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Journal articles on the topic 'ESG rating agencies'

Author: Grafiati
Published: 10 September 2021
Last updated: 29 July 2025

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1

Murach, A. A., M. A. Storchevoy, and M. Sepulveda. "Divergence of ESG Ratings: International and Russian Experience." Economic Policy 19, no. 4 (2024): 84–121. http://dx.doi.org/10.18288/1994-5124-2024-4-84-121.

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ESG rating is an important indicator of a company’s social responsibility, which is taken into account by investors and regulators. However, if the ESG rating is calculated incorrectly, investors and regulators will make erroneous decisions and companies will be given improper guidance about how to modify their operations. Currently, there is a serious methodological problem in that ESG ratings from various rating agencies can be significantly different for the same company. Two of the most urgent questions in current ESG research are why these differences come about and how critical the diver
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2

Guo, Yiheng, Aza Azlina Md Kassim, and Kai Zhang. "Comparative Analysis of ESG Information Disclosures." Frontiers in Business, Economics and Management 8, no. 2 (2023): 143–46. http://dx.doi.org/10.54097/fbem.v8i2.7130.

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ESG is a framework for the disclosure of non-financial information about companies, an investment philosophy and corporate evaluation criteria that focuses on non-financial performance. ESG ratings are a key part of ESG development, and the current number of global ESG rating agencies, with very different backgrounds and divergent ratings, makes it difficult to generate consensus on the ratings of the same subject. Therefore, on the basis of sorting out the situation of 11 famous ESG rating agencies and comparing and analyzing the ESG evaluation system of each rating agency, the study found th
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3

LI, XUANBO, YUN LOU, and LIANDONG ZHANG. "Do Commercial Ties Influence ESG Ratings? Evidence from Moody's and S&P." Journal of Accounting Research 62, no. 5 (2024): 1901–40. http://dx.doi.org/10.1111/1475-679x.12582.

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ABSTRACTWe provide the first evidence that conflicts of interest arising from commercial ties lead to bias in environmental, social, and governance (ESG) ratings. Using the acquisitions of Vigeo Eiris and RobecoSAM by Moody's and S&P as shocks to the commercial ties between ESG rating agencies and their rated firms, we show that, after their acquisitions by the credit rating agencies (CRAs), ESG rating agencies issue higher ratings to existing paying clients of the CRAs. This effect is greater for firms that have more intensive business relationships with the CRAs, but weaker for firms wit
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Xu, Tianao. "Towards a More Reliable ESG (Environmental, Social, and Governance) Assessment Framework: Lessons from the PRI Initiative." Advances in Economics, Management and Political Sciences 64, no. 1 (2023): 149–55. http://dx.doi.org/10.54254/2754-1169/64/20231520.

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In recent years, green investments and ESG (Environmental, Social, and Governance) principles have gradually become the focus of the industry's attention. However, the future of ESG still has some uncertainties, and the diversity of ESG data and metrics has led to challenges in comparing ESG performance across companies, making it complex to determine the relevance and substantive ESG issues related to financial performance. This paper explores the evolution and challenges of ESG investments and proposes principles for ESG rating agencies to follow, originating from the PRI (Principles for Res
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Yurkov, A. V., and Zh R. Babaeva. "ESG-Ratings: Nonparametric Methods of Construction." Administrative Consulting, no. 2 (April 26, 2024): 92–107. http://dx.doi.org/10.22394/1726-1139-2024-2-92-107.

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Many of the largest Russian companies are evaluated by international financial institutions or rating agencies in terms of their influence on ESG factors that take into account environmental issues, interaction with society and corporate governance. Such ratings can have various names, most often referred to as ESG ratings. The inherent subjectivity of the assessments, along with the lack of generally recognized standards and transparency of the methodology, cause concern both from the assessed companies and from investors and regulators. ESG ratings of Russian rating agencies are at an early
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6

Escrig-Olmedo, Elena, María Fernández-Izquierdo, Idoya Ferrero-Ferrero, Juana Rivera-Lirio, and María Muñoz-Torres. "Rating the Raters: Evaluating how ESG Rating Agencies Integrate Sustainability Principles." Sustainability 11, no. 3 (2019): 915. http://dx.doi.org/10.3390/su11030915.

