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<p>Enterprises are a key driving force behind high-quality economic development. During financial crises and the coronavirus disease 2019 pandemic, widespread bankruptcies made resilience a key focus of academic research. Environmental, Social, and Governance (ESG) initiatives offer a potential solution to these challenges. However, variations among ESG rating agencies make relying on a single agency's ratings insufficient. This study examines the impact of ESG rating divergence on enterprise resilience. We employ a fixed-effects model to analyze rating data from four major ESG rating agencies. Our findings reveal that ESG rating divergence undermines enterprise resilience by increasing market noise and corporate risks. However, this negative impact diminishes as the innovation capacity of an enterprise strengthens. Our study confirms that ESG rating divergence is a critical factor influencing enterprise resilience, offering a novel perspective on the interplay between ESG rating divergence and enterprise resilience.</p>

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Impact of ESG rating divergence on corporate resilience: insights from China’s A-share market

  • 期刊论文

  • 发表日期：

    2025年10月13日

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  • Yuanjie Xue,
  • Chao Zhang,
  • Grzegorz Mentel,
  • Kamel Si Mohammed,
  • Joanna Rosak-Szyrocka,
  • Xin Zhao

摘要

Enterprises are a key driving force behind high-quality economic development. During financial crises and the coronavirus disease 2019 pandemic, widespread bankruptcies made resilience a key focus of academic research. Environmental, Social, and Governance (ESG) initiatives offer a potential solution to these challenges. However, variations among ESG rating agencies make relying on a single agency's ratings insufficient. This study examines the impact of ESG rating divergence on enterprise resilience. We employ a fixed-effects model to analyze rating data from four major ESG rating agencies. Our findings reveal that ESG rating divergence undermines enterprise resilience by increasing market noise and corporate risks. However, this negative impact diminishes as the innovation capacity of an enterprise strengthens. Our study confirms that ESG rating divergence is a critical factor influencing enterprise resilience, offering a novel perspective on the interplay between ESG rating divergence and enterprise resilience.