ESG Rating Divergence and The Cost of Corporate Equity Capital
Based on the research sample of China A-share listed companies from 2009 to 2021,the im-pact of ESG rating divergence on the enterprise equity capital cost was empirically tested.The results found that the ESG rating divergence led to the increase of enterprise equity capital cost,that is,the equity capital costs of enterprises increase with the increase of the ESG rating divergence.The hetero-geneity test showed that the adverse impact of ESG rating divergence on corporate equity capital costs was more pronounced in companies with low ESG ratings than in those with high ESG ratings.The re-search conclusion enriches the relevant research on the influencing factors of enterprise equity capital cost,and provides a new basis and idea for further improving the ESG rating system and reducing the cost of enterprise equity capital.
ESG Rating Divergencethe Cost of Corporate Equity CapitalESG Rating
NETL
NSTL
万方数据
