Note(s): Panel A presents the differences in means between the treatment and control groups after propensity score matching, with t-statistics and p-values for each control variable. The treatment group contains firms with high ESG rating divergence, and the control group contains those with low ESG rating divergence. The matched sample is constructed based on propensity score matching. Panel B presents coefficient estimation of the main regression for the matched sample. 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