References
[1]. Pollman, Elizabeth. (2024). The making and meaning of egg. Harvard Business Law Review, 14(2), 403-454.
[2]. Xu, T., Shi, H., Shi, Y., & You, J. (2023). From data to data asset: conceptual evolution and strategic imperatives in the digital economy era. Asia Pacific Journal of Innovation and Entrepreneurship, 18(1), 2-20.
[3]. Hu, C., Li, Y., & Zheng, X. (2022). Data assets, information uses, and operational efficiency. Applied Economics, 54(60), 6887-6900.
[4]. Gao, X., Liu, J., & Lu, H. (2025). Accounting for Data Assets. Available at SSRN 5164215.
[5]. Sun, X., & Du, Z. (2024). Enhancing capital market efficiency: The role of data assets disclosure in reducing stock price synchronicity. International Review of Economics & Finance, 94, 103351. ; Finance, 94, 103351.
[6]. Zhao, Y., Tu, Z., & Chen, S. (2024). A Study of the Impact of Data Assets on the Investment Efficiency of Firms. Advances in Economics, Management and Political Sciences, 104, 243-258.
[7]. Qian, K., Pan, C., & Liang, X. (2025). Does data asset disclosure affect bank lending acquisition? International Review of Financial Analysis, 97, 103834.
[8]. Eccles, R. G., & Serafeim, G. (2013). The performance frontier. Harvard business review, 91(5), 50-60.
[9]. Berg, F., Kölbel, J. F., & Rigobon, R. (2022). Aggregate confusion: the divergence of ESG ratings. Review of Finance, 26(6), 1315-1344
[10]. Lyon, T. P., & Montgomery, A. W. (2015). The means and end of greenwash. organization & environment, 28(2), 223-249.
[11]. Ilhan, E., Sautner, Z., & Vilkov, G. (2021). Carbon tail risk. the Review of Financial Studies, 34(3), 1540-1571.
[12]. Zhou, J., Lei, X., & Yu, J. (2024). ESG rating divergence and corporate green innovation. Business Strategy and the Environment, 33(4), 2911-2930.
[13]. Mao, Z., Wang, S., & Lin, Y. E. (2024). ESG, ESG rating divergence and earnings management: Evidence from China. Corporate Social Responsibility and Environmental Management, 31(4), 3328- 3347.
[14]. Liao, Y., & Wu, Y. (2024). An analysis of the influence of ESG rating divergence on investor sentiment. International Journal of Global Economics and Management, 3(1), 162-177.
[15]. Gibson, R., Glossner, S., Krueger, P., Matos, P., & Steffen, T. (2020). Responsible institutional investing around the world (No. 20-13). Swiss Finance Institute.
[16]. Christensen, D. M., Serafeim, G., & Sikochi, A. (2022). Why is corporate virtue in the eye of the beholder? The case of ESG ratings. The Accounting Review, 97(1), 147-175.
[17]. Arayssi, M., Jizi, M., & Tabaja, H. H. (2020). The impact of board composition on the level of ESG disclosures in GCC countries. Sustainability Accounting, Management and Policy Journal, 11(1), 137- 161.
[18]. Akerlof, G. A. (1978). The market for "lemons": quality uncertainty and the market mechanism. in Uncertainty in economics (pp. 235-251). Academic Press.
[19]. Christensen, H. B., Hail, L., & Leuz, C. (2022). Mandatory CSR and sustainability reporting: economic analysis and literature review. Review of Accounting Studies, 27(3), 1176-1248.
[20]. Chatterji, A. K., Durand, R., Levine, D. I., & Touboul, S. (2016). Do ratings of firms converge? Implications for managers, investors, and strategy researchers. strategic management journal, 37(8), 1597-1614.
[21]. Flammer, C. (2021). Corporate green bonds. Journal of financial economics, 142(2), 499-516.
