ESG评级与企业绩效：ESG评级分歧的调节作用

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review Pub Date : 2025-05-03 DOI:10.1016/j.bir.2025.05.001

Chengcheng Liu , Qianhui Wu , Yu-En Lin

{"title":"ESG评级与企业绩效：ESG评级分歧的调节作用","authors":"Chengcheng Liu , Qianhui Wu , Yu-En Lin","doi":"10.1016/j.bir.2025.05.001","DOIUrl":null,"url":null,"abstract":"<div><div>We examine the impact of ESG rating disagreement on the relationship between ESG ratings and firm performance. We find that ESG ratings are negatively associated with firm performance. Moreover, ESG rating disagreement positively moderates the relationship between ESG ratings and firm performance, weakening the negative impact of ESG ratings on firm performance. Furthermore, additional tests suggest that ESG rating disagreement plays a moderating role only for firms with better disclosure quality and worse corporate governance, greater environmental munificence and dynamism, smaller size, and greater social capital. Overall, our findings support agency theory and the resource-based view, highlighting the importance of rating consistency and the role of high ESG rating scores as an intangible resource that indicates agency problems. However, ESG rating disagreement also serves a governance function.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 4","pages":"Pages 816-823"},"PeriodicalIF":7.1000,"publicationDate":"2025-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"ESG ratings and firm performance: The moderating role of ESG rating disagreement\",\"authors\":\"Chengcheng Liu , Qianhui Wu , Yu-En Lin\",\"doi\":\"10.1016/j.bir.2025.05.001\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>We examine the impact of ESG rating disagreement on the relationship between ESG ratings and firm performance. We find that ESG ratings are negatively associated with firm performance. Moreover, ESG rating disagreement positively moderates the relationship between ESG ratings and firm performance, weakening the negative impact of ESG ratings on firm performance. Furthermore, additional tests suggest that ESG rating disagreement plays a moderating role only for firms with better disclosure quality and worse corporate governance, greater environmental munificence and dynamism, smaller size, and greater social capital. Overall, our findings support agency theory and the resource-based view, highlighting the importance of rating consistency and the role of high ESG rating scores as an intangible resource that indicates agency problems. However, ESG rating disagreement also serves a governance function.</div></div>\",\"PeriodicalId\":46690,\"journal\":{\"name\":\"Borsa Istanbul Review\",\"volume\":\"25 4\",\"pages\":\"Pages 816-823\"},\"PeriodicalIF\":7.1000,\"publicationDate\":\"2025-05-03\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Borsa Istanbul Review\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S2214845025000699\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Borsa Istanbul Review","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2214845025000699","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

我们研究了ESG评级分歧对ESG评级与企业绩效之间关系的影响。我们发现ESG评级与公司绩效呈负相关。此外，ESG评级差异正向调节ESG评级与企业绩效的关系，减弱了ESG评级对企业绩效的负面影响。此外，额外的测试表明，ESG评级分歧仅对披露质量较好、公司治理较差、环境慷慨度和活力较大、规模较小、社会资本较大的公司起调节作用。总体而言，我们的研究结果支持代理理论和资源基础观点，突出了评级一致性的重要性，以及高ESG评级分数作为表明代理问题的无形资源的作用。然而，ESG评级分歧也有治理功能。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

ESG ratings and firm performance: The moderating role of ESG rating disagreement

We examine the impact of ESG rating disagreement on the relationship between ESG ratings and firm performance. We find that ESG ratings are negatively associated with firm performance. Moreover, ESG rating disagreement positively moderates the relationship between ESG ratings and firm performance, weakening the negative impact of ESG ratings on firm performance. Furthermore, additional tests suggest that ESG rating disagreement plays a moderating role only for firms with better disclosure quality and worse corporate governance, greater environmental munificence and dynamism, smaller size, and greater social capital. Overall, our findings support agency theory and the resource-based view, highlighting the importance of rating consistency and the role of high ESG rating scores as an intangible resource that indicates agency problems. However, ESG rating disagreement also serves a governance function.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Borsa Istanbul Review Multiple-

CiteScore

7.60

自引率

3.80%

发文量

130

审稿时长

26 days

期刊介绍： Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations