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Article
Business, Finance
Xinwen Hu et al.
Summary: We examine the impact of environmental rating disagreement (ERD) on future corporate greenwashing behavior. Our findings suggest that ERD increases the likelihood of corporate greenwashing, primarily through agency costs and corporate information opacity mechanisms. The relationship between ERD and corporate greenwashing is stronger in heavily-polluted firms and is also significantly influenced by internal incentives. In the presence of ERD, firms with higher internal supervision intensity and external investor attention exhibit a smaller or even insignificant increase in greenwashing. Overall, our research highlights the importance of unifying environmental rating standards, improving internal supervision, and expanding external monitoring to curb greenwashing.
PACIFIC-BASIN FINANCE JOURNAL
(2023)
Article
Business, Finance
Doron Avramov et al.
Summary: This paper analyzes the impact of uncertainty about the corporate ESG profile on asset pricing and portfolio implications. The results show that ESG uncertainty leads to an increase in market premium and a decrease in demand for stocks. In addition, ESG uncertainty is found to increase the CAPM alpha and effective beta, while weakening the negative relationship between ESG alpha and stock returns. Using the standard deviation of ESG ratings from six major providers as a proxy for ESG uncertainty, the findings of this study support the predictions of the model.
JOURNAL OF FINANCIAL ECONOMICS
(2022)
Article
Business
Nicole Darnall et al.
Summary: This paper examines the impact of ESG reporting guidelines on firms' disclosure of sustainability information, particularly in the unique setting of Japan. The study finds that firms that follow ESG guidelines disclose significantly more sustainability information compared to those that do not. Content-focused verification leads to greater information disclosure than process-focused verification, and firms tend to prefer content-focused verification when given the option. However, most global ESG reporting guidelines endorse process-focused verification, raising questions about the effectiveness of this approach. The findings suggest that advocating for more robust forms of verification could benefit firms seeking to create sustainability distinction through ESG reporting.
CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT
(2022)
Article
Business, Finance
Florian Berg et al.
Summary: This paper investigates the divergence in ESG ratings among six prominent rating agencies. Through mapping different methodologies onto a common taxonomy, the study decomposes the divergence into contributions of measurement, scope, and weight. The results reveal that measurement accounts for the majority of the divergence, followed by scope and weight. The analysis also identifies a rater effect where the overall view of a firm influences the measurement of specific categories. The findings emphasize the importance of understanding the data generation process underlying ESG ratings.
Article
Business, Finance
Dane M. Christensen et al.
Summary: Despite the increasing use of ESG ratings, there is substantial disagreement among rating agencies regarding the ratings given to individual firms. This study finds that greater ESG disclosure actually leads to greater ESG rating disagreement, and raters disagree more about ESG outcome metrics than input metrics. It is also observed that ESG disagreement is associated with higher return volatility, larger absolute price movements, and a lower likelihood of issuing external financing.
Article
Business, Finance
Rajna Gibson Brandon et al.
Summary: The study found a positive relationship between ESG rating disagreement and stock returns, primarily driven by disagreement about the environmental dimension. The findings have practical implications for firms' equity cost of capital and for investment managers and asset owners using ESG investment strategies.
FINANCIAL ANALYSTS JOURNAL
(2021)
Article
Economics
Xiaoke Zhang et al.
Summary: The study found that high ESG portfolios outperformed low ESG portfolios after 2016, with good ESG profiles predicting higher future returns. This outperformance is mainly attributed to equity cost advantage rather than profitability improvement.
Article
Business, Finance
Luluk Widyawati
Summary: This study examines the measurement quality of four ESG ratings through comprehensive analysis, revealing significant differences in measurement construct and concerns, despite some commonalities. A novel approach to assess the convergence of ESG ratings is presented, indicating low agreement between ESG scores but low to moderate agreement in ESG rankings.
ACCOUNTING AND FINANCE
(2021)
Article
Management
Elena Escrig-Olmedo et al.
REVIEW OF MANAGERIAL SCIENCE
(2014)
Article
Economics
Aaron K. Chatterji et al.
JOURNAL OF ECONOMICS & MANAGEMENT STRATEGY
(2009)
