Top Management Teams’ Environmental Attention and ESG Rating Divergence: Evidence from China
トップマネジメントチームの環境関心とESG格付けの乖離：中国からのエビデンス (AI 翻訳)
Yishi Qiu, Susheng Wang
🤖 gxceed AI 要約
日本語
この研究は、トップマネジメントチーム（TMT）の環境関心がESG格付けの乖離を緩和するかを検証。中国A株非金融上場企業の2015～2023年のデータを用い、テキスト分析と回帰分析を実施。結果、経営陣の環境への注意力が高いほど格付けの不一致が減少し、特に環境規制の厳しい地域でその効果が顕著であることが示された。
English
This study examines whether top management team (TMT) environmental attention mitigates ESG rating divergence. Using Chinese A-share non-financial firms from 2015 to 2023, textual analysis and high-dimensional fixed-effects regressions show that executive environmental focus reduces rating divergence, especially in regions with stringent environmental regulations.
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ESG格付け乖離に関する実証研究であり、日本企業にも示唆がある。日本ではSSBJ基準の導入や有報でのサステナビリティ情報開示が進む中、経営陣の環境への関心が情報の質を高める可能性を示す。ただし中国市場特有の制度要因も考慮すべき。
In the global GX context
This study adds to global ESG literature by linking managerial cognition to rating divergence. For global contexts like TCFD/ISSB adoption, it suggests that substantive executive attention can improve disclosure consistency and reduce market misalignment.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the role of top management attention in reducing ESG rating divergence.
🏢実務担当者:Highlights the importance of executive focus on environmental issues to improve external ESG rating consistency.
🏛政策担当者:Suggests regulators could encourage structured sustainability reporting to support managerial cognition in standardizing ESG measurements.
📄 Abstract（原文）
While Environmental, Social, and Governance (ESG) rating divergence poses a barrier to accurate sustainability measurement and sustainable investment, how internal managerial cognition addresses this external market misalignment remains underexplored. To address the research question of how executive focus shapes market consensus on corporate sustainability, this study integrates the Attention-Based View and Signaling Theory to examine the potential mitigating role of Top Management Team (TMT) environmental attention on ESG rating divergence. Utilizing high-dimensional fixed-effects regressions and textual analysis, we analyze a sample of Chinese A-share non-financial listed firms from 2015 to 2023. Empirical results indicate that a transparent and forthcoming managerial environmental focus helps reduce rating divergence, thereby partially aligning informational baselines. This cognitive alignment can act as an information calibrator, particularly when environmental issues match the firm’s core industry materiality, and this association appears more pronounced in regions with stringent environmental regulations. Robustness checks support the notion that substantive, quantitative sustainability disclosures driven by executive attention assist in alleviating informational misalignment among external rating agencies. These findings offer socio-economic and policy insights for advancing sustainable development, suggesting that regulators could consider encouraging structured sustainability reporting to support the role of executive cognition in standardizing ESG measurements.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/su18084131first seen 2026-05-15 18:50:47
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