Note(s): This table presents the results of investigating the relationship between ESG rating divergence on other alternative measures of information flow. VPIN in column (1) is the annual probability of information-based trading. Dturn is defined as the annual stock average monthly excess turnover rate. SELL is the measure of insider trading, which is the natural logarithm of the total amount of company stock sold by all executives of a listed company within the accounting year due to opportunistic motives. 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