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AbstractThe existing studies on the relationship between ESG and earnings management provide mixed evidence and ignore ESG rating divergence. Using a sample of Chinese listed firms from 2009 to 2021, we examine the effect of ESG performance on earnings management under different levels of ESG rating divergence. The results reveal a negative association between ESG performance and earnings management. Meanwhile, among firms with high (low) ESG rating divergence, our results show that the degree of earnings management rises (falls) when the firms engage in ESG practices. Our findings are robust to alternative variable definitions and the Heckman two‐stage selection model. In addition, we exclude alternative explanations and consider the effect of greenwashing. Cross‐sectional analyses show that the moderating effect of ESG rating divergence is significant only among firms with greater CEO power and higher agency costs, suggesting that agency problems are the mechanism by which ESG rating divergence positively moderates the relationship between ESG performance and earnings management. This study advances the existing research on ESG and earnings quality by presenting new empirical evidence and revisits ESG rating divergence through the lens of agency theory, revealing that management could use ESG for opportunistic behavior in the presence of ESG rating divergence. Our study shows that the divergence in ESG ratings can affect the economic consequences of firms' ESG practices, offering insights for future research on ESG and ESG rating divergence and for regulators to improve the regulation of ESG disclosure and rating.

OBJECTIVES: According to the WHO report, depression will be the first of the global burden of diseases in 2030. There is more than fifty % of people suffered from depression and anxiety. However, only less than half of the patients receive appropriate treatments due to its side effects of the antidepressants and anxiolytics. Poria cocos (PC) and Cordyceps militaris (CM) are historically used as a complementary therapy to treat depression and anxiety because of its anti-inflammation ability. Instead of fruiting bodies, C. militaris waster medium (CMWM) is a by-product and containing a higher amount of cordycepin than fruiting bodies. Thus, this study aims to investigate the anti-depressive and anti-anxiety effects of extract formula (PC-CMWM) via the regulation of inflammation pathways. METHODS: Unpredictable chronic mild stress (UCMS) model was used in this study to induce depression-like and anxiety-like behaviors in rats. The 6 weeks-old male Sprague Dawley rats were divided into five groups: control (CTL), UCMS-vehicle (NCTL), and three PC-CMWM groups (low, medium, and high dosage). The sucrose preference test and elevated plus maze (EPM) were preformed after UCMS for 35 days. The neurotransmitters (serotonin and dopamine) were measured by HPLC. The pro-inflammatory cytokines IL-1β and glutamate in the amygdala and serum were analyzed, and the proteins of p38 MAPK and NF-κB related to inflammation were evaluated by western blotting. RESULTS: PC-CMWM reversed the behavioral deficiency induced by UCMS exposure, including body weight loss, food intake, and sucrose preference compared to NCTL group (P < 0.05). In the EPM analysis, rats supplemented with PC-CMWM significantly increased the time spent in open arm than those in NCTL (P < 0.05). Besides, treatment with PC-CMWM significantly reduced glutamate in the amygdala and metabolic of serotonin and dopamine in the prefrontal cortex (P < 0.05) compared with NCTL. PC-CMWM improved the IL-1β in serum and reduced p38 MAPK and NF-κB protein expression in ...