The implied risks caused by ESG rating divergence: A test based on the cost of equity capital
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H Zhou, Y Ma
Applied Economics, 2025
Taylor & Francis
ABSTRACT Environment, Social, and Governance (ESG) performance serves as a crucial factor in investor decision-making; however, the existence of ESG rating divergence adds complexity and investment risk to assessing a firm's sustainable performance. This article investigates the impact and the mechanisms behind firms' ESG rating divergence on the cost of equity capital, enriches the research content of the economic consequences of ESG rating. This article uncovers the following key findings:(1) Increasing the divergence in a …
