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The impact of discrepancies in ESG ratings and institutional investors' shareholding on corporate sustainability development

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  • Shang, Tian
  • Song, Gongyu
  • Yu, Yijia
  • Wei, Yi

Abstract

This paper conducts an empirical analysis based on data from non-financial listed companies in China from 2010 to 2023, exploring in depth the impact mechanism of ESG rating discrepancies and institutional investors' shareholding on corporate sustainable development. The research findings indicate that ESG rating discrepancies significantly hinder corporate sustainable development, while institutional investors' shareholding demonstrates a notable positive effect on sustainable development. Further analysis reveals that institutional investors' shareholding plays an important moderating role between ESG rating discrepancies and corporate sustainable development, with a significant difference in this moderating effect between high-tech and non-high-tech enterprises. Additionally, the degree of impact of ESG rating discrepancies on corporate sustainable development shows significant differences between high-tech and non-high-tech enterprises.

Suggested Citation

  • Shang, Tian & Song, Gongyu & Yu, Yijia & Wei, Yi, 2025. "The impact of discrepancies in ESG ratings and institutional investors' shareholding on corporate sustainability development," Finance Research Letters, Elsevier, vol. 86(PC).
    • Handle: RePEc:eee:finlet:v:86:y:2025:i:pc:s1544612325017921
    DOI: 10.1016/j.frl.2025.108538
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