The Impact of ESG Rating Divergence on Excess Cash Holdings: Evidence From China A‐Share Listed Firms
ESG格付けの乖離が過剰現金保有に与える影響：中国A株上場企業からの証拠 (AI 翻訳)
Qun Cao, Siye Liang, Jingtong Wu, T. Huang
🤖 gxceed AI 要約
日本語
中国A株上場企業を対象に、ESG評価の乖離が過剰現金保有に与える影響を分析。乖離が情報非対称性、環境不確実性、事業リスクを高め、過剰現金保有を促進することを発見。
English
This paper examines the impact of ESG rating divergence on excess cash holdings using Chinese A-share listed firms from 2015-2021. The results show a positive relationship driven by increased information asymmetry, environmental uncertainty, and operational risk.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本でもESG評価の不一致が企業行動に影響する可能性が示唆される。SSBJ基準の導入後、評価の一貫性が課題となる中、本結果は重要な示唆を与える。
In the global GX context
Globally, ESG rating divergence is a concern for investors. This study provides empirical evidence that such divergence affects corporate cash management, highlighting real economic consequences.
👥 読者別の含意
🔬研究者:Provides novel evidence on the mechanisms through which ESG rating divergence affects corporate financial policy.
🏢実務担当者:Demonstrates that ESG rating disagreement can influence liquidity decisions, relevant for corporate treasury and sustainability teams.
🏛政策担当者:Suggests that standardizing ESG ratings could reduce inefficient cash hoarding driven by uncertainty.
📄 Abstract（原文）
This paper investigates the relationship between ESG rating divergence and corporate excess cash holdings, employing a sample of Chinese A‐share listed companies from 2015 to 2021. Our findings reveal a significant positive relationship between ESG rating divergence and firms' excess cash holdings, a conclusion robust to various sensitivity analyses. Heterogeneity analyses further demonstrate that the effect of ESG rating divergence on excess cash holdings is amplified under conditions of cross‐ownership, heightened media scrutiny, and greater corporate financing constraints. Moreover, our study uncovers several mechanisms through which ESG rating divergence influences excess cash holdings, including exacerbating information asymmetry, amplifying environmental uncertainty, and heightening operational risk. This research contributes not only to a deeper understanding of the economic ramifications of ESG rating divergence and its influence on excess cash holdings but also offers valuable insights into the cash management decisions of listed companies, fostering sustainable enterprise development.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1111/acfi.70179first seen 2026-07-01 05:49:42
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