Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/340532 
Year of Publication: 
2024
Citation: 
[Journal:] Borsa İstanbul Review [ISSN:] 2214-8469 [Volume:] 24 [Issue:] 6 [Year:] 2024 [Pages:] 1166-1178
Publisher: 
Elsevier, Amsterdam
Abstract: 
Using panel data on China's A-share listed enterprises from 2015 to 2022, this study applies a fixed effects model of the year, industry, and region to empirically test the impact of ESG ratings and ESG rating uncertainty on institutional investment. The results of this study find that: (1) ESG ratings significantly and positively affect institutional investment, but the existence of ESG rating uncertainty significantly and negatively affects institutional investment. Meanwhile, ESG rating uncertainty weakens the influence of ESG ratings on institutional investment. (2) Institutional investors are more sensitive to the ESG rating uncertainty of enterprises that are government-related (state-owned and politic connected), executive-right-expanded, loss-making, non-heavy-polluting, non-high-tech, and in the eastern region. Meanwhile, passive institutional investors are more sensitive to the ESG rating uncertainty. (3) The number of institutional investors, government subsidies, and securities market performance are the channels through which ESG rating uncertainty affects institutional investment.
Subjects: 
ESG rating uncertainty
ESG ratings
Institutional investment
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article
Appears in Collections:

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.