ESG Information Disclosure and Stock Price Synchronicity in the Context of Dual Carbon Goals: An Analysis Based on the Moderation of Retail Investor Ownership and the Information Efficiency Path

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:Provides a robust empirical framework linking ESG disclosure quality to market micro-structure, with mediation and moderation analyses that can be replicated in other markets.

🏢実務担当者:Highlights that ESG disclosure can affect stock price informativeness, but its effectiveness depends on the investor base; firms with high retail ownership may need to adjust communication strategies.

🏛政策担当者:Suggests that regulators should promote ESG disclosure quality to enhance market efficiency, and consider retail investor education or simplified disclosures to maximize benefits.

Driven by China's ambitious "dual carbon" goals, environmental, social, and governance (ESG) disclosure has increasingly become a critical focal point within global and domestic capital markets. As stakeholders demand greater transparency, understanding how non-financial information influences market dynamics is essential. Using a comprehensive sample of Chinese A-share listed firms spanning from 2019 to 2024, this study rigorously examines the direct impact of ESG disclosure quality on stock price synchronicity. Furthermore, it investigates the moderating role of retail investor ownership and the mediating role of the stock turnover rate in this complex dynamic. The empirical results demonstrate a significant negative relationship between ESG disclosure quality and stock price synchronicity, indicating that high-quality ESG information effectively enhances stock price informativeness by embedding firm-specific data into market valuations. Interestingly, retail investor ownership negatively moderates this relationship. Specifically, higher retail ownership weakens the efficacy of ESG disclosure in reducing synchronicity, suggesting that the inherently limited information-processing capacity and behavioral biases of retail investors hinder the efficient market incorporation of complex ESG metrics. Mechanism tests further reveal that ESG disclosure reduces synchronicity primarily by lowering the turnover rate, thereby mitigating speculative trading. Ultimately, this study provides robust new evidence regarding the economic consequences of ESG disclosure in emerging markets, offering valuable strategic insights for regulatory framework improvement, corporate governance enhancement, and informed investor decision-making.

• semanticscholar https://doi.org/10.70088/43tm0463first seen 2026-07-18 07:36:27