Translated Title
ESG Rating Divergence and Corporate Innovation:Crisis or Opportunity
Translated Abstract
As a differentiated perception of corporate ESG performance by different institutions,how ESG rating divergence will affect corporate development has received widespread attention.Based on the data of Shanghai and Shenzhen A-share companies from 2009-2022,the article explores the impact of ESG rating divergence on corporate innovation.It is found that ESG rating divergence significantly inhibits corporate innovation,which is manifested as a crisis effect,while exacerbating financing constraints,increasing operational risks,and reducing external monitoring are the main channels through which it acts on corporate innovation;furthermore,the impact of ESG rating diver-gence on corporate innovation is more significant in the groups of poorer information quality,non-high-tech firms,state-owned firms,and those with lower coverage of rating agencies;and the impact of ESG rating divergence on corporate innovation is more pronounced in the groups with lower coverage than substantive innovation,the negative impact of ESG rating divergence on corporate in-novation is mainly reflected in strategic innovation,while standardized ESG disclosure can alleviate the inhibitory effect of ESG rating divergence on corporate innovation.The conclusions of the article provide a decision-making reference for improving the standardization of corporate ESG ratings and promoting the development of corporate innovation.
Translated Keyword
Business risk
Corporate innovation
ESG rating divergence
External monitoring
Financing constraints
Access Number
WF:perioarticalglxdh202501014
