Empirical data on ESG Rating Divergence and Institutional Ownership: The Masking Role of Greenwashing and the Mitigating Role of Digitalization

With the increasing prominence of sustainable investment globally, ESG ratings have evolved into a critical information reference for institutional investors. Nevertheless, significant discrepancies exist in ESG ratings across different rating agencies, triggering widespread concerns over information consistency as well as its potential impacts on capital market activities. Based on a sample of Chinese A-share listed firms, this paper systematically investigates the influence of ESG rating divergence on institutional ownership, along with its underlying mechanisms and moderating factors. Relevant research data for this study are publicly available in the 4TU database.