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Corporate ESG rating divergence and excess stock returns

Citations

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Cited by:

  1. Wang, Haijun & Du, Xiance & Ge, Chen & Wu, Wanting, 2024. "Does digital credit alleviate household income vulnerability?," Pacific-Basin Finance Journal, Elsevier, vol. 88(C).
  2. Yong Shi & Tongsheng Yao, 2025. "ESG Rating Divergence: Existence, Driving Factors, and Impact Effects," Sustainability, MDPI, vol. 17(10), pages 1-26, May.
  3. Mongkhol Moolkham, 2025. "SET ESG ratings and firm value: The new sustainability performance assessment tool in Thailand," PLOS ONE, Public Library of Science, vol. 20(2), pages 1-23, February.
  4. Ma, Defang & Xie, Yuze & Wang, Mengkai & Peng, Ting & Ding, Jiahui, 2025. "The impact of new quality productivity on sustainable development performance," International Review of Economics & Finance, Elsevier, vol. 102(C).
  5. Sui, Xiaoning & Hu, Huanhuan & Wang, Haijun & Hu, Tianyang, 2024. "The impact of servitization transformation on the ESG performance of manufacturing firms," International Review of Economics & Finance, Elsevier, vol. 96(PA).
  6. Wang, Yaxian & Han, Peishan & Luo, Yawei, 2025. "Is China on the right pathway to reduce carbon intensity? Based on green financial development with a novel GDI method," Energy, Elsevier, vol. 324(C).
  7. Liu, Yishuang & Dong, Hanmin, 2026. "Barrier or driver: Patent thickets in the path of technological transition," Energy Policy, Elsevier, vol. 210(C).
  8. Wu, Ke & Zhang, Yongfang & Chen, Ying & Li, Miao, 2025. "Impact of digital finance on corporate ESG," International Review of Financial Analysis, Elsevier, vol. 104(PA).
  9. Zhang, Zhanyu & Cao, Jingdong & Ma, Ruihao & Feng, Yiqiang, 2025. "Digital economy policies and corporate technology spillovers: A data-driven perspective," International Review of Economics & Finance, Elsevier, vol. 103(C).
  10. Sun, Guanglin & Wang, Jiawei & Ai, Yongfang, 2024. "The impact of government green subsidies on stock price crash risk," Energy Economics, Elsevier, vol. 134(C).
  11. Liu, Zhe & Liu, Xin & Lan, Kefan & Wang, Haijun & Li, Qihui, 2025. "Can spin-offs enhance corporate market value?," Research in International Business and Finance, Elsevier, vol. 77(PB).
  12. Lou, Zhukun & Li, Sujie & Tong, Jingyi & Zhao, Jing, 2025. "ESG rating disagreement and the cost of equity capital," Global Finance Journal, Elsevier, vol. 66(C).
  13. Ni, Yunsong, 2025. "Data assets and corporate ESG performance: Evidence from Chinese listed companies," Finance Research Letters, Elsevier, vol. 86(PF).
  14. Huang, Shuai & Liu, Shujie & Zhou, Qiongjie, 2025. "Does green finance affect ESG rating divergence? A study based on information disclosure quality," Finance Research Letters, Elsevier, vol. 86(PD).
  15. Gao, Jie & Li, Zhizhuo & Nguyen, Thithuha & Zhang, Wentao, 2025. "Digital transformation and enterprise employment," International Review of Economics & Finance, Elsevier, vol. 99(C).
  16. Tichý Kryštof, 2024. "Investment Decision Factors of Non-Fungible Tokens in the Czech Republic: Survey," ACC Journal, Sciendo, vol. 30(2), pages 63-75.
  17. Kong, Linghui & Chen, Rongquan & Huang, Xinyu & Wang, Fan, 2025. "Can Industry-Specific Information Disclosure Guidelines Alleviate Corporate ESG Divergence? Evidence from Chinese List Companies," International Review of Financial Analysis, Elsevier, vol. 106(C).
  18. Chang, Zhenghao & Zhou, Hang & Ruan, Mengyu & Li, Qin, 2025. "When major customers matter: customer concentration and ESG rating disagreement," Journal of Contemporary Accounting and Economics, Elsevier, vol. 21(3).
  19. Feng, Yiqiang & Jin, Xingye & Liu, Zhe & Zhang, Zhanyu, 2025. "Technological links among firms and the peer effect of ESG responsibility performance," Finance Research Letters, Elsevier, vol. 72(C).
  20. Jinhao Liu & Zhifang Zhou & Tao Zhang & Hua Zhang, 2025. "Investigating How Geographic Proximity to Tourist Destinations Triggers Corporate ESG Behavior," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 46(7), pages 3849-3874, October.
