Green investors and stock price volatility in tourism enterprises: A perspective on information disclosure quality

Amid the growing global trend of green investment, the role of green investors in financial markets has become increasingly significant. This study, based on a sample of tourism companies from 2010 to 2022, examines how green investors influence the stock price volatility of these companies. The findings reveal that green investors can significantly reduce the stock price volatility of tourism firms. Moreover, green investors lower stock price volatility by enhancing the companies' ESG performance and marketization level. Additionally, improving the quality of information disclosure helps strengthen the role of green investors in reducing stock price volatility, whereas the climate risks faced by the company diminish this effect. The study further highlights that the influence of green investors on stock price volatility varies depending on industry concentration and debt levels. Notably, the effect is more pronounced in tourism companies with higher industry concentration and lower debt levels.