ESG Rating Divergence and Corporate Green Innovation: Review and Prospects

Abstract

Against the backdrop of the accelerating global green and low-carbon transition, ESG ratings have emerged as a pivotal tool for assessing corporate sustainability performance. However, the considerable divergence in ESG evaluations across rating agencies introduces uncertainty into ESG investment markets, disrupts stakeholder judgment and decision-making, and subsequently influences corporate resource allocation and strategic choices, ultimately shaping corporate green innovation. Adopting a literature review perspective, this paper systematically synthesizes the concept and economic consequences of ESG rating divergence, summarizes the connotation and determinants of corporate green innovation, and summarizes the heterogeneous findings regarding their relationship. On this basis, this paper identifies the limitations of existing research and outlines future directions, with the aim of providing useful references for subsequent studies.