  21. Wang, Shaolin & Cheng, Ho Cheung & Wang, Jianli & Yick, Ho Yin, 2025. "The performance of ESG portfolios: Evidence from the Chinese market under COVID-19," Economic Modelling, Elsevier, vol. 143(C).
  22. Lin, Yu-En & Teng, Shi & Yu, Bo & Lam, Keith S.K., 2025. "ESG rating, rating divergence and investment efficiency: International evidence," The Quarterly Review of Economics and Finance, Elsevier, vol. 100(C).
  23. Chen, Tianyu & Yin, Ding & Li, Xinghua & Xu, Xuegao, 2025. "Media attention, information asymmetry and agribusiness ESG rating divergence," Finance Research Letters, Elsevier, vol. 74(C).
  24. Hu, Yucen & Wang, Yuxin, 2026. "The impact of ESG rating divergence on supply chain resilience: The threshold effect of corporate information transparency," International Review of Financial Analysis, Elsevier, vol. 109(C).
  25. Yang, Bai & Huang, Jingfeng & Chen, Yinzhong, 2025. "The relationship between ESG ratings and digital technological innovation in manufacturing: Insights via dual machine learning models," Finance Research Letters, Elsevier, vol. 71(C).
  26. Cheng, Louis T.W. & Cheong, Tsun Se & Wojewodzki, Michal & Chui, David, 2025. "The effect of ESG divergence on the financial performance of Hong Kong-listed firms: An artificial neural network approach," Research in International Business and Finance, Elsevier, vol. 73(PA).
  27. Chen, Yufeng & Liu, Yi & Wang, Chuwen, 2025. "ESG rating divergence, investor responses, and managerial myopic behavior," Finance Research Letters, Elsevier, vol. 86(PD).
  28. Cao, Guangxu & Fu, Lin & Li, Zhengrong & Wang, Yilin, 2025. "The removal of private capital restrictions: Impacts on enterprise digital transformation," Finance Research Letters, Elsevier, vol. 81(C).
  29. Xinyue Zhang & Yuan George Shan & Yuming Zhang & Chao Xing, 2025. "Does ESG rating divergence affect the cost of corporate debt?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(3), pages 2244-2280, September.
  30. Danni Yu & Tiantian Meng & Minyu Zheng & Rongyi Ma, 2024. "ESG uncertainty, investor attention and stock price crash risk in China: evidence from PVAR model analysis," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-13, December.
  31. Yin, Libo & Zhu, Xiaoye & Su, Zhi & Guo, Hongliang, 2025. "Is disagreement beneficial for market efficiency? Evidence from ESG ratings," Journal of International Money and Finance, Elsevier, vol. 154(C).
  32. Horky, Florian & Pasquali, Andrea & Magazzino, Cosimo, 2024. "ESG rating disagreement portfolios – Evidence from the EuroStoxx 600," Finance Research Letters, Elsevier, vol. 69(PA).
  33. Selina Hauch, 2026. "Corporate Management of Environmental, Social, and Governance Ratings and Rating Divergence," Business Strategy and the Environment, Wiley Blackwell, vol. 35(4), pages 4784-4801, May.
  34. Hui Huang & Xiujuan Huang, 2025. "Unlocking ESG Performance: How Qualified Foreign Institutional Investors Enhance Corporate Sustainability in China’s Capital Markets," Sustainability, MDPI, vol. 17(18), pages 1-32, September.
  35. Gu, LiHan & Li, QingLi, 2025. "The impact of media attention on firm ESG decisions: the role of sinful industries," Finance Research Letters, Elsevier, vol. 85(PC).
  36. Wang, Haijun & Ge, Chen & Du, Xiance & Feng, Yiqiang & Wang, Weicheng, 2024. "Does digital literacy reduce intergenerational income dependency?," International Review of Financial Analysis, Elsevier, vol. 95(PB).
  37. Alkan, Doga & Ayari, Rayan & Paraschiv, Florentina, 2026. "Green fees: Sustainability impacts on portfolio management," International Review of Financial Analysis, Elsevier, vol. 110(C).
  38. Wang, Shuwen & Yang, Ruiqi & Li, Yanru, 2025. "Collateral reform and firm value: Empirical evidence from the natural experiment of civil code of the PRC," International Review of Financial Analysis, Elsevier, vol. 106(C).
  39. Zhang, Xiaodan & Qin, Juanjuan, 2025. "How does a government-certificated green identity improve enterprises' market value?," International Review of Economics & Finance, Elsevier, vol. 101(C).
