Does ESG rating disagreement undermine ESG performance under mandatory disclosure? Evidence from China
強制開示下でのESG格付の不一致はESGパフォーマンスを損なうか？中国からの証拠 (AI 翻訳)
Jinlong Li
🤖 gxceed AI 要約
日本語
本研究は、中国の強制ESG開示への移行下で、ESG格付の不一致が企業のESGパフォーマンスを低下させるかを検証。2018〜2023年のA株上場企業データを用い、格付不一致とその後のESGスコアに負の関係を発見。財務制約が重要な経路であり、非国有企業や高汚染産業で効果が顕著。
English
This study examines whether ESG rating disagreement undermines firms' ESG performance under China's mandatory ESG disclosure. Using panel data of Chinese A-share firms from 2018-2023, it finds a robust negative association between ESG rating dispersion and subsequent ESG scores, with financial constraints as a key channel. The effect is stronger for non-SOEs and high-pollution industries.
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
中国の強制ESG開示下での格付不一致の影響は、日本のSSBJ導入や有報でのESG情報開示拡大に向けた示唆を含む。特に、格付のばらつきが企業の実質的なESG改善を阻害する可能性は、日本の開示制度設計でも考慮すべき点。
In the global GX context
This paper provides empirical evidence on how ESG rating divergence affects firm behavior under a mandatory disclosure regime, relevant to the global push for standardized ESG ratings and the ISSB framework. It highlights that mandatory disclosure alone may not suffice if rating methodologies remain inconsistent—a key concern for regulators worldwide.
👥 読者別の含意
🔬研究者:Robust evidence on the causal impact of ESG rating disagreement on firm performance, using 2SLS and fixed effects, with implications for rating agency regulation.
🏢実務担当者:For companies with Chinese operations or supply chains, understanding that rating divergence can hinder ESG improvement and may increase financial constraints.
🏛政策担当者:Insights for designing mandatory disclosure systems: rating inconsistency can offset the benefits of mandatory reporting, suggesting a need for rating standardization.
📄 Abstract（原文）
This study examines whether ESG disagreement undermines firms’ ESG performance amid China’s shift toward mandatory ESG disclosure. Using a panel of Chinese A-share listed firms from 2018 to 2023, following the implementation of the revised Code of Corporate Governance, we measure ESG disagreement as the rating dispersion across major ESG rating agencies and ESG performance using WIND ESG scores. Employing firm and year fixed effects and 2SLS, we document a robust negative association between ESG disagreement and subsequent ESG performance. Economically, a one-standard-deviation increase in the logarithm of ESG disagreement is associated with a 0.176% decline in firms’ ESG scores. Further analysis suggests that financial constraints serve as an important channel through which ESG disagreement affects ESG performance, indicating that rating divergence exacerbates resource frictions under mandatory disclosure. The effect is most pronounced in the governance dimension, among non-SOEs, in high-pollution industries, and in middle provinces.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1016/j.frl.2026.110411first seen 2026-07-18 05:57:53
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