Cen Cai , Qianyi Yang , Da Tu , Grace Li Tian , Yongqian Tu
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引用次数: 0
Abstract
Using the difference-in-differences method and Shanghai Stock Exchange–listed company data from 2007 to 2022, this study investigates the impact of the Shanghai–Hong Kong Stock Connect policy and capital market liberalization on corporate environmental, social, and governance (ESG) performance. Results show a significant improvement in ESG performance following the implementation of the Shanghai–Hong Kong Stock Connect policy. Analyst focus serves as a key intermediary in this process. Furthermore, capital market liberalization enhances corporate information disclosure standards and expedites ESG performance improvements. Following the implementation of the policy, state-owned enterprises demonstrate a particularly substantial increase in ESG performance.
期刊介绍：
The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.
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