  40. Guo, Xiaofang & Jin, Xingye & Wang, Jingyu & Zuo, Congjiang, 2025. "Corporate integrity culture and debt costs," International Review of Financial Analysis, Elsevier, vol. 106(C).
  41. Long, Teng & Feng, Liyu, 2024. "Aging, low fertility and household debt risk," International Review of Economics & Finance, Elsevier, vol. 95(C).
  42. Nguyen, Thithuha & Song, Ge & Zhao, Shengkun & Zuo, Congjiang, 2025. "Market competition and digital transformation in firms," Finance Research Letters, Elsevier, vol. 73(C).
  43. Chen, Shaowei & Wu, Zhiliang, 2025. "Corporate ESG performance and stock pricing efficiency," The North American Journal of Economics and Finance, Elsevier, vol. 79(C).
  44. Sun, Guanglin & Yin, Ding & Kong, Tao & Yin, Lei, 2024. "The impact of the integration of the digital economy and the real economy on the risk of stock price collapse," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
  45. Zhang, Jun & Xie, Tangkun & Kong, Xiaoran & Liu, Bo & Zhang, Wenke, 2025. "Can data assets promote green innovation in enterprises?," Finance Research Letters, Elsevier, vol. 72(C).
  46. Ju, Chunhua & Fang, Xusheng & Shen, Zhonghua, 2025. "ESG rating divergence and stock price crash risk," The North American Journal of Economics and Finance, Elsevier, vol. 76(C).
  47. Liu, Kun & Su, Xiao & Lu, Lingchen, 2024. "Carbon risk and investment efficiency: A merger and acquisition perspective," International Review of Economics & Finance, Elsevier, vol. 95(C).
  48. Zhu, Junpeng & Qu, Yan & Zhao, Xiaomeng, 2025. "Environmental centralization and corporate sustainable development: Evidence from China," Energy Economics, Elsevier, vol. 152(C).
  49. Bachner, Felix, 2025. "Decoding market reactions: Analysis of divergent signals of ESG ratings," International Review of Financial Analysis, Elsevier, vol. 103(C).
  50. Wei, Ming & Xu, Xingui, 2025. "The impact of local debt management on corporate ESG Performance: A quasi-natural experiment based on the new budget law," Finance Research Letters, Elsevier, vol. 74(C).
  51. Chen, Jingpeng & Lin, Haiying, 2026. "Corporate digitalization and ESG rating divergence: Evidence from China," Research in International Business and Finance, Elsevier, vol. 82(C).
  52. Gaies, Brahim & Chaâbane, Najeh & Adeosun, Opeoluwa Adeniyi & Sahut, Jean-Michel, 2025. "Climate transition risks, ESG sentiment and market value: Insights from the European stock market," Energy Economics, Elsevier, vol. 148(C).
  53. Wang, Dan & Gong, Zejun & Wang, Yebin, 2025. "Stock market development and the global value chain position of manufacturing industry," Research in International Business and Finance, Elsevier, vol. 75(C).
  54. Qi, Meng & Fang, Wenjing, 2025. "ESG global trends: A comparative analysis of China and the international community," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 2330-2345.
  55. Leticia Martins Medeiros & Clea Beatriz Macagnan & Rosane Maria Seibert, 2025. "Decoding Pension Funds: Sustainability Indicators for Annual Report Analysis," JRFM, MDPI, vol. 18(4), pages 1-19, March.
  56. Rongxuan Liu & Derek Wang & Shanshan Zheng & Ning Cai, 2025. "The Retrospective and Predictive Effectiveness of ESG Ratings: Evidence from China," Sustainability, MDPI, vol. 17(11), pages 1-20, May.
  57. Si, Deng-Kui & Zhou, Fu-You & Li, Xiao-Lin & Kong, Dongmin, 2025. "The effect of financial marketization on the nexus between ESG rating uncertainty and corporate innovation," International Review of Financial Analysis, Elsevier, vol. 106(C).
  58. Li, Yiping & Zheng, Lanxing & Xie, Chang & Fang, Jiming, 2024. "Big data development and enterprise ESG performance: Empirical evidence from China," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 742-755.
  59. Jinyu Chen & Xinyu Guo & Ran Liu, 2025. "ESG Rating Uncertainty and the Cost of Debt Financing," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(4), pages 4328-4342, October.
  60. Francesco Martielli & Antonio Salvi & Emanuele Doronzo, 2024. "Corporate social responsibility practices and value creation through open innovation approach: Evidence from the STOXX Europe 600 Index," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(5), pages 4732-4745, September.
