ESG rating, rating divergence and investment efficiency: International evidence

IF 2.9 3区经济学 Q1 ECONOMICS

Quarterly Review of Economics and Finance Pub Date : 2025-01-31 DOI:10.1016/j.qref.2025.101975

Yu-En Lin , Shi Teng , Bo Yu , Keith S.K. Lam

引用次数: 0

Abstract

This study investigates the relation between ESG ratings and firm investment efficiency and the moderate effect of ESG rating divergence on the relation. Using a sample of firms from 43 countries for the period between 2010 and 2022, we document a significantly positive relation between ESG ratings and firm investment efficiency and a significant negative moderate effect of ESG rating divergence on the positive relation. We also find four firm-level transmission channels-financial constraints, cash flows, opacity, and transparency-affect the ESG and investment inefficiency relation. In addition, our results indicate that the positive relation and the negative moderate effect can be explained by firms’ agency costs. The results hold in endogeneity and robustness tests.

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ESG评级、评级差异与投资效率：国际证据

本研究探讨ESG评级与企业投资效率的关系，以及ESG评级差异对关系的调节作用。以2010年至2022年43个国家的企业为样本，我们发现ESG评级与企业投资效率之间存在显著的正相关关系，而ESG评级差异对正相关关系存在显著的负调节效应。我们还发现四个公司层面的传导渠道——财务约束、现金流、不透明度和透明度——影响ESG与投资效率低下的关系。此外，我们的研究结果表明，企业代理成本可以解释正向关系和负向调节效应。结果在内生性和稳健性检验中成立。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Quarterly Review of Economics and Finance ECONOMICS-

CiteScore

6.00

自引率

2.90%

发文量

118

期刊介绍： The Quarterly Review of Economics and Finance (QREF) attracts and publishes high quality manuscripts that cover topics in the areas of economics, financial economics and finance. The subject matter may be theoretical, empirical or policy related. Emphasis is placed on quality, originality, clear arguments, persuasive evidence, intelligent analysis and clear writing. At least one Special Issue is published per year. These issues have guest editors, are devoted to a single theme and the papers have well known authors. In addition we pride ourselves in being able to provide three to four article "Focus" sections in most of our issues.