In the early 1990s, ESG ratings were originally seen by proponents as a market mechanism that would help motivate improvements in corporate accountability. However, recent critiques have questioned validity of these ratings, raising concerns about whether they incentivize improvements in corporate behavior. In a series of studies, we examine the organizational and social consequences of rating corporate social performance, particularly within the domains corporate philanthropy and board gender diversity. We find compelling evidence that firm behavior and broader social norms can shift in response to these ratings, albeit, not always in ways that were intended. In light of recent critiques and the rise of the anti-ESG movement, we consider the limitations and potential future of ESG ratings.