ESG rating disagreement and corporate Total Factor Productivity: Inference and prediction

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2025-03-08 DOI:10.1016/j.frl.2025.107127

Zhanli Li, Zichao Yang

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引用次数: 0

Abstract

This paper examines how ESG rating disagreement (

D i s

) affects corporate total factor productivity (TFP) in China based on data of A-share listed companies from 2015 to 2022. We find that

D i s

reduces TFP, especially in state-owned, non-capital-intensive, low-pollution and high-tech firms, green innovation strengthens the dampening effect of

D i s

on TFP, and that

D i s

lowers corporate TFP by increasing financing constraints and weakening human capital. Furthermore, XGBoost regression demonstrates that

D i s

plays a significant role in predicting TFP, with SHAP showing that the dampening effect of ESG rating disagreement on TFP is still pronounced in firms with large

D i s

values.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance