Knightian uncertainty and ESG rating divergence: Evidence from China
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R Yuan, F Cheng, F Jin, J Ma, L Zeng
Finance Research Letters, 2026
Elsevier
This study investigates the impact of Knightian uncertainty on ESG rating divergence. We find that a one-standard-deviation increase in the volatility of the EPU index widens cross-provider rating dispersion by 4.6%. Mechanism analysis reveals that this effect is transmitted through two channels, including an increase in corporate greenwashing and a tightening of financing constraints. Heterogeneity analyses further indicate that the uncertainty-divergence sensitivity is more pronounced among firms with more severe financial …
