Note(s): This table reports the regression results of alternative independent variables and dependent variables. In column (1), the dependent variable is an alternative measure of synchronicity, Syn_1, where R² is from regressions of the market model including lagged industry and market returns with weekly data. In column (2), the dependent variable is the same as in the baseline regression and the independent variable is the alternative measure of ESG rating divergences, ESGrange6, which is the range of ESG ratings from the six rating providers. The control variables are the same as in our baseline model. See Appendix A for variable definitions. All continuous variables are winsorized at the 1% and 99% levels. Standard errors, clustered at the firm level, are reported in parentheses. ***, ** and * indicate significance at the 1%, 5% and 10% levels, respectively