Public environmental concern and ESG rating divergence: the moderating role of negative online media coverage
公衆の環境関心とESG格付の乖離：ネガティブなオンラインメディア報道の調整効果 (AI 翻訳)
Panpan Feng, Jiangwu Pang, S. Jeon
🤖 gxceed AI 要約
日本語
本研究は、公衆の環境関心が企業のESG格付の乖離に与える影響を分析。中国A株上場企業の2015～2022年のパネルデータを用い、公衆の監視が格付乖離を拡大し、ネガティブなメディア報道がその効果を増幅することを発見。メカニズム分析により、公衆の関心が戦略的・選択的なESG開示を促し、格付機関間の解釈の相違を拡大することが示された。規制の厳しい地域や汚染の多い地域で効果が顕著。
English
This study analyzes how public environmental concern affects firms' ESG rating divergence. Using panel data from Chinese A-share listed firms (2015-2022), it finds that public scrutiny significantly increases rating divergence, with negative media coverage amplifying this effect. Mechanism analysis reveals that public attention drives strategic and selective ESG disclosures, widening inter-agency disparities. Effects are most pronounced in regions with stringent regulations and high pollution.
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やISBBによる開示基準の統一が進む中、本論文は公衆の圧力が逆に格付の乖離を生む可能性を示す。品質管理（ベンチマーキング、監査、ステークホルダーフィードバック）の重要性を強調しており、日本企業の開示実務にも示唆を与える。
In the global GX context
Globally, while ISSB and TCFD aim for consistent ESG disclosures, this study shows that external public pressure can increase rating divergence, highlighting the need for quality management practices (benchmarking, auditing, stakeholder feedback) to ensure accuracy and transparency.
👥 読者別の含意
🔬研究者:Provides evidence on mechanisms of ESG rating divergence, useful for disclosure and rating agency research.
🏢実務担当者:Highlights the importance of quality management in ESG disclosures to reduce rating divergence caused by public pressure.
🏛政策担当者:Suggests that regulators should monitor how public pressure affects rating consistency and consider promoting standardized disclosure practices.
📄 Abstract（原文）
This study investigates how public environmental concern influences divergence in firms’ environmental, social, and governance (ESG) ratings. It further examines how negative online media coverage amplifies this relationship, and explores the heterogeneity of underlying mechanisms and effects across regions with varying institutional environments and ecological conditions. Using panel data from Chinese A-share listed firms from 2015 to 2022, this study indicates that public scrutiny significantly exacerbates rating divergence, with negative media coverage amplifying this effect. Economically, a one-standard-deviation rise in public attention leads to a widening of rating divergence equivalent to approximately 4.7% of the sample mean, suggesting that public pressure introduces non-negligible information risks for market participants. Mechanism analysis reveals that public attention drives divergence by encouraging strategic and selective ESG disclosures and by attracting greater agency scrutiny, while media coverage heightens information heterogeneity and interpretive differences. These effects are most pronounced in regions with stringent regulations, high pollution, and low economic development, where media-driven pressure prompts reactive disclosure and widens inter-agency disparities. The findings suggest that regulators, rating agencies, and firms can reduce ESG rating divergence by applying quality management practices – such as benchmarking, auditing, and stakeholder feedback – to ensure disclosures are accurate, transparent, verifiable, and continuously improved.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1080/14783363.2026.2621781first seen 2026-07-18 07:35:29
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