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Environmental, social, and governance (ESG) rating agencies, acting as relevant financial market actors, should take a stand on working towards achieving a more sustainable development. In this context, the objective of this paper is, on the one hand, to understand how criteria used by ESG rating agencies in their assessment processes have evolved over the last ten years and, on the other hand, to analyze whether ESG rating agencies are contributing to fostering sustainable development by the inclusion of sustainability principles into their assessment processes and practices according to the
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Korzovatykh, Zhanna M. "ESG RATING AS A TOOL FOR ASSESSING FINANCIAL STABILITY AN ECONOMIC ENTITY." EKONOMIKA I UPRAVLENIE: PROBLEMY, RESHENIYA 1/9, no. 154 (2025): 98–106. https://doi.org/10.36871/ek.up.p.r.2025.01.09.012.

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This study is devoted to the analysis of the methodology of forming ESG ratings in both international and Russian practice. The paper examines the existing approaches to the development of ESG ratings, conducts a comparative analysis of their methodologies and determines the degree of their comparability. A comparative analysis of the methodologies has shown a significant variety of approaches to assessing ESG factors. The largest international rating agencies, such as S&P Global, MSCI, and Sustainalytics, use their own methodologies based on various weighting factors, a set of factors to
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Berendeeva, Alla. "Applied aspects of Russian regions ESG-transformation." JOURNAL OF REGIONAL AND INTERNATIONAL COMPETITIVENESS 5, no. 3 (2024): 53–65. https://doi.org/10.52957/2782-1927-2024-5-3-53-65.

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The development and implementation of regional ratings/rankings by Russian rating agencies, universities or sustainable ESG development companies contribute to the improvement of Russian national statistics on sustainable development. Rating agencies use different methods in compiling ESG ratings. Consequently, the same regions can rank different positions with the same initial data. Therefore, there is a need of unified methodological approach. It allows ones to assess the parameters of regional sustainable development and ESG transformation, measure the level of sustainability and determine
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9

Liu, Rongxuan, Derek Wang, Shanshan Zheng, and Ning Cai. "The Retrospective and Predictive Effectiveness of ESG Ratings: Evidence from China." Sustainability 17, no. 11 (2025): 4819. https://doi.org/10.3390/su17114819.

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With the development and proliferation of sustainable investing, ESG ratings have gradually become an important basis for measuring corporates’ ESG performance and influencing investors to make investment decisions. However, the validity of ESG ratings has also raised public concerns due to the differences in the evaluation systems and standards of ESG rating agencies. This paper analyzes the effectiveness of ESG rating data provided by Chinese rating agencies in terms of retrospective and predictive effectiveness. It assesses how well these data reflect the past ESG performance of Chinese com
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Maccarrone, Paolo, Alessandro Illuzzi, and Simone Inguanta. "Does a Change in the ESG Ratings Influence Firms’ Market Value? Evidence from an Event Study." Journal of Risk and Financial Management 17, no. 8 (2024): 340. http://dx.doi.org/10.3390/jrfm17080340.

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In recent years, the field of “ESG finance” has seen rapid growth, resulting in the emergence and expansion of ESG ratings and rating agencies. This study investigates how financial investors react to updates in ESG ratings provided by two prominent ESG rating agencies, namely MSCI and Refinitiv. The main objective is to determine whether any positive or negative changes in a company’s sustainability ratings directly impact its market value. The Event Study methodology was used for this investigation, which analyses the Cumulated Average Abnormal Returns (CAARs) of economic events to assess th
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11

Mayer, Rita, and Anita Reizingerné Ducsai. "ESG: Credibility behind the scores : The reliability and transparency of ESG ratings." Prosperitas, In press (2022): 1–14. http://dx.doi.org/10.31570/prosp_2022_0041.

