The role of social capital in price efficiency: International evidence

Chin Wen Hsin, Shu Cing Peng

研究成果: 雜誌貢獻期刊論文同行評審

1 引文 斯高帕斯(Scopus)


This study finds that firms with higher social capital and trust, as measured by firm environmental and social (E&S) performance, demonstrate better stock price efficiency. The result in a sample of 45 countries remains robust to alternative approaches addressing the endogeneity concerns. This relation is mainly derived from a firm's E&S engagements related to third parties and the whole of society, which regulate the firm's information environment after accounting for other influences. The positive role of E&S performance is further shaped by the firm's associated macro-level trust and social capital, as proxied by the market's cultural and institutional factors.

期刊International Review of Financial Analysis
出版狀態已出版 - 10月 2023


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