Note(s): This table shows our regression in different subsamples to test the impact of industry characteristic on the relationship between ESG rating divergence and synchronicity. Column (1) is regression results in polluting industry while the results in column (2) presents the findings in column (2). 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