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Conference Agenda

Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).

Please note that all times are shown in the time zone of the conference. The current conference time is: 24th Aug 2026, 01:49:07am WEST

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Daily Overview

Session

Energy: Electric Power Systems
Location: B005
Session Chair: Xiao Jia, Toyo University

Presentation 4

The real effects of ESG rating coverage: Evidence from power-generating firms

Xiao Jia^1,3, Yuki Yamamoto², Ken'ichi Matsumoto¹

1: Toyo University, Japan; 2: Kansai University, Japan; 3: Keio University, Japan

Discussant: Adeline, Martine, Frédérique Guéret (DIW Berlin)

This study investigates the impact of the initial coverage of Environmental, Social, and

Governance (ESG) score on the environmental performance of power-generating firms. Using a firm-level dataset from S&P Global and a staggered difference-in-differences method, we examine whether the ESG rating coverage affects greenhouse gas (GHG) emission intensity across firms with different technology portfolios. Our results reveal a stark divergence: while fossil-only firms achieve significant reductions in GHG intensity, mixed firms—those operating both fossil and renewable assets—increase their emission intensity after ESG coverage, primarily due to a reduction in renewable generation. Further analysis points to financial constraints as a key mechanism: firms with lower initial ESG scores or a higher level of fossil dependency may face tighter financing conditions induced by ESG coverage, and thereby sacrifice renewable production. We also show that renewable-only firms exhibit no evident contraction in renewable output, alleviating concerns that our results are driven by a common shock to the renewable sector. We find no evidence that ESG rating coverage spurs innovation. These findings underscore the limitations of uniform ESG schemes and highlight the need for more targeted approaches that address firm-specific attributes.