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The emergence of sustainability in business has led to a growing number of market players becoming concerned about ESG rating, which includes environmental, social and governance aspects. Investors are also pricing in the scores generated by ESG indicators. The growing interest in ESG data raises the question of the reliability of the scores provided by different ESG rating agencies. This research explores the differences in the methodologies used by the most reputable ESG rating agencies through a content analysis. The inconsistency of ESG scores will be investigated by taking a random sample
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12

Shi, Yuxin, Tong Wang, Zijian Huang, and Tianyu Peng. "ESG Rating Divergence." Advances in Economics, Management and Political Sciences 202, no. 1 (2025): 208–15. https://doi.org/10.54254/2754-1169/2024.25099.

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ESG rating is a key link in the development of ESG, while the current global ESG rating agencies are numerous in number, with very different backgrounds and large rating divergences, and it is still difficult to generate a consensus on the rating of the same subject. This paper examines the impact and causes of ESG divergence in detail. It is pointed out that ESG divergence mainly stems from the differences in evaluation systems, data sources, and the extent of information disclosure. At the same time, it has an impact on investors, corporations and intermediaries. Finally, we propose a variet
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13

Chodnicka-Jaworska, Patrycja. "ESG as a Measure of Credit Ratings." Risks 9, no. 12 (2021): 226. http://dx.doi.org/10.3390/risks9120226.

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The aim of this study was to examine the impact of environmental, social, and governance (ESG) measures on credit ratings given to non-financial institutions by the largest credit rating agencies according to economic sector divisions. The hypotheses were as follows: a strong negative impact on non-financial institutions’ credit rating changes will result from ESG risk changes, and the reaction of credit rating changes will vary in different sectors. Panel event models were used to verify these hypotheses. The study used data from the Thomson Reuters Database for the period 2010–2020. The anal
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14

Yurkov, Alexander V., and Zhuldyz R. Babaeva. "ESG-Ratings: Nonparametric Methods of Construction." Administrative Consulting, no. 2 (182) (June 7, 2024): 92–107. https://doi.org/10.22394/1726-1139-2024-2-92-107.

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Many of the largest Russian companies are evaluated by international financial institutions or rating agencies in terms of their influence on ESG factors that take into account environmental issues, interaction with society and corporate governance. Such ratings can have various names, most often referred to as ESG ratings. The inherent subjectivity of the assessments, along with the lack of generally recognized standards and transparency of the methodology, cause concern both from the assessed companies and from investors and regulators. ESG ratings of Russian rating agencies are at an early
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15

Liu, Guannan. "ESG Rating Divergence and Financing Constraints." Highlights in Business, Economics and Management 53 (March 17, 2025): 10–17. https://doi.org/10.54097/jfyc7n41.

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The ESG ratings provided by ESG rating agencies become an significant reference for decision-making by investors or creditors. However, the ESG rating divergence not only brings noise to the capital market but also exacerbates corporate financing constraints. The article takes Chinese A-share listed companies from 2015 to 2022 as the sample and uses the fixed effects model to empirically test the impact of ESG rating divergence on corporate financing constraints. The study finds that: ESG rating divergence increases corporate financing constraints. Further research reveals that: ESG rating div
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16

Zumente, Ilze, and Nataļja Lāce. "ESG Rating—Necessity for the Investor or the Company?" Sustainability 13, no. 16 (2021): 8940. http://dx.doi.org/10.3390/su13168940.

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With the rise of responsible investments, the demand for non-financial data has multiplied. Even for those companies who have obtained an environmental, social and governance (ESG) assessment, the scores issued by rating agencies tend to depict differing pictures of the sustainability performance. First, this article explores the approaches employed by different ESG rating providers. Next, it aims to evaluate the availability and correlation of multiple third-party ratings awarded to companies that are stock-listed on European stock exchanges. Finally, an independent t-test analysis is perform
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17

Serino, Luana, Alessia Spignese, and Francesco Campanella. "Are ESG scores driven by financial information? Evidence from European banks." Journal of Risk Management in Financial Institutions 17, no. 4 (2024): 409. http://dx.doi.org/10.69554/lyct1993.

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In recent years, investors' increasing focus on sustainable investments and the sustainability orientation of companies has led to parallel growth in the market for environmental, social and governance (ESG) performance and ESG rating agencies. However, even though ESG rating agencies have become very influential institutions, the literature has found that ESG performance ratings provided by different agencies often differ from each other. This causes consequences that should be considered, such as complex evaluation of companies' ESG performance and uncertainty in ESG investment decisions. Th
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18

Mikhail, A. MOROZOV, and S. MOROZOVA Natalia. "ESG-transformation of the tourism and hotel industry." Services in Russia and Abroad 16, no. 2 (2022): 86–93. https://doi.org/10.24412/1995-042X-2022-2-86-93.

