Can ESG activities stabilise IPO prices? Evidence from the Hong Kong stock market
研究以2004至2021年香港上市企业为样本，发现积极进行ESG活动的发行方能获得更高ESG评分，从而增强IPO价格稳定，事前波动是潜在影响渠道，对企业、政策制定者和投资者有启示。
Abstract This study explores the relationship between economic, social, and governance (ESG) activities and initial public offering (IPO) price stabilisation actions using IPOs listed on the Hong Kong stock exchange between 2004 and 2021 as samples. We find that IPO issuers that actively conduct ESG activities have higher ESG scores, which enhances price stabilisation. Furthermore, ex‐ante volatility serves as a potential channel through which ESG activities affect price stabilisation. Providing ethical and economic implications for companies, policymakers, and investors, our findings suggest that ESG activities are vital drivers of price stabilisation.