[22]. Spence, M. (1978). Job market signaling. in Uncertainty in economics (pp. 281-306). Academic Press.
[23]. Ben-Amar, W., & Belgacem, I. (2018). Do socially responsible firms provide more readable disclosures in annual reports? Corporate Social Responsibility and Environmental Management, 25(5), 1009-1018.
[24]. Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature. journal of accounting and economics, 31(1-3), 405-440.
[25]. Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility? The accounting review, 87(3), 761-796.
[26]. Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary non-financial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. the accounting review The accounting review , 86(1), 59-100.
[27]. Bonsall IV, S. B., Leone, A. J., Miller, B. P., & Rennekamp, K. (2017). A plain English measure of financial reporting readability. Journal of Accounting and Economics, 63(2-3), 329-357.
[28]. Dechow, P., Ge, W., & Schrand, C. (2010). Understanding earnings quality: a review of the proxies, their determinants and their consequences. Journal of accounting and economics, 50(2-3), 344 -401.
[29]. Eppler, M. J., & Mengis, J. (2008). The Concept of Information Overload-A Review of Literature from Organization Science, Accounting, Marketing, MIS, and Related Disciplines (2004) The Information Society: An International Journal, 20 (5), 2004, pp. 1-20. Kommunikationsmanagement im Wandel: Beiträge aus 10 Jahren= Kommunikationsmanagement im Wandel: Beiträge aus 10 Jahren= mcminstitute, 271-305.
[30]. Freeman, R. E. (2010). Strategic management: a stakeholder approach. Cambridge University Press.
[31]. Freeman, R. E. (2010). Strategic management: a stakeholder approach. Cambridge University Press.
[32]. Wang, H., Jiao, S., Ge, C., & Sun, G. (2024). Corporate ESG rating divergence and excess stock returns. Energy Economics, 129, 107276.
[33]. Davis, E. P., & Steil, B. (2004). Institutional investors. mit press.
Cite this article
Li,Z. (2025). Data Asset Disclosure and ESG Rating Divergence. Advances in Economics, Management and Political Sciences,185,7-23.
Data availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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References
[1]. Pollman, Elizabeth. (2024). The making and meaning of egg. Harvard Business Law Review, 14(2), 403-454.
[2]. Xu, T., Shi, H., Shi, Y., & You, J. (2023). From data to data asset: conceptual evolution and strategic imperatives in the digital economy era. Asia Pacific Journal of Innovation and Entrepreneurship, 18(1), 2-20.
[3]. Hu, C., Li, Y., & Zheng, X. (2022). Data assets, information uses, and operational efficiency. Applied Economics, 54(60), 6887-6900.
[4]. Gao, X., Liu, J., & Lu, H. (2025). Accounting for Data Assets. Available at SSRN 5164215.
[5]. Sun, X., & Du, Z. (2024). Enhancing capital market efficiency: The role of data assets disclosure in reducing stock price synchronicity. International Review of Economics & Finance, 94, 103351. ; Finance, 94, 103351.
[6]. Zhao, Y., Tu, Z., & Chen, S. (2024). A Study of the Impact of Data Assets on the Investment Efficiency of Firms. Advances in Economics, Management and Political Sciences, 104, 243-258.
[7]. Qian, K., Pan, C., & Liang, X. (2025). Does data asset disclosure affect bank lending acquisition? International Review of Financial Analysis, 97, 103834.
[8]. Eccles, R. G., & Serafeim, G. (2013). The performance frontier. Harvard business review, 91(5), 50-60.
[9]. Berg, F., Kölbel, J. F., & Rigobon, R. (2022). Aggregate confusion: the divergence of ESG ratings. Review of Finance, 26(6), 1315-1344
[10]. Lyon, T. P., & Montgomery, A. W. (2015). The means and end of greenwash. organization & environment, 28(2), 223-249.
[11]. Ilhan, E., Sautner, Z., & Vilkov, G. (2021). Carbon tail risk. the Review of Financial Studies, 34(3), 1540-1571.