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The article discusses the ESG-principles of economic development, which fully meet the concept of sustainable development. The key indicators of modern entrepreneurship are a responsible attitude to the environment (E-criterion), compliance with the social responsibility of business (S-criterion), and high-quality company management (G-criterion). Many enterprises from various industries already share ESG principles and actively use them in their activities. International rating agencies develop ESG ratings of companies that show the degree of commitment of enterprises to these principles. Rus
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19

Khachatryan, H. V. "Divergence of ESG Ratings: Foreign Regulatory Trends." Financial Journal 14, no. 5 (2022): 89–104. http://dx.doi.org/10.31107/2075-1990-2022-5-89-104.

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Studies show that correlations of ESG ratings provided by various rating agencies are fairly weak. The challenge related to disparities in ESG ratings often referred to as “divergence” of ESG ratings is widely discussed in academic and professional community. This divergence may lead to investment decisions made based on misleading information and thus, distort the re-orientation of capital flows into sustainable business. For this reason, there is a growing legislative and regulatory focus on ESG related issues, including the activities of ESG rating providers. The purpose of this article is
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20

Chen, Zexin. "Developing a Global ESG Rating System: Challenges, Strategies, and Future Prospects." Financial Economics Research 2, no. 1 (2025): 1–10. https://doi.org/10.70267/jacs1v36.

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The increasing focus on sustainable development and corporate social responsibility globally has elevated the importance of ESG rating systems as crucial tools for evaluating enterprises' sustainable development capabilities. This paper aims to conduct an in-depth analysis of the current mainstream ESG rating agencies' systems, identify their problems and challenges, and propose strategies to promote standardized and unified development of the ESG rating system. On this basis, this paper presents a conceptual framework for constructing a standardized ESG rating system, discusses ESG risk and p
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21

Fu, Chen, Logaiswari Indiran, and Umar Haiyat Abdul Kohar. "Compare The Differences and Consistency of Domestic and Foreign ESG Rating Agencies." Global Conference on Business and Social Sciences Proceeding 16, no. 1 (2024): 21. https://doi.org/10.35609/gcbssproceeding.2024.1(21).

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There has recently been a rising acknowledgment of the significance of ESG to business sustainability. In empirical investigations, previous research has neglected to evaluate ESG rating availability, variations, and the impact they play in sustainable development. To analyse ESG rating, various institutions often employ different approaches and criteria. Some may concentrate their efforts on certain industry or locations. Domestic institutions may customise their standards to the legislative and commercial context of their own nation, while overseas institutions can consider global norms. ESG
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22

Halomoan, Jonatan, and Dewi Hanggraeni. "Comparison of ESG Rating Methods with AHP Methods (A Study in A State-Owned Electricity Company in Indonesia)." Quantitative Economics and Management Studies 5, no. 3 (2024): 500–514. http://dx.doi.org/10.35877/454ri.qems2570.

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The ESG Rating measurement method from Sustainalytic & S&P is the method that is considered the most suitable for analyzing ESG risks in State-owned electricity companies. This research analyzes the ESG Rating measurement method issued by 4 ESG rating agencies, namely S&P, MSCI, Sustainalytics, and Refinitiv using the method AHP, the results of which will determine which method is most suitable for analyzing ESG risks in state-owned electricity companies. From the results of data collection, it was found that the ESG rating measurement method from Sustainalytic had the highest prio
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23

Lukács, Bence, Péter Molnár, and Robert C. Rickards. "Comparative assessment of ESG ratings methodology and results based on XBRL." Journal of Infrastructure, Policy and Development 8, no. 12 (2024): 8641. http://dx.doi.org/10.24294/jipd.v8i12.8641.

