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Aggregate Confusion: The Divergence of ESG Ratings
[Corporate social responsibility and firm risk: theory and empirical evidence]

Citations

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Cited by:

  1. Ferriani, Fabrizio, 2023. "Issuing bonds during the Covid-19 pandemic: Was there an ESG premium?," International Review of Financial Analysis, Elsevier, vol. 88(C).
  2. Tan, Ruipeng & Pan, Lulu, 2023. "ESG rating disagreement, external attention and stock return: Evidence from China," Economics Letters, Elsevier, vol. 231(C).
  3. Luca Menicacci & Lorenzo Simoni, 2024. "Negative media coverage of ESG issues and corporate tax avoidance," Sustainability Accounting, Management and Policy Journal, Emerald Group Publishing Limited, vol. 15(7), pages 1-33, February.
  4. Scholz, Robert, 2023. "Unternehmensmitbestimmung und die sozialökologische Transformation: Zusammenhang zwischen Mitbestimmungsindex und ESG-Kriterien in börsennotierten Unternehmen," Mitbestimmungsreport 79, Hans-Böckler-Stiftung, Düsseldorf.
  5. Ruiyu Dong & Chaofeng Shao & Shuqi Xin & Zhirui Lu, 2023. "A Sustainable Development Evaluation Framework for Chinese Electricity Enterprises Based on SDG and ESG Coupling," Sustainability, MDPI, vol. 15(11), pages 1-26, June.
  6. Zehua He & Kexin Hu & Zhongfei Li, 2023. "Drifting from the Sustainable Development Goal: Style Drift in ESG Funds," Sustainability, MDPI, vol. 15(16), pages 1-24, August.
  7. Cosma, Simona & Rimo, Giuseppe & Torluccio, Giuseppe, 2023. "Knowledge mapping of model risk in banking," International Review of Financial Analysis, Elsevier, vol. 89(C).
  8. Celina Bade & Alexandra Olsacher & Philip Boehme & Hubert Truebel & Lena Bürger & Leonard Fehring, 2024. "Sustainability in the pharmaceutical industry—An assessment of sustainability maturity and effects of sustainability measure implementation on supply chain security," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(1), pages 224-242, January.
  9. Céline LOUCHE & Guillaume DELAUTRE & Gabriela BALVEDI PIMENTEL, 2023. "Assessing companies' decent work practices: An analysis of ESG rating methodologies," International Labour Review, International Labour Organization, vol. 162(1), pages 69-97, March.
  10. Jingwen Xia, 2022. "A Systematic Review: How Does Organisational Learning Enable ESG Performance (from 2001 to 2021)?," Sustainability, MDPI, vol. 14(24), pages 1-22, December.
  11. Alix Auzepy & Christina E. Bannier & Fabio Martin, 2023. "Are sustainability‐linked loans designed to effectively incentivize corporate sustainability? A framework for review," Financial Management, Financial Management Association International, vol. 52(4), pages 643-675, December.
  12. Richard Bofinger & Simon Cornée & Ariane Szafarz, 2024. "When in Rome, Do as the Romans Do: Disclosure Regulation and ESG Fund Management by Social and Conventional Banks," Working Papers CEB 24-003, ULB -- Universite Libre de Bruxelles.
  13. G. Nocera & M. Bedendo & L. Siming, 2022. "Greening the Financial Sector: Evidence from Bank Green Bonds," Post-Print hal-04318899, HAL.
  14. Cauthorn, Thomas & Dumrose, Maurice & Eckert, Julia & Klein, Christian & Zwergel, Bernhard, 2023. "Rating changes revisited: New evidence on short-term ESG momentum," Finance Research Letters, Elsevier, vol. 54(C).
  15. Dunbar, Kwamie & Treku, Daniel & Sarnie, Robert & Hoover, Jack, 2023. "What does ESG risk premia tell us about mutual fund sustainability levels: A difference-in-differences analysis," Finance Research Letters, Elsevier, vol. 57(C).
