ESG 성과가 투자자 거래행동과 주식 유동성에 미치는 영향: 기관투자자와 개인투자자를 중심으로

Purpose – This study uses investor behavior to analyze 'why' and 'how' ESG performance impacts stock liquidity. Meanwhile, we also examined the differences in this relationship between investor style, firm size, and nature. Design/Methodology/Approach – To analyze the relationship between the investor behavior impact of ESG performance and stock liquidity, our research uses the three variables of ESG rating, investor behavior, and stock liquidity. It uses the mediating model to analyze the relationship between investor behavior and stock liquidity. Meanwhile, we also test the difference in this relationship between institutional investor behavior and individual investors. Findings – The results showed that ESG ratings have a positive effect on stock liquidity, and investor behavior plays a mediating role between ESG ratings and stock liquidity. Meanwhile, the mediating role of investor behavior on ESG rating and stock liquidity differs from the investor, ESG rating components, and firm size and nature. Research Implications – This study uses investor behavior to analyze 'why' and 'how' ESG activities impact stock liquidity. This research result positively impacts consummating ESG and enhancing the cognition of ESG among firms and investors, especially for individual investors.