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This study provides a comparative analysis of Environmental, Social, and Governance (ESG) ratings methodologies and explores the potential of eXtensible Business Reporting Language (XBRL) to enhance transparency and comparability in ESG reporting. Evaluating ratings from different agencies, the research identifies significant methodological inconsistencies that lead to conflicting information for investors and stakeholders. Statistical tests and adjusted rating scales confirm substantial divergence in ESG scores, primarily due to differing data categories and indicators used by rating firms. U
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24

Yang, Seunghee, Sehee Kim, Woo-Jong Lee, and Hee-Yeon Sunwoo. "Do Sustainability Reports Inform Rating Agencies? Evidence from ESG Rating Divergence*." Korean Accounting Journal 34, no. 3 (2025): 83–113. https://doi.org/10.24056/kaj.2025.02.003.

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25

Zhatikova, D. V., and P. S. Scherbachenko. "Methodology for assigning ESG ratings." Vestnik Universiteta, no. 8 (September 20, 2023): 99–108. http://dx.doi.org/10.26425/1816-4277-2023-8-99-108.

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The article presents study results of methodologies for assigning indices and ESG rating, ESG ranking by the largest Russian rating agencies: Analytical Credit Rating Agency, National Rating Agency, Expert RA JSC, and the Russian Union of Industrialists and Entrepreneurs. Growth of negative impact on the environment and aggravation of social and corporate problems have been outlined as relevance reasons of the issue. Theoretical bases of three key blocks (ecology (E), society (S), corporate governance (G)) have been stated. Known rating scales for assessing the level of sustainable development
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Banke, Marius, Stephanie Lenger, and Christiane Pott. "ESG Ratings in the Corporate Reporting of DAX40 Companies in Germany: Effects on Market Participants." Sustainability 14, no. 15 (2022): 9742. http://dx.doi.org/10.3390/su14159742.

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This study identifies to what extent DAX40 companies integrate ESG rating information into their reporting and whether the disclosure of ESG ratings results has a positive impact on professional and non-professional stakeholders, and thus represents a benefit for the reporting company. Our study shows that 82.5% of DAX40 companies report ESG rating results and we find that the disclosure of ESG rating results is a useful method for reporting companies (compared to non-reporters), as it leads to higher stock prices and better reputations. Considering that ESG rating results can differ substanti
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27

Nosko, Polina. "Analysis of ESG Ratings’ Methodologies in the Russian Market: Transparency and Convergence Issues." Contemporary World Economy 2, no. 2 (2024): 60–75. http://dx.doi.org/10.17323/2949-5776-2024-2-2-60-75.

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Reliability of ESG ratings, which represent a tool for organizations’ sustainability performance assessment, has been studied and sometimes questioned by academic researchers and international organizations. In response to criticism, regulations emerged targeting the revealed problems and their sources. Russia, where the ESG ratings market has grown significantly over the last two years, is no exception. The paper aims at assessing the transparency level of ESG ratings methodologies in the Russian market and identifying whether they converge. To achieve the goal, the author scrutinized publica
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Jang, Ga-Young, Hyoung-Goo Kang, Ju-Yeong Lee, and Kyounghun Bae. "ESG Scores and the Credit Market." Sustainability 12, no. 8 (2020): 3456. http://dx.doi.org/10.3390/su12083456.

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This study analyzes the relationship between Environmental, Social and Governance (ESG) scores and bond returns using the corporate bond data in Korea during the period of 2010 to 2015. We find that ESG scores include valuable information about the downside risk of firms. This effect is particularly salient for the firms with high information asymmetry such as small firms. Interestingly, of the three ESG criteria, only environmental scores show a significant impact on bond returns when interacted with the firm size, suggesting that high environmental scores lower the cost of debt financing for
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Zhang, Xinran. "Analysis Of the Impact of ESG Rating Divergence on Stock Returns." Highlights in Business, Economics and Management 43 (December 5, 2024): 98–102. https://doi.org/10.54097/w8bd3k11.

