The Impact of Divergent ESG Ratings: Consensus and Controversy
DOI:
https://doi.org/10.6981/FEM.202507_6(7).0015Keywords:
ESG Rating Divergence; Generation Mechanism; Information Asymmetry; Greenwash Behaviour; Capital Market Efficiency.Abstract
Against the backdrop of the global sustainable development process, environmental, social and governance (ESG) rating systems have increasingly become a key bridge between corporate non-financial performance and capital allocation. However, significant differences among rating agencies not only undermine the credibility of the rating system, but also pose a double challenge to the transformation of the real economy and the stability of financial markets. This study reveals the internal logic of ESG ratings divergence from the three dimensions of causes, transmission mechanisms and governance paths, and finds that heterogeneity in assessment methods and information asymmetry constitute the underlying causes: the former inhibits corporate innovation through distorting the financing environment and market signals, while the latter can evolve into a catalyst for systemic change under the driving force of regulatory synergy and technological empowerment. This paper innovatively proposes a synergistic governance model of "system-technology-market", which lays a theoretical foundation for the construction of a compatible ESG ecosystem.
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