公司治理
会计
波动性(金融)
业务
信用评级
企业社会责任
经济
精算学
计量经济学
财务
政治学
公共关系
作者
Dane M. Christensen,George Serafeim,Anywhere Sikochi
出处
期刊:The Accounting Review
[American Accounting Association]
日期:2021-04-08
卷期号:97 (1): 147-175
被引量:620
标识
DOI:10.2308/tar-2019-0506
摘要
ABSTRACT Despite the rising use of environmental, social, and governance (ESG) ratings, there is substantial disagreement across rating agencies regarding what rating to give to individual firms. As what drives this disagreement is unclear, we examine whether a firm's ESG disclosure helps explain some of this disagreement. We predict and find that greater ESG disclosure actually leads to greater ESG rating disagreement. These findings hold using firm fixed effects and using a difference-in-differences design with mandatory ESG disclosure shocks. We also find that raters disagree more about ESG outcome metrics than input metrics (policies), and that disclosure appears to amplify disagreement more for outcomes. Last, we examine consequences of ESG disagreement and find that greater ESG disagreement is associated with higher return volatility, larger absolute price movements, and a lower likelihood of issuing external financing. Overall, our findings highlight that ESG disclosure generally exacerbates ESG rating disagreement rather than resolves it. Data Availability: The data used in this study are publicly available from the sources cited in the text. JEL Classifications: G24; M14; M41; Q56.
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