  16. Helena Redondo & Elisa Aracil, 2024. "Climate‐related credit risk: Rethinking the credit risk framework," Global Policy, London School of Economics and Political Science, vol. 15(S1), pages 21-33, March.
  17. Simone Cenci & Matteo Burato & Marek Rei & Maurizio Zollo, 2023. "The alignment of companies' sustainability behavior and emissions with global climate targets," Nature Communications, Nature, vol. 14(1), pages 1-14, December.
  18. Asimakopoulos, Panagiotis & Asimakopoulos, Stylianos & Li, Xinyu, 2023. "The role of environmental, social, and governance rating on corporate debt structure," Journal of Corporate Finance, Elsevier, vol. 83(C).
  19. Francesco Cesarone & Manuel Luis Martino & Federica Ricca & Andrea Scozzari, 2023. "Managing ESG Ratings Disagreement in Sustainable Portfolio Selection," Papers 2312.10739, arXiv.org.
  20. Bauer, Michael & Huber, Daniel & Rudebusch, Glenn & Wilms, Ole, 2022. "Where is the carbon premium? Global performance of green and brown stocks," Other publications TiSEM 6b117156-316d-440a-9fa5-b, Tilburg University, School of Economics and Management.
  21. DiMaria, charles-henri, 2024. "ESG principles: the limits to green benchmarking," MPRA Paper 120410, University Library of Munich, Germany, revised 2024.
  22. Yu, Haixu & Liang, Chuanyu & Liu, Zhaohua & Wang, He, 2023. "News-based ESG sentiment and stock price crash risk," International Review of Financial Analysis, Elsevier, vol. 88(C).
  23. Alessi, Lucia & Battiston, Stefano, 2022. "Two sides of the same coin: Green Taxonomy alignment versus transition risk in financial portfolios," International Review of Financial Analysis, Elsevier, vol. 84(C).
  24. Sirio Aramonte & Frank Packer, 2022. "Information governance in sustainable finance," BIS Papers, Bank for International Settlements, number 132.
  25. Han, Hope H. & Lee, Jiyoon & Wang, Boxian, 2023. "Greenhouse gas emissions, firm value, and the investor base: Evidence from Korea," Emerging Markets Review, Elsevier, vol. 56(C).
  26. Lorenzo Leto & Diletta Vito, 2023. "Il contributo dei sistemi di RM e PM alla sostenibilit? integrata: il caso B&C Speakers," MANAGEMENT CONTROL, FrancoAngeli Editore, vol. 2023(3), pages 113-139.
  27. Wang, Linyu & Ji, Yifan & Ni, Zhongxin, 2023. "Spillover of stock price crash risk: Do environmental, social and governance (ESG) matter?," International Review of Financial Analysis, Elsevier, vol. 89(C).
  28. Dean Neu & Gregory D. Saxton, 2024. "Twitter-Based Social Accountability Callouts," Journal of Business Ethics, Springer, vol. 189(4), pages 797-815, February.
  29. Zou, Jin & Yan, Jingzhou & Deng, Guoying, 2023. "ESG rating confusion and bond spreads," Economic Modelling, Elsevier, vol. 129(C).
  30. Márkus, Martin, 2023. "A társadalmi felelősségi pontszámok és a működési kockázat kapcsolata kockázati kategóriák szerint [The relationship between the ESG score and operational risk in different risk categories]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 746-771.
  31. Vu Le Tran & Guillaume Coqueret, 2023. "ESG news spillovers across the value chain," Post-Print hal-04325746, HAL.
  32. Lisa Yao Liu & Shirley Lu, 2023. "The Effect of Firms' Information Exposure on Safeguarding Employee Health: Evidence from COVID‐19," Journal of Accounting Research, Wiley Blackwell, vol. 61(3), pages 891-933, June.
  33. Phoebe Koundouri & Conrad Landis & Konstantinos Dellis & Angelos Plataniotis, 2024. "Integrating SDGs in ESGs and the Sustainability Transformation of the EU Business Sector," DEOS Working Papers 2401, Athens University of Economics and Business.
