ESG Information Conflict and Corporate Resilience: The Evidence of ESG Rating Divergence
ESG情報の矛盾と企業のレジリエンス：ESG格付けの乖離の証拠 (AI 翻訳)
Xin Liu
🤖 gxceed AI 要約
日本語
この研究では、ESG格付けの乖離（ESGRD）が企業のレジリエンスに与える影響を分析しました。中国のデータを用いて、ESGRDが企業のレジリエンスを低下させることを発見しました。情報チャネルは正の効果を持つ一方、資金調達チャネルは負の効果を持つことが明らかになりました。情報透明性が低い企業やアナリスト注目度が低い企業で影響が顕著です。
English
This study examines the impact of ESG rating divergence (ESGRD) on firm resilience using Chinese data. It finds that ESGRD significantly reduces firm resilience. The information channel has a positive effect (reducing analyst forecast divergence) while the financing channel has a negative effect (increasing financing constraints). The negative effect is stronger for firms with lower information transparency, lower analyst attention, and higher ESG decoupling.
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、ESG格付けのばらつきが投資家の判断に影響を与える懸念がある。本稿の知見は、ESGRDが企業のレジリエンスに悪影響を及ぼす可能性を示しており、日本企業の開示戦略やESG情報の整合性向上に示唆を与える。
In the global GX context
ESG rating divergence is a critical issue for global disclosure frameworks like the ISSB. This paper provides empirical evidence from China that divergence damages firm resilience, particularly through financing constraints. It underscores the importance of consistent ESG disclosures and could inform standard-setters and investors.
👥 読者別の含意
🔬研究者:Provides new empirical evidence on the economic consequences of ESG rating divergence, offering mechanisms via information and financing channels.
🏢実務担当者:Highlights that high ESG rating disagreement may reduce firm resilience; companies should aim for consistent and transparent ESG disclosures.
🏛政策担当者:Suggests that standardizing ESG ratings could mitigate negative effects on corporate resilience and improve market efficiency.
📄 Abstract（原文）
We explore the role of ESG rating divergence (ESGRD) in the sustainable development of firms from the perspective of organizational resilience. Using Chinese ESG ratings and listed firm data, we examine the impact of ESGRD on firm resilience and find that it significantly reduces firm resilience. We further examine the mechanisms by which ESGRD affects firm resilience through information and financing channels. The findings demonstrate the positive role of the information channel and the negative role of the financing channel through which ESGRD affects firm resilience. The positive impact of ESGRD on firm resilience by reducing analyst forecast divergence is lower than the negative impact on firm resilience by increasing financing constraints. In addition, the negative correlation between ESGRD and corporate resilience is more pronounced in firms with lower information transparency, lower analyst attention, and higher ESG decoupling. Our research provides new evidence for ESGRD’s economic consequences at the firm level. JEL Classification: G12, G23, G32.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1177/21582440251414750first seen 2026-05-15 21:23:52
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