Description:
This study examines the impact of ESG-related news on Chinese stock markets. We find that ESG news significantly influences stock markets, indicating that investors consider ESG news as a crucial source of information for investment decisions. The effects of ESG news with varying attributes, such as sentiments and sources, on stock markets exhibit significant diversity.The stock market response to ESG-related news varies across listed enterprise with different attributes, including industry and ownership structure. These findings suggest that ESG-related news can act as a supplementary source of information for ESG ratings, facilitating a more accurate assessment of enterprise ESG performance