  34. Jang, Ga-Young & Kang, Hyoung-Goo & Kim, Woojin, 2022. "Corporate executives’ incentives and ESG performance," Finance Research Letters, Elsevier, vol. 49(C).
  35. Erragragui, Elias & Peillex, Jonathan & Benlemlih, Mohammed & Bitar, Mohammad, 2023. "Stock market reactions to corporate misconduct: The moderating role of legal origin," Economic Modelling, Elsevier, vol. 121(C).
  36. Billio, Monica & Fitzpatrick, Aoife Claire & Latino, Carmelo & Pelizzon, Loriana, 2024. "Unpacking the ESG ratings: Does one size fit all?," SAFE Working Paper Series 415, Leibniz Institute for Financial Research SAFE.
  37. Andrea Ugolini & Juan C. Reboredo & Javier Ojea-Ferreiro, 2023. "Is climate transition risk priced into corporate credit risk? Evidence from credit default swaps," Working Papers 509, University of Milano-Bicocca, Department of Economics.
  38. Luciano Lavecchia & Jacopo Appodia & Paolo Cantatore & Rita Cappariello & Stefano Di Virgilio & Alberto Felettigh & Andrea Giustini & Valeria Guberti & Danilo Liberati & Giorgio Meucci & Stefano Pierm, 2022. "Data and methods to evaluate climate-related and environmental risks in Italy," Questioni di Economia e Finanza (Occasional Papers) 732, Bank of Italy, Economic Research and International Relations Area.
  39. Giannetti, Mariassunta & Jasova, Martina & Loumioti, Maria & Mendicino, Caterina, 2023. "“Glossy green” banks: the disconnect between environmental disclosures and lending activities," Working Paper Series 2882, European Central Bank.
  40. Rehman, Atiqa & Gonenc, Halit & Hermes, Niels, 2023. "Corporate social performance of family firms and shareholder protection: An international analysis," Journal of Family Business Strategy, Elsevier, vol. 14(2).
  41. Diana-Mihaela SANDU, 2024. "ESG risk rating disagreement: implications on portfolio performance," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(1(638), S), pages 161-168, Spring.
  42. Alex Edmans, 2023. "The end of ESG," Financial Management, Financial Management Association International, vol. 52(1), pages 3-17, March.
  43. Nguyen, Quyen & Diaz-Rainey, Ivan & Kuruppuarachchi, Duminda, 2023. "In search of climate distress risk," International Review of Financial Analysis, Elsevier, vol. 85(C).
  44. Jiayue Zhang & Ken Seng Tan & Tony S. Wirjanto & Lysa Porth, 2023. "Navigating Uncertainty in ESG Investing," Papers 2310.02163, arXiv.org.
  45. Davidson Heath & Daniele Macciocchi & Roni Michaely & Matthew C. Ringgenberg, 2023. "Does Socially Responsible Investing Change Firm Behavior?," Review of Finance, European Finance Association, vol. 27(6), pages 2057-2083.
  46. Hsio-Yi Lin & Bin-Wei Hsu, 2023. "Empirical Study of ESG Score Prediction through Machine Learning—A Case of Non-Financial Companies in Taiwan," Sustainability, MDPI, vol. 15(19), pages 1-19, September.
  47. Kleffel, Philipp & Muck, Matthias, 2023. "Aggregate confusion or inner conflict? An experimental analysis of investors’ reaction to greenwashing," Finance Research Letters, Elsevier, vol. 53(C).
  48. Ginglinger, Edith & Raskopf, Caroline, 2023. "Women directors and E&S performance: Evidence from board gender quotas," Journal of Corporate Finance, Elsevier, vol. 83(C).
  49. Mihir Tirodkar & Henk Berkman, 2023. "Are polluters shunned? A study on the institutional ownership and returns of polluter stocks," The Financial Review, Eastern Finance Association, vol. 58(3), pages 513-537, August.
  50. Rudkin, Wanling & Cai, Charlie X., 2023. "Information content of sustainability index recomposition: A synthetic portfolio approach," International Review of Financial Analysis, Elsevier, vol. 88(C).
