Market-oriented environmental regulation and ESG rating divergence
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J Zhang, F Qi, M Wu
Research in International Business and Finance, 2025
Elsevier
In the context of sustainable development and low-carbon transformation, the divergence of environmental, social, and governance (ESG) ratings heightens investors' perception of market risk and hinders the growth of socially responsible investment. Through a quasi-natural experiment of the carbon market, we empirically investigate the impact of market-based environmental regulations on ESG rating divergence. We find that firms covered by the carbon market reduced their ESG rating divergence by about 3.7% relative to a control …