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With the increasingly serious problem of extreme climate, China's emphasis on sustainable development is increasing, and the ESG concept is gradually receiving attention from all sectors of society. Environmental, Social and Governance (ESG) rating results have become an important reference for investors when making decisions, and enterprises also incorporate ESG decisions into their management. However, at present, the rating results of various ESG rating agencies at home and abroad are different, with significant differences, which interfere with investor judgment and also have a certain imp
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Sandu, Diana Mihaela. "The impact of ESG risk disagreements on stock returns and volatility in Europe." Global Journal of Business, Economics and Management: Current Issues 15, no. 1 (2025): 1–10. https://doi.org/10.18844/gjbem.v15i1.9555.

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This study examines the impact of Environmental, Social, and Governance risk disagreements on the annual average level and volatility of daily stock returns. By employing a proxy for rating disagreement based on ESG risk ratings from two leading providers, the analysis reveals that ESG disagreements significantly increase stock return volatility. This finding remains robust across different methods of measuring rating disagreement. Furthermore, industry-adjusted ESG rating disagreement is shown to exacerbate volatility. Addressing a gap in the literature regarding the effects of ESG risk disag
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Chen, Zhe. "ESG Rating Divergence and the Risk of Corporate Share Price Crashes: Facilitation or Suppression." Advances in Economics, Management and Political Sciences 138, no. 1 (2025): 178–86. https://doi.org/10.54254/2754-1169/2024.19232.

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The absence of standardized criteria has resulted in significant discrepancies in corporate ESG ratings across different agencies, potentially causing investors to misinterpret corporate ESG performance. This study empirically examines the relationship between ESG rating divergence and stock price crash risk, drawing on data from A-share listed firms in Shanghai and Shenzhen between 2015 and 2022.The findings reveal that ESG rating divergence plays a critical role in mitigating the risk of stock price crashes. This effect is primarily driven by the reduction in corporate earnings management an
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VASIU, Diana Elena. "DIVERGENCE REGARDING ESG. A BIBLIOMETRIC ANALYSIS." Management of Sustainable Development 16, no. 2 (2024): 99–112. https://doi.org/10.54989/msd-2024-0019.

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ESG criteria serve as a cornerstone for sustainable business practices, but the growing emphasis on sustainability has led to a surge in ESG rating providers, introducing significant challenges. ESG ratings are inherently complex and often differ across agencies, due to a lack of standardized parameters, risks of green-washing, and the perceived trade-off between profitability and sustainability. Inconsistent methodologies and fragmented regulatory frameworks hinder meaningful comparisons, resulting in limited confidence among investors and companies regarding the reliability of these ratings.
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Finogenova, Yulia Y. "Features of ESG rating of Russian companies." E3S Web of Conferences 403 (2023): 08004. http://dx.doi.org/10.1051/e3sconf/202340308004.

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The article is devoted to the comparative assessment of the existing ESG rating methodologies, which are developed by the largest statistical agencies, which are specializing on the ESG rating calculation. The purpose of the study is to highlight the main strengths and weaknesses of the existing methodologies in order to take it into consideration during the development of the Russian national ESG scores’ assessment methodology.
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Suhardjo, Iwan, Chris Akroyd, and Meiliana Suparman. "Unpacking Environmental, Social, and Governance Score Disparity: A Study of Indonesian Palm Oil Companies." Journal of Risk and Financial Management 17, no. 7 (2024): 296. http://dx.doi.org/10.3390/jrfm17070296.

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This study investigates the inconsistencies in ESG scores assigned by different rating agencies. Focusing on two Indonesian palm oil companies, this paper examines the link between their reported sustainability performance and the resulting ESG scores. This study employs content analysis to assess how the companies disclose information around double materiality, stakeholder engagement, and certifications. Additionally, the methodologies used by two rating agencies are reviewed to identify potential misalignments. The analysis reveals discrepancies in the ratings, suggesting factors like differ
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35

Zhao, Ziyi. "The Impact of ESG Rating Divergence on Stock Liquidity: Evidence from the Chinese Capital Market." Advances in Economics and Management Research 13, no. 1 (2025): 621. https://doi.org/10.56028/aemr.13.1.621.2025.