  51. Blasberg, Alexander & Kiesel, Rüdiger & Taschini, Luca, 2023. "Carbon default swap – disentangling the exposure to carbon risk through CDS," LSE Research Online Documents on Economics 118092, London School of Economics and Political Science, LSE Library.
  52. Bingler, Julia Anna & Colesanti Senni, Chiara & Monnin, Pierre, 2022. "Understand what you measure: Where climate transition risk metrics converge and why they diverge," Finance Research Letters, Elsevier, vol. 50(C).
  53. Black, Bernard & de Carvalho, Antonio Gledson & Kim, Woochan & Yurtoglu, B. Burcin, 2023. "How useful are commercial corporate governance ratings? Evidence from emerging markets," Journal of Corporate Finance, Elsevier, vol. 80(C).
  54. Jun Xie & Yoshitaka Tanaka & Alexander Ryota Keeley & Hidemichi Fujii & Shunsuke Managi, 2023. "Do investors incorporate financial materiality? Remapping the environmental information in corporate sustainability reporting," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(6), pages 2924-2952, November.
  55. Deng, Xiang & Li, Weihao & Ren, Xiaohang, 2023. "More sustainable, more productive: Evidence from ESG ratings and total factor productivity among listed Chinese firms," Finance Research Letters, Elsevier, vol. 51(C).
  56. Tsang, Albert & Frost, Tracie & Cao, Huijuan, 2023. "Environmental, Social, and Governance (ESG) disclosure: A literature review," The British Accounting Review, Elsevier, vol. 55(1).
  57. Basse, Tobias & Desmyter, Steven & Saft, Danilo & Wegener, Christoph, 2023. "Leading indicators for the US housing market: New empirical evidence and thoughts about implications for risk managers and ESG investors," International Review of Financial Analysis, Elsevier, vol. 89(C).
  58. Tanaka, Yoshitaka & Managi, Shunsuke, 2023. "Attention-Grabbing ESG," MPRA Paper 116786, University Library of Munich, Germany.
  59. Degryse, Hans & Goncharenko, Roman & Theunisz, Carola & Vadasz, Tamas, 2023. "When green meets green," Journal of Corporate Finance, Elsevier, vol. 78(C).
  60. Andrieș, Alin Marius & Sprincean, Nicu, 2023. "ESG performance and banks’ funding costs," Finance Research Letters, Elsevier, vol. 54(C).
  61. Fu, Tong & Leng, Jingsi & Lin, Ming-Tsung & Goodell, John W., 2022. "External investor protection and internal corporate governance: Substitutes or complements for motivating foreign portfolio investment?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
  62. Blasberg, Alexander & Kiesel, Rüdiger & Taschini, Luca, 2023. "Carbon default swap – disentangling the exposure to carbon risk through CDS," LSE Research Online Documents on Economics 118096, London School of Economics and Political Science, LSE Library.
  63. Zhou, Xuan & Kang, Junqing, 2023. "Searching for ESG Information: Heterogeneous Preferences and Information Acquisition," Journal of Economic Dynamics and Control, Elsevier, vol. 153(C).
  64. Di Tommaso, Caterina & Mazzuca, Maria, 2023. "The stock price of European insurance companies: What is the role of ESG factors?," Finance Research Letters, Elsevier, vol. 56(C).
  65. Mascia Bedendo & Giacomo Nocera & Linus Siming, 2023. "Greening the Financial Sector: Evidence from Bank Green Bonds," Journal of Business Ethics, Springer, vol. 188(2), pages 259-279, November.
  66. Bauckloh, Michael Tobias & Dobrick, Juris & Höck, André & Utz, Sebastian & Wagner, Marcus, 2023. ""In partnership for the goals"? The (dis)agreement of SDG ratings," CFR Working Papers 23-02, University of Cologne, Centre for Financial Research (CFR).
  67. Lorenzo Dal Maso & Laura Gianfagna & Federico Maglione & Nicola Lattanzi, 2024. "Going green: Environmental risk management, market value and performance," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(1), pages 122-132, January.
