Reporting ESG Initiatives and Gender Diversity in Germany: Implications for Stock Liquidity
研究了德国非金融企业ESG报告和董事会性别多样性对股票流动性的影响，发现两者均能提升流动性，且性别多样性正向调节ESG报告的作用。
ABSTRACT Adopting multiple theoretical perspectives, this study separately and jointly examines the impacts of reporting Environmental, Social, and Governance (ESG) initiatives and gender diversity in boardrooms on corporate stock liquidity. Using a sample of non‐financial firms listed on the Frankfurt CDAX from 2010 to 2023, the study investigates whether ESG reporting enhances stock liquidity and how gender diversity moderates this relationship. To assess ESG reporting, we utilise Refinitiv Workspace ESG scores, while gender diversity and stock liquidity are measured through various indices. The results demonstrate that firms with higher ESG reporting experience higher stock liquidity, with governance disclosure having the most substantial impact. Likewise, firms with greater gender‐diverse boards exhibit higher stock liquidity. Besides, gender diversity in the boardroom positively moderates the effect of ESG reporting and its components on stock liquidity, implying that as gender diversity increases within a company, the influence of ESG reporting on enhancing stock liquidity becomes more pronounced. The results signify the roles of ESG reporting gender diversity in enhancing stock liquidity and investor confidence, and provide theoretical and practical implications for firms, investors, and policymakers to promote sustainable corporate practices and enhance market liquidity.