ESG评级分歧与管理层短视

ESG Rating Divergence and Management Myopia

ESG评级分歧在资本市场上开始受到越来越多的关注,然而该分歧不仅困扰着投资者决策,还会影响企业管理层的行为决策。以2015-2021年沪深A股上市公司为样本,检验了ESG评级分歧对管理层短视的影响及作用机制。研究结果发现,ESG评级分歧会显著加剧管理层短视行为,且增加代理成本、提高投资者情绪不稳定性和管理层声誉风险是产生该加剧效应的重要传导路径。异质性检验发现,在重污染行业、内部控制质量差以及融资约束程度高的情境下,ESG评级分歧对管理层短视的加剧效应更显著。对企业价值的作用效果分析发现,ESG评级分歧对管理层短视的负向影响会降低企业长期价值,但随着时间推移,该负向影响会减弱。本研究结论为规范ESG评级标准体系提供了经验证据,同时也丰富了管理层短视驱动因素的相关文献。

ESG rating divergence has begun to receive more and more attention in the capital market.However,the divergence not only plagues investors'decision-making but also affects the behavioral decisions of corporate management.Using a sample of A-share listed companies in Shanghai and Shenzhen from 2015 to 2021,we have examined the impact and mechanism of ESG rating divergence on management myopia.We found that excessive ESG rating divergence significantly exacerbates management myopia.Increasing agency costs,raising investor sentiment instability,and managing reputational risk are important transmission paths for this exacerbation effect.The heterogeneity test shows that the exacerbation effect of ESG rating disagreement on management myopia is more significant in the context of heavy pollution industry,poor internal control quality,and a high degree of financing constraints.The analysis of the effects on firm value shows that the negative impact of ESG rating divergence on management's short-sighted reduces the current long-term value of firms,but this negative effect diminishes over time.Our findings provide empirical evidence for standardizing the ESG rating criteria system and enrich the literature on the drivers of management myopia.