Name
When ESG Ratings Disagree: Evidence from Corporate CSR Disclosure Responses
Date & Time
Sunday, July 5, 2026
Description
This study examines how ESG rating disagreement influences corporate social responsibility (CSR) disclosure practices among Chinese listed firms. Using panel data from A-share listed companies over the period 2009–2022 and ESG ratings from multiple major providers, we document a robust positive association between ESG rating disagreement and both the extent and quality of CSR disclosure. Further analyses reveal that firms primarily respond to ESG rating disagreement by increasing the likelihood and visibility of CSR disclosure—such as releasing CSR information and issuing standalone reports—rather than by adopting credibility-enhancing mechanisms, including standardized reporting frameworks or external assurance. These findings suggest that CSR disclosure serves as a strategic response to ESG-related information uncertainty rather than a direct reflection of substantive improvements in sustainability practices. Cross-sectional analyses further show that the CSR disclosure response to ESG rating disagreement is more pronounced among financially healthy firms, firms with greater analyst attention, and firms subject to weaker external monitoring. Overall, our findings highlight that firms are not passive recipients of ESG ratings but actively adjust their disclosure strategies in response to rating disagreement. This study contributes to the literature on ESG ratings and CSR disclosure by demonstrating how rating inconsistency shapes corporate disclosure behavior and by offering insights into the informational consequences of ESG rating disagreements.
Minyi Zhang
Keywords
ESG rating disagreement; CSR disclosure; Information uncertainty; Information asymmetry; Corporate transparency; Stakeholder communication
Theme
CSR
Author 1
Minyi Zhang
Author 2
Mingxuan Li
Author 3
Wei Cai
Author 4
Yanqi Sun