ESG評比差異與資訊不完全

Abstract

近年來公司的ESG評分逐漸被納入投資策略的考量當中，然而市場中存在著多家ESG評比機構，同一間公司對不同評比機構的資訊揭露程度可能有所差異，因此也會導致評比結果的不同，本研究主要探討資訊不確定性和資訊不透明與不同ESG評比機構對同一公司產生評分差異的關係。本研究蒐集2014年至2018年美國公司的年資料，使用panel資料進行迴歸分析。實證結果發現，資訊不確定性之代理變數中的公司年齡與資訊不透明之代理變數的分析師預估精確度皆與ESG評比差異呈負向關係。

In recent years, ESG rating has gradually been included in the consideration of investment strategies. However, there are multiple ESG rating agencies. Companies may disclose different information to different rating agencies and lead to the difference of ESG rating outcome. This study investigates the effects of information uncertainty and information opacity on ESG rating difference. The thesis empirical results based upon 2014-2018 US public companies’ data show that firm age (proxy of information uncertainty) and forecast accuracy (proxy of information opacity) have significant negative effects on the ESG rating difference. This negative relationship is robust after adding controlling variables.