ESG ratings from Bloomberg(2006—2022), Huazheng(2009—2023) and China’s listed companies as samples were used. Correlations of ESG scores, ESG in different industries, and heterogeneity analysis of ESG was explored. Empirical results show that Environment(E), Social(S) and Governance(G) affect ESG scores significantly, with G having the greatest impact, followed by E and then S. ESG performance varies across industries. The finance-insurance sector is good at environment but weak in social aspects. The accommodation industry improves ESG ranking through social efforts. The agriculture and forestry service industry has an imbalance in governance and social development. ESG strategy advice are given for the government and companies.

ESG  /  subcategory scores  /  China’s listed companies  /  empirical research