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The Role of ESG Factors in Enhancing Stock Liquidity and Analyst Forecast Accuracy: Evidence from the Johannesburg Stock Exchange
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The Role of ESG Factors in Enhancing Stock Liquidity and Analyst Forecast Accuracy: Evidence from the Johannesburg Stock Exchange
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Journal Article
The Role of ESG Factors in Enhancing Stock Liquidity and Analyst Forecast Accuracy: Evidence from the Johannesburg Stock Exchange
2026
Overview
The purpose of this study is to examine the impact of environmental, social and governance (ESG) factors on stock liquidity and analyst forecast accuracy on the Johannesburg Stock Exchange (JSE) listed firms for the period 2012-2024. The empirical results reveal that market liquidity is positively associated with ESG and its components (environmental (ENV) and governance (GOV). Additionally, when investigating the relationship between ESG and analysts' forecast accuracy, we find that ENV and GOV scores improve forecast accuracy, while social (SOC) scores have a negative impact. Moreover, the results reveal that ESG disclosure serves as a critical strategic tool for maintaining financial stability by reducing BAS and ERROR during the pandemic crisis (COVID₁9). The study highlights the importance of ESG in enhancing liquidity and supporting sustainable finance, by providing significant implications for investors, analysts, and corporate stakeholders.
Publisher
Nicolaus Copernicus University in Toruń
Subject
