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Peer effects of corporate ESG practice: Incorporating the impact of ESG rating disagreement

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  • Wang, Shaolin
  • Wang, Jianli
  • Dong, Minghua
  • Li, Jingyuan

Abstract

This study investigates peer effects in ESG practice by analyzing Chinese listed companies from 2009 to 2022. After incorporating the impact of ESG rating disagreement, we document the significant existence of peer effects of ESG practice. Mechanism analysis shows these effects are amplified by high information uncertainty and information transmission efficiency. Heterogeneity tests reveal stronger peer effects in non-state-owned, follower, and non-heavy-polluting firms. Additionally, we find peer effects of ESG practice is strongest for social activities and exhibit regional spillovers. Furthermore, this imitation is selective, as firms replicate positive ESG practice rather than controversies.

Suggested Citation

  • Wang, Shaolin & Wang, Jianli & Dong, Minghua & Li, Jingyuan, 2026. "Peer effects of corporate ESG practice: Incorporating the impact of ESG rating disagreement," Emerging Markets Review, Elsevier, vol. 71(C).
    • Handle: RePEc:eee:ememar:v:71:y:2026:i:c:s1566014125001608
    DOI: 10.1016/j.ememar.2025.101411
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