CSR Performance and Firm Value: Disentangling the Role of ESG Rating Providers
研究ESG数据提供方的方法变更如何影响公司价值对CSR评级的敏感度，发现受影响的公司价值敏感度更高，且低资本约束或低机构持股的公司驱动了这一效应。
Abstract We study the impact on firm valuation of a novel exogenous shock to environmental, social, and governance (ESG) data that affects how firms’ corporate social responsibility (CSR) gets measured by a third‐party ESG data provider. Our analysis reveals a significantly higher sensitivity of firm values to CSR ratings for firms whose CSR ratings were affected by the change in ESG reporting methodology. Moreover, firms with low capital constraints or low institutional ownership tend to drive the value sensitivity of CSR ratings when ESG reporting gets revamped. These findings provide insight into how ESG rating providers could influence and shape firms’ actual CSR engagement.