The impact of corporate environment, society, and governance (ESG) disclosure on the online market remains uncertain. To address this ambiguity, this study utilizes text analysis to thematically classify research samples to examine the positive influence of corporate ESG disclosure on stock liquidity from a reputational perspective. Interestingly, the reputational effect of ESG disclosure shows asymmetry within the online market, particularly in its highly information-sensitive environment. Notably, negative media reputation insignificantly diminishes the positive impact of ESG disclosure on stock liquidity. A series of robustness tests confirm the reliability of the sample screening method and findings.