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ESG Rating Disagreement and ESG Disclosure: A Literature Review

ESG格付けの不一致とESG開示：文献レビュー (AI 翻訳)

Michael D. Kimbrough, Xu (Frank) Wang, Sijing Wei, Jiarui (Iris) Zhang

The International Journal of Accounting📚 査読済 / ジャーナル2026-06-04#ESGOrigin: US
DOI: 10.1142/s1094406026410027
原典: https://doi.org/10.1142/s1094406026410027

🤖 gxceed AI 要約

日本語

本論文は、ESG格付けの不一致（ESG disagreement）を軽減する手段としての経営陣によるESG開示の役割を、23年間にわたる51の論文をレビューして検討する。ESG開示は格付け不一致を低減できるが、その効果は開示の特性や制度的環境に依存する。今後の研究の方向性も提示する。

English

This literature review examines whether management-provided ESG disclosure can reduce ESG rating disagreement, analyzing 51 papers over 23 years. It finds that disclosure can mitigate disagreement, but effectiveness depends on disclosure characteristics and institutional context. Future research directions are outlined.

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

日本ではSSBJ基準や有価証券報告書でのESG情報開示が進む中、本レビューは開示の質と格付け不一致の関係を整理しており、日本企業の開示戦略や投資家対応に示唆を与える。ただし、米国中心の文献に基づく点に注意が必要。

In the global GX context

This review synthesizes global evidence on ESG disclosure's role in reducing rating disagreement, a key issue for investors and regulators under frameworks like ISSB and CSRD. It highlights that disclosure alone is insufficient; quality and consistency matter. Valuable for policymakers designing mandatory disclosure regimes.

👥 読者別の含意

🔬研究者:Provides a structured overview of ESG disagreement literature and identifies gaps for future research on disclosure effectiveness.

🏢実務担当者:Offers insights into how the quality and context of ESG disclosure can influence rating consistency, useful for corporate disclosure strategies.

🏛政策担当者:Summarizes evidence that mandatory disclosure standards may reduce rating disagreement, supporting regulatory efforts like ISSB adoption.

📄 Abstract（原文）

Synopsis The research problem We examine the insights from prior studies on the question of whether management-provided environmental, social, and governance (ESG) disclosure can reduce ESG-related rating disagreement (hereafter, ESG disagreement). Specifically, we summarize evidence from prior studies on: (a) what ESG disagreement is, (b) the importance of ESG disagreement, (c) the causes of ESG disagreement, (d) potential solutions for mitigating ESG disagreement, and (e) the specific role of ESG disclosure as a potential solution. We outline directions and provide insights for future research in this area. Motivation ESG rating agencies often disagree with each other about individual firms’ ESG performance, as reflected in substantial differences in ESG ratings. Such disagreement is associated with adverse capital market and firm outcomes, sparking interest from researchers, policymakers, and firms in strategies to mitigate it. ESG disagreement is attributable to different understandings of what constitutes good ESG performance as well as differences in data sources, methodologies, and rating agency incentives. In addition, the lack of completeness, standardization, and consistency in ESG data allows for varying interpretations, further contributing to ESG disagreement. Transparency about ESG performance can resolve ESG disagreements by addressing many of its underlying causes. Managers are well-placed to provide this transparency because they possess the most direct knowledge of their firms’ ESG activities. Therefore, in this study, we review prior literature on the effect of management-provided ESG disclosure in resolving ESG disagreement. Adopted methodology We provide a structured literature review. Specifically, we review prior literature regarding ESG disagreement and ESG disclosure and highlight potential future research directions in this context. Analyses We analyzed 21 working papers and 30 papers published in peer-reviewed high-quality journals that are related to ESG disagreement in the English language over a 23-year period (2002–2024). Findings Management-provided ESG disclosure can reduce ESG-related disagreement. However, whether it achieves this outcome depends on various factors, including the characteristics of the disclosure itself and the broader institutional environment. Ongoing developments offer many avenues for researchers to explore to better understand the impact of ESG disclosure on ESG disagreement. We highlight some potential future research directions in this context.

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