ESG, market microstructure, and herding behavior: Evidence from CSAD tests in Taiwan
學年 114
學期 1
出版（發表）日期 2025-12-30
作品名稱 ESG, market microstructure, and herding behavior: Evidence from CSAD tests in Taiwan
作品名稱（其他語言）
著者 Jui-Cheng Hung; An-Chi Wu; I-Fan Hsiao
單位
出版者
著錄名稱、卷期、頁數 International Review of Economics & Finance 105, 104865
摘要 This study examines how ESG transparency and market microstructure reform shape herding behavior in Taiwan's equity markets. Using nonlinear CSAD models, we find that low-ESG firms exhibit stronger herding, especially in the OTC market and during market stress. The 2020 shift to continuous trading further amplifies herding among low-ESG firms. Return-dispersion decomposition shows that this convergence is mainly intentional and driven by noise trading. High-ESG firms display consistently weaker herding, underscoring the informational value of ESG. Overall, ESG transparency helps mitigate behaviorally induced co-movements and enhances market efficiency.
關鍵字 ESG transparency; Market microstructure reform; Herding behavior; CSAD models
語言 en
ISSN 1873-8036
期刊性質 國外
收錄於 SSCI
產學合作
通訊作者
審稿制度 否
國別 USA
公開徵稿
出版型式 ,電子版
相關連結

機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/129502 )