ESG rating divergence, investor responses, and managerial myopic behavior

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-29 DOI:10.1016/j.frl.2025.108587

Yufeng Chen , Yi Liu , Chuwen Wang

引用次数: 0

Abstract

This paper examines how ESG ratings divergence affects managerial myopic behaviors among Chinese A-share listed firms from 2015 to 2023. The analysis reveals a statistically inverse association between ESG divergence and managerial myopic behaviors, and the negative investor sentiment and reduced institutional ownership serve as potential transmission channels. Notably, the presence of green investors amplifies the dampening effect of ESG divergence on managerial myopic behaviors, whereas information asymmetry mitigates it. The more detailed roles of market competition, managerial equity incentives, and environmental disclosure quality are further examined. The results offer corporate governance dynamics of ESG rating divergence.

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ESG评级差异、投资者反应与管理短视行为

本文考察了2015 - 2023年中国a股上市公司ESG评级差异对管理层短视行为的影响。分析发现，ESG分化与管理者短视行为呈显著负相关，投资者负面情绪和机构持股减少是潜在的传导渠道。值得注意的是，绿色投资者的存在放大了ESG差异对管理短视行为的抑制作用，而信息不对称则减轻了这种抑制作用。进一步研究了市场竞争、管理层股权激励和环境信息披露质量的更详细作用。研究结果提供了ESG评级差异的公司治理动态。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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