ESG Rating Divergence and Independent Director Compensation
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.
ESG rating divergenceindependent director compensationemployment riskrisk com-pensationreputation compensation
万方数据
维普
