期刊论文Why is corporate virtue in the eye of the beholder? The case of ESG ratings复制

DOI:复制

文献链接:复制

其他信息:

DM Christensen, G Serafeim…
The Accounting …, 2022
publications.aaahq.org
Despite the rising use of environmental, social, and governance (ESG) ratings, there is substantial disagreement across rating agencies regarding what rating to give to individual firms. As what drives this disagreement is unclear, we examine whether a firm's ESG disclosure helps explain some of this disagreement. We predict and find that greater ESG disclosure actually leads to greater ESG rating disagreement. These findings hold using firm fixed effects and using a difference-in-differences design with mandatory ESG disclosure …