The Effects of Social Value Generation on Stock Price Synchronicity and Firm Performance: Evidence from Chinese Stock Markets

UM > Faculty of Business Administration > DEPARTMENT OF ACCOUNTING AND INFORMATION MANAGEMENT

Status	已發表Published
	The Effects of Social Value Generation on Stock Price Synchronicity and Firm Performance: Evidence from Chinese Stock Markets
	Zhang, R.; Chu, T.; Noronha, C.; Guan, J.
	2021-06-26
Source Publication	The Eighth International Conference of the JIAR
Abstract	This study explores how disclosures of Social Contribution Value per Share (SCVPS), an indicator devised by the Shanghai Stock Exchange (SSE) for environmental and social information disclosures, affect stock price synchronicity and firm performance. Using a propensity score-matched sample and a difference-in-differences design, we reveal that voluntary disclosure of SCVPS has a positive impact on stock price synchronicity. By calculating the value of SCVPS and its components for A-share listed firms using the SSE’s formula, we show that social value contribution may be beneficial for firm performance (profitability and firm value). The moderating effects of state ownership and industry type are also investigated, and an endogeneity test confirms the robustness of the findings. This study offers valuable insights for investors, regulators, and researchers.
Keyword	Social contribution value per share (SCVPS) Social value generation Stock price synchronicity Firm performance
Language	英語English
The Source to Article	PB_Publication
PUB ID	57571
Document Type	Conference paper
Collection	DEPARTMENT OF ACCOUNTING AND INFORMATION MANAGEMENT
Recommended Citation GB/T 7714	Zhang, R.,Chu, T.,Noronha, C.,et al. The Effects of Social Value Generation on Stock Price Synchronicity and Firm Performance: Evidence from Chinese Stock Markets[C], 2021.
APA	Zhang, R.., Chu, T.., Noronha, C.., & Guan, J. (2021). The Effects of Social Value Generation on Stock Price Synchronicity and Firm Performance: Evidence from Chinese Stock Markets. The Eighth International Conference of the JIAR.

Files in This Item:
There are no files associated with this item.

If you have any objections to this item, please fill out the form below and the administrator will contact you as soon as possible.
Content:
Email：	*
Affiliation No.
Verification Code:	Refresh

Any comments and suggestions are welcomed.
Title:	*
Content:
Email：	*
Verification Code:	Refresh