{"id":"https://openalex.org/W4408284271","doi":"https://doi.org/10.1016/j.jimonfin.2025.103322","title":"Is disagreement beneficial for market efficiency? Evidence from ESG ratings","display_name":"Is disagreement beneficial for market efficiency? Evidence from ESG ratings","publication_year":2025,"publication_date":"2025-03-10","ids":{"openalex":"https://openalex.org/W4408284271","doi":"https://doi.org/10.1016/j.jimonfin.2025.103322"},"language":"en","primary_location":{"id":"doi:10.1016/j.jimonfin.2025.103322","doi":"https://doi.org/10.1016/j.jimonfin.2025.103322","is_oa":false,"landing_page_url":"https://doi.org/10.1016/j.jimonfin.2025.103322","pdf_url":null,"source":{"id":"https://openalex.org/S10747938","display_name":"Journal of International Money and Finance","issn_l":"0261-5606","issn":["0261-5606","1873-0639"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of International Money and Finance","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5027603213","display_name":"Libo Yin","orcid":"https://orcid.org/0000-0003-0193-6735","observed_orcids":["https://orcid.org/0000-0003-0193-6735"]},"institutions":[{"id":"https://openalex.org/I137867983","display_name":"Central University of Finance and Economics","ror":"https://ror.org/008e3hf02","country_code":"CN","type":"education","lineage":["https://openalex.org/I137867983"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Libo Yin","raw_affiliation_strings":["School of Finance, Central University of Finance and Economics, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Finance, Central University of Finance and Economics, China","institution_ids":["https://openalex.org/I137867983"]}]},{"author_position":"middle","author":{"id":null,"display_name":"Xiaoye Zhu","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I137867983","display_name":"Central University of Finance and Economics","ror":"https://ror.org/008e3hf02","country_code":"CN","type":"education","lineage":["https://openalex.org/I137867983"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Xiaoye Zhu","raw_affiliation_strings":["School of Finance, Central University of Finance and Economics, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Finance, Central University of Finance and Economics, China","institution_ids":["https://openalex.org/I137867983"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5114444382","display_name":"Zhi Su","orcid":"https://orcid.org/0000-0001-5278-1126","observed_orcids":["https://orcid.org/0000-0001-5278-1126","https://orcid.org/0009-0002-2758-6016"]},"institutions":[{"id":"https://openalex.org/I137867983","display_name":"Central University of Finance and Economics","ror":"https://ror.org/008e3hf02","country_code":"CN","type":"education","lineage":["https://openalex.org/I137867983"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Zhi Su","raw_affiliation_strings":["School of Statistics and Mathematics, Central University of Finance and Economics, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Statistics and Mathematics, Central University of Finance and Economics, China","institution_ids":["https://openalex.org/I137867983"]}]},{"author_position":"last","author":{"id":null,"display_name":"Hongliang Guo","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I137867983","display_name":"Central University of Finance and Economics","ror":"https://ror.org/008e3hf02","country_code":"CN","type":"education","lineage":["https://openalex.org/I137867983"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Hongliang Guo","raw_affiliation_strings":["School of Economics, Central University of Finance and Economics, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Economics, Central University of Finance and Economics, China","institution_ids":["https://openalex.org/I137867983"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I137867983"],"apc_list":{"value":3130,"currency":"USD","value_usd":3130},"apc_paid":null,"fwci":17.3694,"has_fulltext":false,"cited_by_count":19,"citation_normalized_percentile":{"value":0.9929672,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":99,"max":100},"biblio":{"volume":"154","issue":null,"first_page":"103322","last_page":"103322"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.6021000146865845,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.6021000146865845,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10115","display_name":"Corporate Social Responsibility Reporting","score":0.3467000126838684,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13146","display_name":"Sustainable Finance and Green Bonds","score":0.018200000748038292,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/esg-ratings","display_name":"ESG ratings","score":0.8769999742507935},{"id":"https://openalex.org/keywords/rating-disagreement","display_name":"rating disagreement","score":0.9729999899864197},{"id":"https://openalex.org/keywords/market-efficiency","display_name":"market efficiency","score":0.7910000085830688},{"id":"https://openalex.org/keywords/esg-rating-agencies","display_name":"ESG rating agencies","score":0.8569999933242798},{"id":"https://openalex.org/keywords/investor-learning","display_name":"investor learning","score":0.703000009059906},{"id":"https://openalex.org/keywords/market-sentiment","display_name":"market sentiment","score":0.8270000219345093},{"id":"https://openalex.org/keywords/market-liquidity","display_name":"market liquidity","score":0.515999972820282},{"id":"https://openalex.org/keywords/institutional-ownership","display_name":"institutional ownership","score":0.8769999742507935},{"id":"https://openalex.org/keywords/value-orientations","display_name":"value