文献类型：期刊文献

英文题名：ESG performance and stock idiosyncratic volatility

作者：Liu, Dayong[1];Gu, Kaiyuan[2];Hu, Wenhua[3]

第一作者：刘大勇

通讯作者：Hu, WH[1]

机构：[1]Henan Univ Econ & Law, Sch Econ, Zhengzhou 450046, Henan, Peoples R China;[2]Shanxi Univ Finance & Econ, Sch Publ Finance & Econ, Taiyuan 030006, Shanxi, Peoples R China;[3]Zhongnan Univ Econ & Law, Sch Finance, Wuhan 430073, Hubei, Peoples R China

第一机构：河南财经政法大学经济学院

通讯机构：[1]corresponding author), Zhongnan Univ Econ & Law, Sch Finance, Wuhan 430073, Hubei, Peoples R China.

年份：2023

卷号：58

外文期刊名：FINANCE RESEARCH LETTERS

收录：;Scopus(收录号：2-s2.0-85170247506);WOS:【SSCI(收录号:WOS:001072559300001)】；

语种：英文

外文关键词：ESG responsible performance; Stock idiosyncratic volatility; Earnings management; Analyst attention

摘要：Focusing on ESG-responsible investment, this paper identifies the causal effect of ESG performance on stock idiosyncratic volatility in a typical emerging market, China. Based on the data of A-share listed firms from 2012 to 2022, we find that the ESG performance of listed companies significantly reduces stock idiosyncratic volatility, suggesting that ESG investment can provide a more transparent information environment for the market, thereby reducing firm idiosyncratic risk. Mechanism analysis found that ESG performance relies on mechanisms that inhibit management's earnings management motives and increase analyst attention to the impact of stock idiosyncratic volatility of listed companies.