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 PublicationThe Eighth International Conference of the JIAR
AbstractThis 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.
KeywordSocial contribution value per share (SCVPS) Social value generation Stock price synchronicity Firm performance
Language英語English
The Source to ArticlePB_Publication
PUB ID57571
Document TypeConference paper
CollectionDEPARTMENT 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.
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