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Emerging trends in ESG ratings as risk factors in asset pricing

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  • Touti, Nihal
  • Taïb, Asmâa Alaoui
  • Rekik, Lilia

Abstract

The increasing prominence of ESG ratings is reshaping asset pricing by providing new approaches to assess risk and return in financial markets. This study conducts a bibliometric analysis of 392 publications from Scopus and Web of Science, covering research from 2005 to 2024. A notable acceleration in studies has been observed since 2018, with the USA and UK leading in contributions. The analysis identifies key thematic clusters on the impact of corporate social responsibility on stock performance and portfolio management. It maps the evolution of ESG-related asset pricing research, highlights key contributors, and outlines emerging themes for financial decision-making.

Suggested Citation

  • Touti, Nihal & Taïb, Asmâa Alaoui & Rekik, Lilia, 2025. "Emerging trends in ESG ratings as risk factors in asset pricing," Finance Research Letters, Elsevier, vol. 82(C).
    • Handle: RePEc:eee:finlet:v:82:y:2025:i:c:s1544612325008876
    DOI: 10.1016/j.frl.2025.107628
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