#5364. Inside the ESG ratings: (Dis)agreement and performance

August 2026publication date
Proposal available till 13-05-2025
4 total number of authors per manuscript0 $

The title of the journal is available only for the authors who have already paid for
Journal’s subject area:
Development;
Management, Monitoring, Policy and Law;
Strategy and Management;
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Abstract:
We analyze the ESG rating criteria used by prominent agencies and show that there is a lack of a commonality in the definition of ESG (i) characteristics, (ii) attributes and (iii) standards in defining E, S and G components. We provide evidence that heterogeneity in rating criteria can lead agencies to have opposite opinions on the same evaluated companies and that agreement across those providers is substantially low. Those alternative definitions of ESG also affect sustainable investments leading to the identification of different investment universes and consequently to the creation of different benchmarks.
Keywords:
Corporate Social Responsibility; ESG rating agencies; sustainable investments

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