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Against the backdrop of global sustainable development and the rise of ESG investing, the significant divergence in ESG ratings in China’s capital market exacerbates information asymmetry, potentially suppressing stock liquidity and undermining market efficiency. This paper examines 712 A-share listed companies from 2019 to 2023, constructs an ESG divergence index by integrating data from four major rating agencies, and employs a two-way fixed effects model and instrumental variable approach to analyze its relationship with stock liquidity. The findings reveal that increased ESG rating diverge
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Hughes, Arthur, Michael A. Urban, and Dariusz Wójcik. "Alternative ESG Ratings: How Technological Innovation Is Reshaping Sustainable Investment." Sustainability 13, no. 6 (2021): 3551. http://dx.doi.org/10.3390/su13063551.

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Environmental, Social and Governance (ESG) rating agencies have been instrumental in mainstreaming sustainability in the investment industry. Traditionally, they have relied on company disclosure and human analysis to produce their ratings. More recently however, technological innovation in data scraping and Artificial Intelligence (AI) have undercut the traditional approach. Tech-driven Alternative ESG ratings are becoming increasingly influential yet remain critically underexplored in sustainable finance scholarship. Grounded within financial geography and using mixed methods, this paper fil
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Ermokhin, Ivan, Yulia Burhanova, and Antonina Levashenko. "The Problem of Divergence of ESG Ratings Awarded by Persons Providing Services for the Assessment of Sustainable Development. The Main Trends in the Field of Legislative Regulation of the ESG rating Institute in Russia and in the World." International Organisations Research Journal 18, no. 3 (2023): 186–204. http://dx.doi.org/10.17323/1996-7845-2023-03-10.

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Confidence in environment, social, and governance (ESG) ratings among investors remains at a fairly low level. An Edelman Insights study [2021] reported that almost three out of four institutional investors do not trust companies to achieve their stated commitments in the fields of sustainability, ESG, or diversity, equity, and inclusivity (DEI). One of the reasons for this distrust is the divergence of ESG ratings – that is, the difference in ratings given by different ESG agencies to the same companies. The origins of this problem lie in the fact that there is still no developed framework to
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38

Golovnin, R. S., and T. V. Baibakova. "Comparative analysis of the social component when assigning an ESG rating." Vestnik Universiteta, no. 7 (August 31, 2024): 118–31. http://dx.doi.org/10.26425/1816-4277-2024-7-118-131.

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Every year, Russian companies are using ESG (environmental, social, governance) ratings more actively as a tool to increase their investment attractiveness. At the same time, there are no clear standards in the world and domestic practice that should be considered when forming these ratings. In this regard, the ESG methodologies presented on the Russian market are based on extremely subjective criteria and approaches to their assessment. This can lead to dramatically different results of the ESG ratings from different analytical agencies. In order to verify this fact, the authors of the articl
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Veenstra, Esmee M., and Naomi Ellemers. "ESG Indicators as Organizational Performance Goals: Do Rating Agencies Encourage a Holistic Approach?" Sustainability 12, no. 24 (2020): 10228. http://dx.doi.org/10.3390/su122410228.

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Offering environmental, social, and governance (ESG) assessment and certification can invite organizations to adapt their activities to accommodate environmental, social, and governance concerns. Prior research points to shortcomings in accurately monitoring and assessing organizational sustainability performance. This contribution aims to highlight the role of ESG indicators as motivating organizations to prioritize sustainability goals. Theory and research elucidate that the definition of specific goals guides the degree of effort organizations invest, the priorities they set, and the persis
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Tyvonchuk, O. "Esg company ratings – the nature and features of formation." Galic'kij ekonomičnij visnik 67, no. 6 (2020): 104–13. http://dx.doi.org/10.33108/galicianvisnyk_tntu2020.06.104.

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The article examines the essence of ESG ratings, the causes and history of their origin and dissemination. It has been found that sustainable development of the companies is in the interests of both investors, companies themselves and other stakeholders, as there is a clear positive correlation between commercial success, financial performance and the efforts of businesses to implement the principles of sustainable development. One of the important tools for evaluating the effectiveness of sustainable development of companies, their risks and potential opportunities in environmental, social an
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Dandaro, Fernanda Massarotto, and Fabiano Guasti Lima. "ESG Performance and Credit Risk in Latin America." Sociedade, Contabilidade e Gestão 17, no. 3 (2023): 40–56. http://dx.doi.org/10.21446/scg_ufrj.v0i0.53433.

