Analyst Attention and Corporate ESG Score: The Mediating Role of Voluntary ESG Information Disclosure
Xiaosong Zheng, Heng Wang, Kristina Kundeliene
Keywords:
analyst attention, mediating, voluntary ESG information disclosure, sustainability, competitiveness
Abstract:
The corporate ESG score is often considered a proxy for competitiveness as it helps attract capital and investors. The study aims to empirically examine the relationship between analyst attention and corporate ESG score by using voluntary ESG information disclosure as a mediating variable. Although many studies have examined various factors that impact ESG scores, the role of voluntary ESG information disclosure has mainly been ignored. This study develops a voluntary ESG information disclosure index with 3 first-level and 37 second-level indicators based on the current ESG information disclosure regulations and ESG rating system in China. Panel data on China Securities Index (CSI 300) non-financial firms from 2015-2019 were used in two-way fixed-effects regressions (industry and year). CSI 300 is the barometer of the stock market, comprising 300 constituent stocks across various sectors with substantial market capitalisation and high liquidity from the Shanghai and Shenzhen stock exchanges. Mediation analysis was conducted using the Baron & Kenny (1986) three-step approach, followed by heterogeneity tests by splitting firms into four groups based on media coverage. The results show a significant positive relationship between voluntary ESG information disclosure and ESG score. Analysts' attention partially mediates the relationship: voluntary ESG information disclosure enhances ESG scores by about 35% through greater analyst attention. Further heterogeneity tests reveal that the amount of media coverage does not affect the positive relationship. However, the mediating effect of analyst attention is only significant among firms that receive "substantial" media coverage. The results have important implications for relevant government policy-makers, ESG rating agencies, firms, investors, and many others.
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 Analyst Attention and Corporate ESG Score: The Mediating Role of Voluntary ESG Information Disclosure [PDF file] [Filesize: 529.3 KB]
 10.7441/joc.2026.01.11
Zheng, X., Wang, H., and Kundeliene, K. (2026). Analyst Attention and Corporate ESG Score: The Mediating Role of Voluntary ESG Information Disclosure. Journal of Comptitiveness (18)1, 239-268. https://doi.org/10.7441/joc.2026.01.11
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