  68. Peter Iliev & Lukas Roth, 2023. "Director Expertise and Corporate Sustainability," Review of Finance, European Finance Association, vol. 27(6), pages 2085-2123.
  69. Rajna Gibson Brandon & Simon Glossner & Philipp Krueger & Pedro Matos & Tom Steffen, 2022. "Do Responsible Investors Invest Responsibly? [Why and how investors use ESG information: evidence from a global survey]," Review of Finance, European Finance Association, vol. 26(6), pages 1389-1432.
  70. Francesco Cesarone & Lorenzo Lampariello & Davide Merolla & Jacopo Maria Ricci & Simone Sagratella & Valerio Giuseppe Sasso, 2023. "A bilevel approach to ESG multi-portfolio selection," Computational Management Science, Springer, vol. 20(1), pages 1-23, December.
  71. Henrik Skaug Sætra, 2023. "The AI ESG protocol: Evaluating and disclosing the environment, social, and governance implications of artificial intelligence capabilities, assets, and activities," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(2), pages 1027-1037, April.
  72. Ian Berk & Massimo Guidolin & Monia Magnani, 2023. "Strong vs. Stable: The Impact of ESG Ratings Momentum and their Volatility on the Cost of Equity Capital," BAFFI CAREFIN Working Papers 23202, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
  73. Jonas Zink, 2024. "Which investors support the transition toward a low-carbon economy? Exit and Voice in mutual funds," Journal of Asset Management, Palgrave Macmillan, vol. 25(2), pages 147-161, March.
  74. Ryan Thomas Trahan & Brad Jantz, 2023. "What is ESG? Rethinking the “E” pillar," Business Strategy and the Environment, Wiley Blackwell, vol. 32(7), pages 4382-4391, November.
  75. Christina E. Bannier & Yannik Bofinger & Björn Rock, 2023. "The risk-return tradeoff: are sustainable investors compensated adequately?," Journal of Asset Management, Palgrave Macmillan, vol. 24(3), pages 165-172, May.
  76. Luo, Deqing & Shan, Xun & Yan, Jingzhou & Yan, Qianhui, 2023. "Sustainable investment under ESG volatility and ambiguity," Economic Modelling, Elsevier, vol. 128(C).
  77. Michele Azzone & Maria Chiara Pocelli & Davide Stocco, 2023. "Hedging carbon risk with a network approach," Papers 2311.12450, arXiv.org, revised Mar 2024.
  78. Mari Sakudo, 2024. "Do Socially Responsible Firms Disclosure to Signal?," Working Papers e204, Tokyo Center for Economic Research.
  79. Najah Attig, 2024. "Relaxed Financial Constraints and Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 189(1), pages 111-131, January.
  80. Shira Cohen & Igor Kadach & Gaizka Ormazabal & Stefan Reichelstein, 2023. "Executive Compensation Tied to ESG Performance: International Evidence," Journal of Accounting Research, Wiley Blackwell, vol. 61(3), pages 805-853, June.
  81. Bernardo Bortolotti & Giacomo Loss & Robert W. Zwieten, 2023. "The times are they a-changin’? Tracking sovereign wealth funds’ sustainable investing," Journal of International Business Policy, Palgrave Macmillan, vol. 6(3), pages 276-305, September.
  82. Vu Le Tran & Guillaume Coqueret, 2023. "ESG news spillovers across the value chain," Financial Management, Financial Management Association International, vol. 52(4), pages 677-710, December.
  83. Paola Casciotti, 2023. "A Comparison between Sustainability Frameworks: an Integrated Reading through ESG Criteria for Business Strategies and Enterprise Risk Management," Working Papers 2023.18, Fondazione Eni Enrico Mattei.
  84. Darendeli, Alper & Fiechter, Peter & Hitz, Jörg-Markus & Lehmann, Nico, 2022. "The role of corporate social responsibility (CSR) information in supply-chain contracting: Evidence from the expansion of CSR rating coverage," Journal of Accounting and Economics, Elsevier, vol. 74(2).