[12]. Zhou, J., Lei, X., & Yu, J. (2024). ESG rating divergence and corporate green innovation. Business Strategy and the Environment, 33(4), 2911-2930.
[13]. Mao, Z., Wang, S., & Lin, Y. E. (2024). ESG, ESG rating divergence and earnings management: Evidence from China. Corporate Social Responsibility and Environmental Management, 31(4), 3328- 3347.
[14]. Liao, Y., & Wu, Y. (2024). An analysis of the influence of ESG rating divergence on investor sentiment. International Journal of Global Economics and Management, 3(1), 162-177.
[15]. Gibson, R., Glossner, S., Krueger, P., Matos, P., & Steffen, T. (2020). Responsible institutional investing around the world (No. 20-13). Swiss Finance Institute.
[16]. Christensen, D. M., Serafeim, G., & Sikochi, A. (2022). Why is corporate virtue in the eye of the beholder? The case of ESG ratings. The Accounting Review, 97(1), 147-175.
[17]. Arayssi, M., Jizi, M., & Tabaja, H. H. (2020). The impact of board composition on the level of ESG disclosures in GCC countries. Sustainability Accounting, Management and Policy Journal, 11(1), 137- 161.
[18]. Akerlof, G. A. (1978). The market for "lemons": quality uncertainty and the market mechanism. in Uncertainty in economics (pp. 235-251). Academic Press.
[19]. Christensen, H. B., Hail, L., & Leuz, C. (2022). Mandatory CSR and sustainability reporting: economic analysis and literature review. Review of Accounting Studies, 27(3), 1176-1248.
[20]. Chatterji, A. K., Durand, R., Levine, D. I., & Touboul, S. (2016). Do ratings of firms converge? Implications for managers, investors, and strategy researchers. strategic management journal, 37(8), 1597-1614.
[21]. Flammer, C. (2021). Corporate green bonds. Journal of financial economics, 142(2), 499-516.
[22]. Spence, M. (1978). Job market signaling. in Uncertainty in economics (pp. 281-306). Academic Press.
[23]. Ben-Amar, W., & Belgacem, I. (2018). Do socially responsible firms provide more readable disclosures in annual reports? Corporate Social Responsibility and Environmental Management, 25(5), 1009-1018.
[24]. Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature. journal of accounting and economics, 31(1-3), 405-440.
[25]. Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility? The accounting review, 87(3), 761-796.
[26]. Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary non-financial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. the accounting review The accounting review , 86(1), 59-100.
[27]. Bonsall IV, S. B., Leone, A. J., Miller, B. P., & Rennekamp, K. (2017). A plain English measure of financial reporting readability. Journal of Accounting and Economics, 63(2-3), 329-357.
[28]. Dechow, P., Ge, W., & Schrand, C. (2010). Understanding earnings quality: a review of the proxies, their determinants and their consequences. Journal of accounting and economics, 50(2-3), 344 -401.
[29]. Eppler, M. J., & Mengis, J. (2008). The Concept of Information Overload-A Review of Literature from Organization Science, Accounting, Marketing, MIS, and Related Disciplines (2004) The Information Society: An International Journal, 20 (5), 2004, pp. 1-20. Kommunikationsmanagement im Wandel: Beiträge aus 10 Jahren= Kommunikationsmanagement im Wandel: Beiträge aus 10 Jahren= mcminstitute, 271-305.
[30]. Freeman, R. E. (2010). Strategic management: a stakeholder approach. Cambridge University Press.
[31]. Freeman, R. E. (2010). Strategic management: a stakeholder approach. Cambridge University Press.
[32]. Wang, H., Jiao, S., Ge, C., & Sun, G. (2024). Corporate ESG rating divergence and excess stock returns. Energy Economics, 129, 107276.
[33]. Davis, E. P., & Steil, B. (2004). Institutional investors. mit press.