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November 14, 2025China Accounting and Finance ReviewOpen Access

ESG ratings inconsistency and its effects on information in capital market

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Authors

JLJiarong LiXRXingzi RenNYNan Yang

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Overview

Analysis shows that ESG rating divergence impacts stock return synchronicity in emerging markets, indicating a decline in information dissemination.

Key Points

  • Greater ESG rating divergence correlates with increased stock return synchronicity, reducing firm-specific information flows.
  • Institutional investors face hurdles due to heightened ESG rating divergence, complicating informed trading.
  • Data from six ESG rating agencies covering listed Chinese firms between 2010 and 2022 supports these findings.
  • Transparency issues emphasize the need for improved corporate disclosure and standardized rating methodologies.

Cite This Study

Li et al. (2025) studied this question.

synapsesocial.com/papers/692519b4c0ce034ddc35446dhttps://doi.org/10.1108/cafr-08-2025-0200
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