International Conference on Management Science and Engineering Management (ICMSEM 2023)
|
|
|---|---|---|
| Article Number | 01002 | |
| Number of page(s) | 10 | |
| Section | Sustainable Development | |
| DOI | https://doi.org/10.1051/e3sconf/202340901002 | |
| Published online | 01 August 2023 | |
The Impact of ESG Rating on Stock Price Synchronization of Listed Companies: Evidence from China
1 School of Business, Sichuan University, Chengdu, 610064, People’s Republic of China
2 School of Economics, Sapienza University of Rome, Rome, Italy
* e-mail: zhimin1005@foxmail.com
To explore the latest feedback from the Chinese capital market on listed companies’ ESG evaluation, we construct a two-way fixed-effects model with a sample of Chinese A-share listed companies from 2018-2020 to empirically investigate the relationship between ESG rating and share price synchronization, and the impact mechanism is also explored from both internal and external perspectives of financial constraints and analyst attention. It is found that, a high ESG rating helps reduce the stock price synchronization, while financial constraints play a partial mediating effect and analyst attention plays a full mediating effect. In addition, the effect is more pronounced among manufacturing firms and non-SOEs. This study enriches the research related to ESG and stock price informativeness, and the findings provide important basis for the long-term benign development of ESG philosophy.
Key words: ESG rating / Stock price synchronization / Sustainable development / Investments
© The Authors, published by EDP Sciences, 2023
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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