Taking A-share listed companies in China capital market from 2009 to 2021 as samples,the economic consequences of ESG rating differences are studied from the perspective of independent directors'remuneration.The findings are as follows:(1)The greater the differences in ESG ratings,the higher the compensation of independent directors;(2)From the perspective of risk compensation and reputation com-pensation,the mechanism test shows that ESG rating differences mainly affect the independent directors'employment risk and then affect their compensation;(3)Heterogeneity analysis shows that the positive relationship between ESG rating differences and independent directors'compensation is more significant in enterprises with non-state-owned shares,high professional anxiety of independent directors and low quality of external supervision.
关键词
ESG评级分歧/独立董事薪酬/任职风险/风险补偿/声誉补偿
Key words
ESG rating divergence/independent director compensation/employment risk/risk com-pensation/reputation compensation
维普
万方数据