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Emerging Market Internationalization and Corporate ESG Engagement

Yubin Li et al.

International Review of Finance2026https://doi.org/10.1111/irfi.70071article
ABDC A
Weight
0.50

Abstract

This paper examines the impacts of stock market internationalization on corporate ESG efforts in emerging markets. We employ a staggered difference‐in‐difference approach, focusing on the phased inclusion of Chinese firms in the MSCI Emerging Market index. The findings reveal that companies improve their ESG performance and disclosure quality after the inclusion. Notably, the effect of inclusion on firms' disclosure practices is more substantial than on their actual ESG operations. These impacts are particularly pronounced in non‐state‐owned enterprises and companies with weaker governance. Also, inclusion leads to a significant rise in foreign investment and analyst attention, indirectly improving corporate ESG engagement.

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https://doi.org/https://doi.org/10.1111/irfi.70071

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@article{yubin2026,
  title        = {{Emerging Market Internationalization and Corporate ESG Engagement}},
  author       = {Yubin Li et al.},
  journal      = {International Review of Finance},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1111/irfi.70071},
}

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Emerging Market Internationalization and Corporate ESG Engagement

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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