Abstract
This paper investigates the impact of CSR conformity on stock liquidity from a legitimacy perspective. Based on the sample of Chinese listed firms from 2009 to 2021, the results reveal that CSR conformity mitigates legitimacy pressures, thereby significantly improving stock liquidity. Notably, this effect is primarily driven by the increased involvement in stakeholder-related CSR activities rather than third-party CSR activities. In addition, this liquidity-boosting effect is more pronounced in firms with more analyst attention and with higher institutional investor shareholding.
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