orientations","score":0.5180000066757202},{"id":"https://openalex.org/keywords/market-capitalization","display_name":"market capitalization","score":0.6140000224113464}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.767688512802124},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.4397059977054596},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.42606669664382935},{"id":"https://openalex.org/C2985330422","wikidata":"https://www.wikidata.org/wiki/Q724931","display_name":"Market efficiency","level":2,"score":0.4244033694267273},{"id":"https://openalex.org/C29368100","wikidata":"https://www.wikidata.org/wiki/Q724931","display_name":"Efficient-market hypothesis","level":4,"score":0.41494306921958923},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.35637491941452026},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.10739043354988098},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1016/j.jimonfin.2025.103322","doi":"https://doi.org/10.1016/j.jimonfin.2025.103322","is_oa":false,"landing_page_url":"https://doi.org/10.1016/j.jimonfin.2025.103322","pdf_url":null,"source":{"id":"https://openalex.org/S10747938","display_name":"Journal of International Money and Finance","issn_l":"0261-5606","issn":["0261-5606","1873-0639"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of International Money and Finance","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:eee:jimfin:v:154:y:2025:i:c:s0261560625000579","doi":null,"is_oa":false,"landing_page_url":"http://www.sciencedirect.com/science/article/pii/S0261560625000579","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[{"id":"https://openalex.org/G4160316084","display_name":null,"funder_award_id":"72173145","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"},{"id":"https://openalex.org/G4231739950","display_name":null,"funder_award_id":"72134002","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"},{"id":"https://openalex.org/G6542310906","display_name":null,"funder_award_id":"72471255","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"}],"funders":[{"id":"https://openalex.org/F4320321001","display_name":"National Natural Science Foundation of China","ror":"https://ror.org/01h0zpd94"}],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":84,"referenced_works":["https://openalex.org/W645628221","https://openalex.org/W1552091276","https://openalex.org/W1887592854","https://openalex.org/W1903910408","https://openalex.org/W1963569934","https://openalex.org/W1981992805","https://openalex.org/W1987483370","https://openalex.org/W1989934749","https://openalex.org/W2093927160","https://openalex.org/W2117178635","https://openalex.org/W2121606993","https://openalex.org/W2128965010","https://openalex.org/W2147503382","https://openalex.org/W2160275010","https://openalex.org/W2223042430","https://openalex.org/W2264225654","https://openalex.org/W2344485292","https://openalex.org/W2569625516","https://openalex.org/W2593745552","https://openalex.org/W2768539408","https://openalex.org/W2771872690","https://openalex.org/W2801618582","https://openalex.org/W2905488820","https://openalex.org/W2953899168","https://openalex.org/W2965188273","https://openalex.org/W2996233037","https://openalex.org/W3024593310","https://openalex.org/W3034736365","https://openalex.org/W3039692860","https://openalex.org/W3046042161","https://openalex.org/W3112638093","https://openalex.org/W3112672530","https://openalex.org/W3121285187","https://openalex.org/W3121291920","https://openalex.org/W3121401171","https://openalex.org/W3121465167","https://openalex.org/W3121467893","https://openalex.org/W3121501217","https://openalex.org/W3121521941","https://openalex.org/W3121538680","https://openalex.org/W3121973777","https://openalex.org/W3122754067","https://openalex.org/W3122776771","https://openalex.org/W3123342491","https://openalex.org/W3123432083","https://openalex.org/W3123445550","https://openalex.org/W3123503769","https://openalex.org/W3123671626","https://openalex.org/W3123785662","https://openalex.org/W3123933194","https://openalex.org/W3125162669","https://openalex.org/W3125586325","https://openalex.org/W3125820675","https://openalex.org/W3125969230","https://openalex.org/W3126072575","https://openalex.org/W3128873853","https://openalex.org/W3145334709","https://openalex.org/W3153219724","https://openalex.org/W3187707156","https://openalex.org/W3191232909","https://openalex.org/W3192745069","https://openalex.org/W3197113812","https://openalex.org/W3199715721","https://openalex.org/W3217258377","https://openalex.org/W4221117462","https://openalex.org/W4229081648","https://openalex.org/W4240244460","https://openalex.org/W4281296357","https://openalex.org/W4284881197","https://openalex.org/W4284889969","https://openalex.org/W4307816284","https://openalex.org/W4312084470","https://openalex.org/W4313228835","https://openalex.org/W4320012108","https://openalex.org/W4384501611","https://openalex.org/W4385633481","https://openalex.org/W4386865678","https://openalex.org/W4389010003","https://openalex.org/W4390226981","https://openalex.org/W4391099477","https://openalex.org/W4391568904","https://openalex.org/W4393346209","https://openalex.org/W4394824453","https://openalex.org/W6789552769"],"related_works":["https://openalex.org/W7171722562","https://openalex.org/W7223153410","https://openalex.org/W4413882236","https://openalex.org/W7164862758","https://openalex.org/W4388198194","https://openalex.org/W4400263643","https://openalex.org/W4410055594","https://openalex.org/W4412063364","https://openalex.org/W4413024591","https://openalex.org/W7211898357"],"abstract_inverted_index":null,"counts_by_year":[{"year":2026,"cited_by_count":12},{"year":2025,"cited_by_count":7}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2025-03-11T00:00:00"}