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<p>This study empirically examines the connection between ESG rating divergence and corporate R&amp;D investment, focusing on a sample of A-share listed companies in China from 2018 to 2023. The research reveals a nonlinear U-shaped relationship between ESG rating divergence and R&amp;D investment. Mediation analysis indicates that when divergence is low, financing constraints exert a dominant effect, leading to decreased R&amp;D investment. Conversely, at high levels of divergence, risk-taking behavior becomes predominant, resulting in increased R&amp;D investment. Further analysis shows that in the presence of significant financing constraints, firms allocate limited funds toward R&amp;D innovation by retaining more internal resources and reducing fixed assets investment. Heterogeneity analysis demonstrates that this U-shaped correlation is more evident among firms with stronger corporate governance. This study contributes to the existing literature by elucidating the economic effects of ESG rating divergence owing to its focus on investment and offers insights for companies aiming for sustainability.</p>

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ESG rating divergence and corporate R&D investment in China

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2026年3月25日

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  • Yao Wang,
  • Daosheng Xu,
  • Guangfan Sun

摘要

This study empirically examines the connection between ESG rating divergence and corporate R&D investment, focusing on a sample of A-share listed companies in China from 2018 to 2023. The research reveals a nonlinear U-shaped relationship between ESG rating divergence and R&D investment. Mediation analysis indicates that when divergence is low, financing constraints exert a dominant effect, leading to decreased R&D investment. Conversely, at high levels of divergence, risk-taking behavior becomes predominant, resulting in increased R&D investment. Further analysis shows that in the presence of significant financing constraints, firms allocate limited funds toward R&D innovation by retaining more internal resources and reducing fixed assets investment. Heterogeneity analysis demonstrates that this U-shaped correlation is more evident among firms with stronger corporate governance. This study contributes to the existing literature by elucidating the economic effects of ESG rating divergence owing to its focus on investment and offers insights for companies aiming for sustainability.