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ESG Rating disagreement, total factor productivity and enterprise sustainable development
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DOI：10.1080/14783363.2026.2626430.png)
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Abstract
En 中文
Integrating ESG into corporate strategy is vital for sustainable development, yet ESG rating divergence poses challenges. Using data from Chinese A-share listed companies (2010 - 2022), this paper empirically examines the impact of ESG rating divergence on Total Factor Productivity (TFP). Results indicate that ESG rating divergence significantly enhances enterprise TFP through three channels: information transparency, digital transformation and R & D investment. Further research found that the higher the analyst attention and enterprise management efficiency, the more they can enhance the positive impact of ESG rating divergence on enterprise TFP. At the same time, compared with the enterprises in the western region, the enterprises with the combination of chairman and general manager, and the enterprises with small enterprise scale, the ESG rating divergence has a more obvious promotion effect on the TFP of the enterprises in the eastern and central regions, the enterprises with the separation of the two roles, and the enterprises with large enterprise scale. These findings provide theoretical support for ESG practices and offer decision-making reference for relevant government departments to improve ESG system and regulatory work.
Keywords:
ESG rating disagreement
TFP
digital transformation
information transparency
analyst attention
M10
M21
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