ESG rating divergence and firm value: evidence from China

被引：0
|
作者：
Zhao, Haiyue [1 ]
He, Zixi [1 ]
Banerjee, Tannista [2 ]
Han, Tingliang [3 ]
机构：
[1] Jiangsu Univ Sci & Technol, Sch Econ & Management, 666 Changhui Rd, Zhenjiang 212100, Jiangsu, Peoples R China
[2] Auburn Univ, Dept Econ, Auburn, AL USA
[3] Hohai Univ, Sch Publ Adm, Nanjing, Peoples R China
来源：
APPLIED ECONOMICS LETTERS | 2025年
关键词：
ESG; ESG rating divergence; firm value; information asymmetry; market supervision;
D O I：
10.1080/13504851.2024.2449560
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
ESG investing is increasingly influential in today's markets, but the divergence in ESG ratings across different providers creates significant challenges. This study utilizes ESG rating data from nine different agencies covering Chinese A-share listed companies from 2006 to 2023 to develop a measure of ESG rating divergence and examine its impact on firm value. Based on information asymmetry theory, the results reveal that ESG rating divergence negatively affects firm value through two key mechanisms: information uncertainty and agency costs. Moreover, market supervision emerges as a crucial moderating mechanism, effectively enhancing information transparency and constraining managerial opportunistic behaviour.
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页数：7
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