  61. Ruan, Lei & Li, Jianing & Huang, Siqi, 2025. "ESG rating adjustment and capital market pricing efficiency: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 98(C).
  62. Wang, Wenjiao & Sun, Ziyuan & Wang, Lan, 2025. "Does ESG rating divergence exacerbate management tone manipulation? − Empirical evidence based on MD&A text," Journal of Business Research, Elsevier, vol. 197(C).
  63. Wen, Hua & Si, Rijimoleng, 2024. "Research on the impact of land rights certification on farmers’ operating behavior," International Review of Economics & Finance, Elsevier, vol. 96(PB).
  64. Naiping Zhu & Timothy Masuni Nagriwum & Ummar Faruk Saeed, 2025. "Advancing ESG Performance in MENA Economies: Do Governance Structures and Eco‐Technology Matter?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 32(6), pages 7793-7815, November.
  65. Gao, Jie & Jin, Xingye & Li, Tao & Nguyen, Thithuha, 2025. "The effect of digital technology adoption on managerial myopia: An empirical discovery based on machine Learning," International Review of Economics & Finance, Elsevier, vol. 98(C).
  66. Wang, Haijun & Jiao, Shuaipeng & Ma, Chao, 2024. "The impact of ESG responsibility performance on corporate resilience," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 1115-1129.
  67. Sui, Xiaoning & Hu, Huanhuan & Wang, Rong, 2025. "The impact of digital transformation on the servitization transformation of manufacturing firms," Research in International Business and Finance, Elsevier, vol. 73(PA).
  68. Sun, Guanglin & Yan, Zian & Gong, Zejun & Li, Mengding, 2025. "The impact of ESG rating divergence on stock price crash risk," International Review of Financial Analysis, Elsevier, vol. 102(C).
  69. Guo, Longfei & Zhong, Qijun & Wang, Haijun, 2024. "Digital transformation, ESG responsibility and corporate's export performance," Finance Research Letters, Elsevier, vol. 69(PA).
  70. Bin Li & Yifan Xu & Miaodi Han, 2025. "ESG Rating Uncertainty and Excess Cash Holdings: Evidence From China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(4), pages 3518-3545, December.
  71. Huo, Xuehui & Shi, Haiquan, 2025. "Geopolitical risk and ESG rating divergence: Global evidence," Finance Research Letters, Elsevier, vol. 86(PB).
  72. Yin, Li & Han, Yuanhang & Shao, Jinan & Dai, Jing & Shou, Yongyi, 2025. "Does ESG rating divergence depress trade credit? A signaling theory perspective," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 203(C).
  73. Yin, Pengfei & Li, Sicheng & Yue, Gabriel XG, 2026. "ESG rating adjustment disagreement and stock price synchronicity: Evidence from China," Research in International Business and Finance, Elsevier, vol. 83(C).
  74. Ma, Defang & Wang, Jindong & Zeng, Bo & Liu, Ying & Xie, Yuze, 2025. "Does digital transformation enhance financial flexibility?," International Review of Financial Analysis, Elsevier, vol. 106(C).
  75. Wang, Haijun & Zhou, Lili & Liu, Xin & Li, Huiyang & Liu, Ying, 2025. "Digital finance and new quality productive force of enterprise: Based on the analysis of enterprise industrial and commercial big data," International Review of Financial Analysis, Elsevier, vol. 104(PA).
  76. Sun, Tingxuan & Liu, Suqin & Guo, Min, 2025. "Effects of green finance and digital transformation on enhancing corporate ESG performance," Finance Research Letters, Elsevier, vol. 74(C).
  77. Huang, Yujie & Liu, Shucheng & Gan, Jiawu & Liu, Baoliu & Wu, Yuxi, 2024. "How does the construction of new generation of national AI innovative development pilot zones drive enterprise ESG development? Empirical evidence from China," Energy Economics, Elsevier, vol. 140(C).
  78. Anzhu Xue & Guang Yang & Hui Wang, 2025. "The Impact of Environmental, Social, and Governance (ESG) on the Green Development of Listed Companies in China’s Agricultural and Forestry Industries," Sustainability, MDPI, vol. 17(10), pages 1-26, May.
  79. Ma, Defang & Wang, Mengkai & Zeng, Bo & Jiang, Hong, 2024. "Peer effects of firm environmental protection expenditures," Finance Research Letters, Elsevier, vol. 65(C).
  80. Sun, Yanyang & Gao, Jun & Wu, Wenruo & Liu, Suyi, 2025. "ESG performance and corporate fraud: Evidence based on the MOE framework," International Review of Financial Analysis, Elsevier, vol. 97(C).
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