Corporate Management of Environmental, Social, and Governance Ratings and Rating Divergence
通过对13家德国上市公司的多案例研究，识别出四种ESG评级管理类型，并探讨企业如何应对评级分歧，对投资者、政策制定者和企业管理者有参考价值。
ABSTRACT As environmental, social, and governance (ESG) ratings increasingly influence investment and corporate decision‐making, companies face growing pressure to manage their ESG performance strategically. This study examines how firms navigate the fragmented ESG rating landscape marked by significant agency divergence. Based on a multiple‐case study of 13 listed German companies, the study identifies four ESG rating management archetypes: Passive Receivers, Selective Engagers, Responsive Optimizers, and Proactive Navigators. Companies with higher ESG performance adopt more proactive approaches, marked by internal integration and external engagement. The study highlights key challenges, including information blind spots, transparency gaps, and limited agency responsiveness. It contributes to institutional theory by incorporating internal drivers of corporate ESG responses, develops a framework for ESG rating management, and advances the ESG rating literature by examining corporate strategies for addressing rating divergence. The study informs policymakers on the need for greater transparency and helps companies benchmark effective ESG management practices.