Note(s): This table reports robustness checks for the relationship between ESG rating divergence and stock return synchronicity. The dependent variable is Syn. The independent variable of interest is Divergence. Control variables are the same as in the baseline model unless otherwise noted. Column (1) includes province fixed effects, and column (2) includes firm fixed effects. Column (3) adds further controls. Column (4) uses a reduced sample that excludes observations from 2015 and 2020 to ensure the results are not driven by the stock market turbulence of 2015 or the COVID-19 pandemic in 2020. See Appendix A for variable definitions. All continuous variables are winsorized at the 1% and 99% levels. Standard errors are clustered at the firm level and reported in parentheses. ***, ** and * indicate significance at the 1%, 5% and 10% levels, respectively