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Environmental disclosure and stock market liquidity: evidence from Arab MENA emerging markets

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  • Mejda Mahmoudi Akrout
  • Hakim Ben Othman

Abstract

The objective of this study is to examine the impact of environmental disclosure levels on the stock market liquidity of Arab Middle Eastern and North African (MENA) companies. For that, a self-constructed disclosure index was applied to the annual reports for the years 2010, 2011 and 2012 and the bid-ask spread was used as a proxy for stock market liquidity. Results indicate that levels of environmental disclosure in MENA companies are quite low. In addition, using a sample of 276 firm-year observations, multivariate analysis shows that the higher the level of environmental disclosure provided in the annual reports, the lower the spread between the market bid and ask prices, thereby indicating an increase in stock market liquidity.

Suggested Citation

  • Mejda Mahmoudi Akrout & Hakim Ben Othman, 2016. "Environmental disclosure and stock market liquidity: evidence from Arab MENA emerging markets," Applied Economics, Taylor & Francis Journals, vol. 48(20), pages 1840-1851, April.
    • Handle: RePEc:taf:applec:v:48:y:2016:i:20:p:1840-1851
    DOI: 10.1080/00036846.2015.1109041
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    Cited by:

    1. Chung-Hao Chang & Shih-Fang Lo, 2022. "Impact Analysis of a National and Corporate Carbon Emission Reduction Target on Renewable Electricity Use: A Review," Energies, MDPI, vol. 15(5), pages 1-18, February.
    2. Monday Nweke Igwe & Saleh F. A. Khatib & Ayman Hassan Bazhair, 2023. "Sustainability reporting in Africa: A systematic review and agenda for future research," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(5), pages 2081-2100, September.

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