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ESGs Scoring and Its Divergencies: An Empirical Investigation in the Food and Beverage Industry

Author

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  • Carlo Bellavite Pellegrini

    (Dipartimento di Politica Economica, DISCE,& Centro Studi Economia Applicata (CSEA), Università Cattolica del Sacro Cuore, Milano, Italy)

  • Rachele Camacci

    (Dipartimento di Politica Economica, DISCE,& Centro Studi Economia Applicata (CSEA), Università Cattolica del Sacro Cuore, Milano, Italy)

  • Peter Cincinelli

    (Department of Management, University of Bergamo, Italy)

Abstract

The company’s sustainability is an important factor for a portfolio’s asset allocation. The increasing attention it receives has led to a proliferation of criteria and rating agencies, resulting in significant divergences among ESG scores and methodologies. Based on a sample of 139 companies in the food and beverage sector, this research investigates, first, the impact of ESG score on the financial performance, using three different ESG scores from three different data providers (Refinitiv, Bloomberg and Truvalue Labs). Our outcomes show a positive and significant relationship between ESG score and financial performance across all three selected data providers. Secondly, this paper investigates any divergences in the evaluation process, and if so, which factors determine these discrepancies. Divergencies are analyzed both in terms of rating scores and in terms of methodologies and procedures. Our evidence shows that the main differences are in the score methodology, in the weights assignment to pillars and in the selection of the criteria on which the evaluation is based.

Suggested Citation

  • Carlo Bellavite Pellegrini & Rachele Camacci & Peter Cincinelli, 2025. "ESGs Scoring and Its Divergencies: An Empirical Investigation in the Food and Beverage Industry," DISCE - Working Papers del Dipartimento di Politica Economica dipe0051, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
    • Handle: RePEc:ctc:serie5:dipe0051
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    References listed on IDEAS

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    7. Carlo Bellavite Pellegrini & Rachele Camacci & Peter Cincinelli, 2025. "ESGs Scoring and Its Divergencies: An Empirical Investigation in the Food and Beverage Industry," DISCE - Working Papers del Dipartimento di Politica Economica dipe0051, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
    8. Lorenzo Esposito & Marta Cocco, 2025. "Sustainable Finance in the New Geo-Political Era: A Difficult Balancing Act," DISCE - Working Papers del Dipartimento di Politica Economica dipe0045, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
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    1. Carlo Bellavite Pellegrini & Rachele Camacci & Peter Cincinelli, 2025. "ESGs Scoring and Its Divergencies: An Empirical Investigation in the Food and Beverage Industry," DISCE - Working Papers del Dipartimento di Politica Economica dipe0051, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).

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    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • C55 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Large Data Sets: Modeling and Analysis
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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