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Improving ESG Scores with Sustainability Concepts

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  • Alexandre Clément

    (Department of Marketing, University of Quebec at Montreal (ESG-UQAM), 315 Rue Sainte-Catherine Est, Montreal, QC H2X 3X2, Canada
    Observatoire de la Philanthropie, Office: DS-2835, 315 Rue Sainte-Catherine Est, Montreal, QC H2X 3X2, Canada)

  • Élisabeth Robinot

    (Department of Marketing, University of Quebec at Montreal (ESG-UQAM), 315 Rue Sainte-Catherine Est, Montreal, QC H2X 3X2, Canada
    Observatoire de la Philanthropie, Office: DS-2835, 315 Rue Sainte-Catherine Est, Montreal, QC H2X 3X2, Canada)

  • Léo Trespeuch

    (Observatoire de la Philanthropie, Office: DS-2835, 315 Rue Sainte-Catherine Est, Montreal, QC H2X 3X2, Canada
    Department of Marketing, École de Gestion de l’Université du Québec à Trois-Rivières (EGUQTR), 3351, Boulevard des Forges, Trois-Rivières, QC G9A 5H7, Canada)

Abstract

ESG (environment, social, and governance) scores are becoming mainstream proxies for evaluating sustainability in organizations. In past years, scholars and managers used ESG scores to express the sustainable development of an organization and other types of sustainability. Meanwhile, increasing literature has shown that ESG scores do not measure sustainability in terms of sustainable development. The main reason ESG scores fail to measure sustainability adequately is that ESG scores are not designed to measure sustainability concepts, such as temporality, impact, resources management, and interconnectivity. Furthermore, ESG scores apply materiality concepts, but what they measure is not always quantifiable, and most agencies that produce ESG scores lack transparency. This research reviewed the challenges and issues associated with ESG scores regarding sustainability representation. Then, based on the sustainability literature, different themes and concepts that would add more sustainability consideration to an ideal ESG score are presented. Since ESG scores are increasingly popular, this paper presents concepts and ideas that would help ESG score agencies include more sustainability principles in their methodologies while redefining the expectations of scholars using them.

Suggested Citation

  • Alexandre Clément & Élisabeth Robinot & Léo Trespeuch, 2022. "Improving ESG Scores with Sustainability Concepts," Sustainability, MDPI, vol. 14(20), pages 1-15, October.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:20:p:13154-:d:941468
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    References listed on IDEAS

