【文章摘要】This paper investigates how corporate social responsibility (151amjs澳金沙门(中国)有限公司) ratings affect stock liquidity, emphasizing the role of market attention. Using Chinese A-share listed firms' (2010–2020) data, we find that higher 151amjs澳金沙门(中国)有限公司 ratings can improve stock liquidity. This result remains robust after addressing potential endogeneity issues including PSM, instrumental variable regression, DiD model and alternative measures of 151amjs澳金沙门(中国)有限公司 and stock liquidity. Attention from capital-market professionals, the media and the public helps explain this relationship. The incentive effect is more pronounced in firms with lower leverage, higher ROA, lower book-to-market ratios, and higher Tobin's Q, especially in East China. Positive investor sentiment further strengthens this link. 151amjs澳金沙门(中国)有限公司 helps reduce information asymmetry and builds reputation capital, offering fresh insights into liquidity determinants through the lens of market attention.

【关键词】151amjs澳金沙门(中国)有限公司, Information asymmetry, Market attention, Social reputation capital, Stock liquidity

【文章作者】Yafei 151amjs澳金沙门(中国)有限公司, Tiantian Tang, Martin Young, Liping Zou

【作者单位】China Agricultural University, Shandong University, Massey University

【发表期刊】Accounting & Finance

【基金资助】山东省重点技术研发计划项目（2026RZB0502）

【原文链接】https://doi.org/10.1111/acfi.70285

【全文下载】Accounting   Finance 2026.pdf