The lack of convergence between rating agencies in the assessment of environmental, social, and governance (ESG) aspects of companies leads to the so‐called ESG rating disagreement. Although this phenomenon causes confusion and uncertainty among investors, it is still little investigated. Previous research has only focused on some determinants of the disagreement, mainly related to nonfinancial disclosure and corporate aspects, while broader determinants remain unexplored. This study aims to fill this gap by analysing the effects of market value, industry sensitivity, and institutional context on disagreement between two different rating providers. To achieve this goal, a cross‐sectional analysis was conducted for 1809 companies from the S&P 1200 Global Index. The results show that companies with a better market rating, belonging to critical sectors and located in countries with a better institutional environment, have a lower level of ESG disagreement.

中文翻译：

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市场和制度因素对ESG评级分歧的影响

评级机构之间在企业环境、社会和治理（ESG）方面的评估缺乏一致性，导致了所谓的 ESG 评级分歧。尽管这种现象给投资者带来了困惑和不确定性，但对其进行的调查仍然很少。先前的研究仅关注分歧的一些决定因素，主要与非财务披露和公司方面有关，而更广泛的决定因素尚未探索。本研究旨在通过分析市场价值、行业敏感性和制度背景对两个不同评级提供商之间分歧的影响来填补这一空白。为了实现这一目标，我们对 S&P 1200 全球指数中的 1809 家公司进行了横断面分析。结果显示，市场评级较高、属于关键行业且位于制度环境较好国家的公司，ESG 分歧程度较低。