  85. Zhi Chen, 2023. "Investigate The ESG Score Methodology," Papers 2312.00202, arXiv.org, revised Jan 2024.
  86. Wong, Jin Boon & Zhang, Qin, 2024. "ESG reputation risks, cash holdings, and payout policies," Finance Research Letters, Elsevier, vol. 59(C).
  87. Giglio, Stefano & Maggiori, Matteo & Stroebel, Johannes & Tan, Zhenhao & Utkus, Stephen & Xu, Xiao, 2023. "Four Facts About Esg Beliefs And Investor Portfolios," SocArXiv dcb93, Center for Open Science.
  88. Andre Höck & Tobias Bauckloh & Maurice Dumrose & Christian Klein, 2023. "ESG criteria and the credit risk of corporate bond portfolios," Journal of Asset Management, Palgrave Macmillan, vol. 24(7), pages 572-580, December.
  89. Casciotti, Paola, 2023. "A Comparison between Sustainability Frameworks: an Integrated Reading through ESG Criteria for Business Strategies and Enterprise Risk Management," FEEM Working Papers 338664, Fondazione Eni Enrico Mattei (FEEM).
  90. Arianna Agosto & Paolo Giudici & Alessandra Tanda, 2023. "How to combine ESG scores? A proposal based on credit rating prediction," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(6), pages 3222-3230, November.
  91. Fiordelisi, Franco & Ricci, Ornella & Santilli, Gianluca, 2023. "Environmental engagement and stock price crash risk: Evidence from the European banking industry," International Review of Financial Analysis, Elsevier, vol. 88(C).
  92. Hu, Xinwen & Hua, Renhai & Liu, Qingfu & Wang, Chuanjie, 2023. "The green fog: Environmental rating disagreement and corporate greenwashing," Pacific-Basin Finance Journal, Elsevier, vol. 78(C).
  93. Yannick T. Wiessner & Elisa Giuliani & Frank Wijen & Jonathan Doh, 2024. "Towards a more comprehensive assessment of FDI’s societal impact," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 55(1), pages 50-70, February.
  94. Gil Cohen, 2023. "The impact of ESG risks on corporate value," Review of Quantitative Finance and Accounting, Springer, vol. 60(4), pages 1451-1468, May.
  95. Cucinelli, Doriana & Soana, Maria Gaia, 2023. "Systemic risk in non financial companies: Does governance matter?," International Review of Financial Analysis, Elsevier, vol. 87(C).
  96. Gai, Lorenzo & Bellucci, Marco & Biggeri, Mario & Ferrone, Lucia & Ielasi, Federica, 2023. "Banks’ ESG disclosure: A new scoring model," Finance Research Letters, Elsevier, vol. 57(C).
  97. Huang, Chenchen & Luo, Di & Mukherjee, Soumyatanu & Mishra, Tapas, 2022. "To Acquire or to Ally? Managing Partners’ Environmental Risk in International Expansion," MPRA Paper 117591, University Library of Munich, Germany, revised 07 Jan 2023.
  98. Frankovic, Ivan & Kolb, Benedikt, 2023. "The role of emission disclosure for the low-carbon transition," Discussion Papers 33/2023, Deutsche Bundesbank.
  99. Hornuf, Lars & Siemroth, Christoph, 2023. "A field experiment on attracting crowdfunders," Economics Letters, Elsevier, vol. 222(C).
  100. Eduardo C. Garrido-Merch'an & Sol Mora-Figueroa-Cruz-Guzm'an & Mar'ia Coronado-Vaca, 2023. "Deep Reinforcement Learning for ESG financial portfolio management," Papers 2307.09631, arXiv.org.
  101. Olivier David Zerbib, 2022. "A Sustainable Capital Asset Pricing Model (S-CAPM): Evidence from Environmental Integration and Sin Stock Exclusion [Asset pricing with liquidity risk]," Review of Finance, European Finance Association, vol. 26(6), pages 1345-1388.
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