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ESG rating divergence and corporate disclosure strategies: evidence from performance forecasts

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  • Jia Long
  • Qiankun Wang
  • Tingwen Liu

Abstract

The rapid proliferation of ESG rating agencies has intensified divergence in ESG assessments. Utilizing a dataset of Chinese A-share listed firms from 2007 to 2022 sourced from the CSMAR database, this study investigates the impact of these divergences on corporate performance forecast disclosure. It reveals that heightened ESG rating divergence compels firms to adopt more precise forward-looking disclosure, driven by the need to mitigate investor sentiment volatility triggered by inconsistent evaluations. This behavioural adjustment is particularly pronounced in firms dominated by individual investors. Heterogeneity analysis further identifies amplified effects in contexts characterized by low analyst coverage, mandatory disclosure regimes, state-owned enterprises, and financially constrained entities. This study offers new insights into the role of ESG rating divergence in corporate disclosure strategies, informing the development of relevant policies and strategies.

Suggested Citation

  • Jia Long & Qiankun Wang & Tingwen Liu, 2026. "ESG rating divergence and corporate disclosure strategies: evidence from performance forecasts," Applied Economics, Taylor & Francis Journals, vol. 58(17), pages 3374-3391, April.
    • Handle: RePEc:taf:applec:v:58:y:2026:i:17:p:3374-3391
    DOI: 10.1080/00036846.2025.2486780
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