ESG Performance and Stock Price Synchronicity: Empirical Evidence From the US Stock Market
ESGパフォーマンスと株価の連動性：米国株式市場からの実証分析 (AI 翻訳)
Yosra Ridha BenSaid, Majdi Anwar Quttainah
🤖 gxceed AI 要約
日本語
米国S&P500企業を対象に、ESGパフォーマンスが株価連動性に与える影響を分析。2011～2021年のデータを用いた分析の結果、ESGパフォーマンスの向上がノイズ取引を減少させ、情報環境を改善することで株価連動性を高めることが示された。ESG情報の透明性が市場効率性に寄与することを実証。
English
This study examines the relationship between ESG performance and stock price synchronicity using 86 S&P 500 firms from 2011-2021. Results show that better ESG performance enhances information environment by reducing noise trading, leading to higher synchronicity. It provides new evidence on the informational role of ESG in a mature market.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
米国市場の分析だが、ESG情報が株価形成に与える影響を示す結果は、日本のSSBJ開示基準の策定や企業の情報開示戦略にも示唆を与える。ノイズ取引低減による市場効率化は、日本の投資家対応にも有用な知見。
In the global GX context
This paper contributes to the global debate on ESG disclosure and market efficiency, supporting the view that ESG transparency improves price informativeness. It complements ISSB's focus on decision-useful information by showing real market impacts of ESG performance.
👥 読者別の含意
🔬研究者:Provides empirical evidence on how ESG performance affects stock price synchronicity, supporting the noise attenuation perspective.
🏛政策担当者:Highlights the potential of mandatory ESG disclosure to enhance market efficiency by reducing noise trading.
📄 Abstract（原文）
ABSTRACT This study examines the relationship between environmental, social, and governance (ESG) performance and stock price synchronicity using a sample of 86 S&P 500 firms over the period 2011–2021. While prior literature has explored the role of ESG disclosure in shaping market efficiency and investor behavior, limited evidence exists on the specific informational channels through which ESG performance influences stock price synchronicity. Drawing on the irrational noise attenuation perspective, this study argues that improved ESG performance enhances the corporate information environment by reducing speculative trading and idiosyncratic volatility, leading to higher stock price synchronicity. Using Refinitiv ESG scores and a generalized least squares (GLS) framework with robustness tests, the results show that overall ESG performance, as well as environmental, social and governance dimensions, positively and significantly affect stock price synchronicity. These findings suggest that ESG‐related transparency contributes to more efficient price formation by improving information dissemination and reducing noise trading. The study contributes to the ESG–finance literature by providing new evidence on the informational role of ESG performance in a highly regulated and mature market context.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.1002/bse.70919first seen 2026-05-14 23:54:22
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