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    3. Sibel Fettahoglu & Sule Allak & Burcu Ozcan Turkkan, 2025. "ESG Scores and Corporate Performance in Emerging Markets: Evidence from E7 Countries," Sustainability, MDPI, vol. 17(19), pages 1-23, October.
    4. Xin Su & Shengwen Wang & Feifei Li, 2023. "The Impact of Digital Transformation on ESG Performance Based on the Mediating Effect of Dynamic Capabilities," Sustainability, MDPI, vol. 15(18), pages 1-22, September.
    5. Yan CHEN & Jiayi LYU & Zixuan GAO & Yanfeng LI, 2025. "Computing Ripples : How AI Computing Power Drives the Sustainable ESG Progress of Chinese Corporations," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 104-119, July.
    6. Patroklos Patsoulis & Demetra Demetriou, 2024. "Assessing the convergence process of ESG metrics: a research note on the role of economic freedom," Letters in Spatial and Resource Sciences, Springer, vol. 17(1), pages 1-15, December.
    7. Leogrande, Angelo & Costantiello, Alberto, 2023. "The Impact of Government Expenditure on Education in the ESG Models at World Level," MPRA Paper 117216, University Library of Munich, Germany.
    8. Benuzzi, Matteo & Klaser, Klaudijo & Bax, Karoline, 2024. "Which ESG+F dimension matters most to retail investors? An experimental study on financial decisions and future generations," Journal of Behavioral and Experimental Finance, Elsevier, vol. 41(C).
    9. Bianca Weber‐Lewerenz & Marzia Traverso, 2025. "How can corporate digital responsibility (CDR) be measured in line with corporate social responsibility (CSR)? A new theoretical approach in construction 4.0," Sustainable Development, John Wiley & Sons, Ltd., vol. 33(1), pages 287-308, February.
    10. Murat Colak & Mert Sarioglu, 2025. "The Effect of Corporate Governance on the Quality of Integrated Reporting and ESG Risk Ratings," Sustainability, MDPI, vol. 17(11), pages 1-29, May.
    11. Többen, Dorothea & Rößle, Kathrin, 2024. "Eine Analyse der Entwicklung von Nachhaltigkeitskennzahlen von DAX-Konzernen," Rosenheim Papers in Applied Economics and Business Sciences 11/2024, Rosenheim Technical University of Applied Sciences.
    12. Mustafa Yucel & Guler Yanik & Faruk Dayi & Ayhan Benek, 2025. "Strategic Management of Environmental, Social, and Governance Scores and Corporate Governance Index: A Panel Data Analysis of Firm Value on the Istanbul Stock Exchange," Sustainability, MDPI, vol. 17(11), pages 1-24, May.
    13. Mohammed Khalifa Al-Kubaisi & Bashar Abu Khalaf, 2025. "Climate Governance, ESG Reporting, and the Firm Performance: Does It Matter More for Europe or the GCC?," Sustainability, MDPI, vol. 17(9), pages 1-21, April.
    14. Gabriel Popescu & Costel Ungureanu & Carmen Gasparotti, 2025. "Employees’ Perception of the Importance of Implementing Environmental, Social, and Governance Criteria in the Sustainability Report at a Shipyard," Sustainability, MDPI, vol. 17(19), pages 1-22, October.
    15. Ruben Pop & Monica Violeta Achim, 2025. "Fraud on Non-financial reporting," Journal of Financial Studies, Institute of Financial Studies, vol. 10(18), pages 164-194, May.
    16. Ann Susan Thomas & Ambili Jayachandran & Ajithakumari Vijayappan Nair Biju, 2024. "Strategic mapping of the environmental social governance landscape in finance – A bibliometric exploration through concepts and themes," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(5), pages 4428-4453, September.
    17. Erwin Saraswati & Abdul Ghofar & Sari Atmini & Ayu Aryista Dewi, 2024. "Clustering of Companies Based on Sustainability Performance using ESG Materiality Approach: Evidence from Indonesia," International Journal of Energy Economics and Policy, Econjournals, vol. 14(2), pages 112-125, March.
    18. Mandas, Marco & Lahmar, Oumaima & Piras, Luca & De Lisa, Riccardo, 2024. "ESG reputational risk and market valuation: Evidence from the European banking industry," Research in International Business and Finance, Elsevier, vol. 69(C).
    19. Isogai, Akifumi & Nozaki, Masatoshi & Yamamoto, Rei, 2025. "ESG business diversification and investment performance," Finance Research Letters, Elsevier, vol. 77(C).
    20. Trespeuch Léo & Robinot Élisabeth, 2023. "Exploring the Impact of Corporate Philanthropy on Brand Authenticity in the Luxury Industry: Scale Development and Empirical Studies," Sustainability, MDPI, vol. 15(16), pages 1-21, August.
    21. Petcu Alma Maria & Theodorescu Andreea, 2025. "Performance Drivers in a Sustainability-Oriented Economy," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 19(1), pages 1429-1439.
    22. Stacie F. Waites, 2025. "Decoding ESG: Consumer Perceptions, Ethical Signals and Financial Outcomes," JRFM, MDPI, vol. 18(7), pages 1-16, July.
    23. Nghia Nguyen Trinh & Nghia Dang Nguyen, 2025. "Geopolitical Risk and Environmental, Social, and Governance (ESG) practices of listed companies in Vietnam," HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE - ECONOMICS AND BUSINESS ADMINISTRATION, HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE, HO CHI MINH CITY OPEN UNIVERSITY, vol. 15(5), pages 150-168.

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