ESG rating divergence and corporate green innovation
研究ESG评级分歧如何影响企业绿色创新，发现评级分歧会促进企业绿色创新，尤其在独立董事资源优势和媒体关注度高的公司中更明显，且这种创新能起到保险作用，缓冲评级分歧带来的风险。
Abstract This study empirically examines whether and how ESG rating divergence affects corporate green innovation. Using a sample of Chinese listed companies, we find that ESG rating divergence has a positive impact on corporate green innovation. The results still hold after several robustness checks. Furthermore, we find that the positive impact of ESG rating divergence on green innovation is more pronounced in companies with higher resource advantages of independent directors and more media attention. We then discuss the economic consequences of corporate green innovation as a response to ESG rating divergence. The results suggest that this responsiveness generates an insurance‐like effect, where companies leverage green innovation as a buffer against risks related to ESG rating divergence. Overall, our study provides novel evidence that ESG rating divergence can stimulate corporate green innovation, which sheds light on the substantial impact of ESG ratings on corporate sustainability.