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April 1, 2026SystemsOpen Access

Does the Market Value Corporate ESG Ratings? A Complex System Driven by Institutional Investors

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Authors

CZChangjiang ZhangSZSihan ZhangZZZhepeng Zhou

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Overview

Examines how corporate ESG ratings affect market value in firms, indicating institutional investor influence.

Key Points

  • To explore the impact of corporate ESG ratings on market value and the roles of institutional ownership and investor heterogeneity.
  • Analyzed a sample of 2018-2024 Chinese A-share listed firms
  • Examined the relationship between ESG ratings and firm market value
  • Conducted mediation analyses for institutional ownership
  • Performed heterogeneity analyses for investor types
  • Firms with higher ESG ratings show significantly higher market value
  • Higher ESG ratings lead to increased institutional ownership, enhancing firm value
  • Long-term institutional investors primarily drive the positive valuation effect
  • ESG rating divergence reduces the positive valuation effect due to increased informational uncertainty

Cite This Study

Zhang et al. (2026) studied this question.

synapsesocial.com/papers/69ccb79916edfba7beb899fbhttps://doi.org/10.3390/systems14040368
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Also Consider

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  1. 1ESG Rating Divergence and Corporate Environmental Information Disclosure Quality: Do Investors Matter?2026 · 1 citations
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  4. 4An Analysis of the Influence of ESG Rating Divergence on Investor Sentiment2024 · 11 citations
  5. 5Does ESG Performance Affect Firm Value? Evidence from a New ESG-Scoring Approach for Chinese Enterprises2022 · 132 citations