ESG rating disagreement and corporate energy intensity in China: the moderating role of managerial environmental attention

Purpose This study aims to investigate how ESG rating disagreement affects corporate energy intensity and the role of managerial environmental attention in this relationship. Design/methodology/approach Using 18,335 firm-year observations from 4,124 Chinese listed firms between 2019 and 2023, this study uses panel regressions to test the proposed relationships. Findings The results reveal a U-shaped relationship between ESG rating disagreement and corporate energy intensity. Moderate disagreement reduces energy intensity by providing complementary sustainability information, whereas excessive disagreement increases energy intensity by generating signal ambiguity. Managerial environmental attention strengthens this U-shaped relationship. Originality/value These findings deepen our understanding of how information uncertainty shapes corporate sustainability outcomes and how managerial cognitive orientation moderates the consequences of rating inconsistency.