据JAR官网显示，来自香港城市大学的李烜博、新加坡管理大学的LOU, Yun和张连栋，合作的论文“Do Commercial Ties Influence ESG Ratings? Evidence from Moody's and S&P”在国际管理学顶刊《Journal of Accounting Research》线上正式发表。
Title: Do Commercial Ties Influence ESG Ratings? Evidence from Moody's and S&P
商业关系是否影响ESG评级？来自穆迪和标准普尔的证据
李烜博
香港城市大学
LOU, Yun
新加坡管理大学
张连栋
新加坡管理大学
We provide the first evidence that conflicts of interest arising from commercial ties lead to bias in environmental, social, and governance (ESG) ratings. Using the acquisitions of Vigeo Eiris and RobecoSAM by Moody's and S&P as shocks to the commercial ties between ESG rating agencies and their rated firms, we show that, after their acquisitions by the credit rating agencies (CRAs), ESG rating agencies issue higher ratings to existing paying clients of the CRAs. This effect is greater for firms that have more intensive business relationships with the CRAs, but weaker for firms with more transparent ESG disclosures or higher long-term institutional ownership. The upwardly biased ESG ratings help client firms issue more green bonds and enable the CRAs to maintain credit rating business. Finally, the upwardly biased ESG ratings are less informative of future ESG news. Overall, the business incentives of rating providers appear to engender ESG rating bias.
我们提供了首个证据，表明由于商业关系产生的利益冲突导致环境、社会和治理（ESG）评级存在偏见。利用穆迪和标准普尔收购Vigeo Eiris和RobecoSAM作为ESG评级机构与其评级公司之间商业关系冲击，我们展示了在信用评级机构（CRAs）收购后，ESG评级机构向CRAs现有的付费客户提供更高的评级。对于那些与CRAs有更密集业务关系的公司的影响更大，但对于具有更透明ESG披露或更高长期机构所有权的公司的影响则较弱。向上偏差的ESG评级帮助客户公司发行更多的绿色债券，并使CRAs能够维持信用评级业务。最后，向上偏差的ESG评级对未来ESG新闻的指示性较差。总体而言，评级提供者的商业动机似乎导致了ESG评级偏见。
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