ESG Rating Discrepancies and Stock Returns——The Moderating Effects of Internal Controls and External Concerns
As the"dual-carbon"goal and the concept of sustainable development continue to advance,ESG invest-ment attention continues to rise.However,due to the different ESG rating criteria of different rating agencies,there is a clear phenomenon of divergent ESG ratings for the same company,which greatly affects the decision-making process of investors.The article examines the effect of ESG rating divergence on firms'stock returns using a sample of A-share listed companies in Shanghai and Shenzhen from 2011 to 2021.The study finds that ESG rating divergence significantly reduces firm stock returns,and the conclusion still holds after a series of endogeneity and robustness tests.Moderating effects tests show that beneficial ownership dampens the negative effect of ESG rating divergence on stock returns,and external analyst attention amplifies the negative relationship.The article expands the research related to ESG rating di-vergence and stock returns,providing empirical evidence to promote the construction of China's ESG rating system,improve corporate governance,and promote the healthy and orderly development of the stock market.
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