Corporate Environmental Performance and Stock Price Synchronicity: Examining Industry Sensitivity and Disclosure Regimes in Stakeholder‐Oriented Markets
研究了北欧上市公司环境绩效与股价同步性的关系，发现环境绩效提高通常增加同步性，但强制披露下反而降低，对关注ESG与市场效率的学者有参考价值。
ABSTRACT This study examines the relationship between corporate environmental performance (CEP) and stock price synchronicity, focusing on the roles of industry environmental sensitivity and nonfinancial disclosure regimes (voluntary vs. mandatory). Using data from 396 Nordic listed firms between 2010 and 2022, the findings show that higher CEP generally increases synchronicity, supporting the noise reduction hypothesis. However, under mandatory reporting, CEP decreases synchronicity, aligning with the idiosyncratic information view. The results are robust across IV‐2SLS, PSM, and Difference‐in‐Differences methods. Additional analysis highlights the firm's information environment as a crucial mechanism, with stronger environments—characterized by higher analyst coverage, institutional ownership, and ESG disclosures—enhancing stock price alignment with the market. Industry‐level analysis also confirms sectoral heterogeneity. This study contributes to the literature on ESG and market efficiency by offering a unique Nordic perspective, a developed market with a strong stakeholder orientation.