Do CSR Ratings Converge in China? A Comparison Between RKS and Hexun Scores

Ma Zhong, Rong Xu, Xinyi Liao and Shuangli Zhang
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Ma Zhong: School of Economics and Management, Nanjing Forestry University, Nanjing 210037, China
Rong Xu: School of Economics and Management, Nanjing Forestry University, Nanjing 210037, China
Xinyi Liao: School of Economics and Management, Nanjing Forestry University, Nanjing 210037, China
Shuangli Zhang: School of Economics and Management, Nanjing Forestry University, Nanjing 210037, China

Sustainability, 2019, vol. 11, issue 14, 1-20

Abstract: Rankings (RKS) and Hexun are the two most widely used corporate social responsibility (CSR) ratings in research on CSR in China’s capital market. These scores are used as a proxy for CSR performance and disclosure quality. However, research is lacking on the validity of measuring CSR performance and disclosure quality, as well as the convergent validity between these scores. In this paper, a comparative and quantitative analysis was performed for the period 2010–2017, and the following results were obtained: (1) Based on a comparison of the rating methods, information sources, and other factors, RKS is more suitable for measuring the CSR disclosure quality, while Hexun is more suitable for measuring the CSR performance; (2) based on a Spearman correlation analysis, the convergent validity between these two scores is very low, particularly after 2013; and (3) the sub-indicator weights of the RKS system always maintain a high stability, whereas those of the Hexun system suffer from severe fluctuations starting in 2013.

Keywords: corporate social responsibility performance; non-financial disclosure; third-party rating; environmental information disclosure; environmental performance (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (39)

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