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Previous studies suggest that the environmental, social and governance performance of companies helps to build a stronger image and reputation, thus providing better financial performance. However, the adoption of environmental, social and governance (ESG) practices as a tool for financial risk management is still little explored, especially in undeveloped economies. This research seeks to fill this gap by investigating whether the adoption of ESG practices reduces credit risk in publicly traded companies in Latin America. The results, obtained through an ordered logistic regression, consideri
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Maksimov, Maksim I., and Sofia R. Lebedeva. "ANALYSIS AND DIAGNOSIS OF MODERN RUSSIAN ESG PRACTICES ON THE EXAMPLE OF ALROSA COMPANY." EKONOMIKA I UPRAVLENIE: PROBLEMY, RESHENIYA 4/3, no. 124 (2022): 244–56. http://dx.doi.org/10.36871/ek.up.p.r.2022.04.03.018.

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The ESG agenda is a rapidly developing global and national trend that has economic value for business as well as social significance. In this regard, it became necessary to create an expertise in the formation of a sustainability management system and ESG practices. The article describes the practical implementation of ESG diagnostics on the example of the company “ALROSA”. The study was based on ESG rating evaluation reports and publicly available information, including non-financial statements of companies. The key zones for development have been identified, a list of competing companies has
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Cioli, Valentina, Alessandro Giannozzi, Lucrezia Pescatori, and Oliviero Roggi. "Are environmental, social and government factors incorporated in the credit ratings?" Risk Governance and Control: Financial Markets and Institutions 13, no. 3 (2023): 22–32. http://dx.doi.org/10.22495/rgcv13i3p2.

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Sustainability aspects are assuming a key role both in investment decisions and in credit assessment processes. The aim of this research is to investigate the relationship between environmental, social and governance (ESG) variables and credit rating. We conduct an analysis on a sample of 1191 US-listed companies in 2021. We collect S&P credit ratings on Thomson Refinitiv and we regress ESG variables, and the sub-categories of each pillar E/S/G, against credit rating, along with common firm-specific factors affecting credit risk. The result highlights a direct relationship between ESG perf
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Zhu, Yunfu, Haoling Yang, and Ma Zhong. "Do ESG Ratings of Chinese Firms Converge or Diverge? A Comparative Analysis Based on Multiple Domestic and International Ratings." Sustainability 15, no. 16 (2023): 12573. http://dx.doi.org/10.3390/su151612573.

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Since the Chinese economy has transitioned to a sustainable model, the Chinese socially responsible investment (SRI) market has expanded rapidly, which has deeply stimulated the development of environmental, social, and governance (ESG) ratings for Chinese firms. Domestic agencies, such as SynTao, Rankins (RKS), Sino-Securities (SSII), and China Alliance of Social Value Investment (CASVI), and international agencies, such as Bloomberg, FTSE Russell (FTSE), and Morgan Stanley Capital International (MSCI), have launched their own ESG rating systems. These emerging ratings may provide users of in
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Wan, Jun, Yuejia Wang, and Yuan Wang. "Promoting or Hindering: The Impact of ESG Rating Differences on Energy Enterprises’ Green Transformation—A Causal Test from Double Machine-Learning Algorithms." Energies 18, no. 3 (2025): 464. https://doi.org/10.3390/en18030464.

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There is a lack of comprehensive evaluation on the impact of ESG rating differences on the green transformation of energy enterprises in the transition era. This study leverages data from companies listed on the Shanghai Stock Exchange in China, applying double machine-learning algorithms to precisely estimate the causal relationship between variations in ESG ratings and the green transition efficiency of energy companies. The research shows that the difference in ESG ratings of third-party rating agencies significantly promotes the efficiency of green transformation of energy enterprises. Thi
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Deng, Jiayu. "ESG Rating Divergence and Stock Mispricing." Journal of Innovation and Development 10, no. 1 (2025): 20–32. https://doi.org/10.54097/zmk2f350.

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With the development and popularization of the concept of sustainable development, more and more investors have begun to use corporate ESG performance to measure the long-term development ability of enterprises, but due to the existence of different evaluation systems among different rating agencies, which has led to the emergence of ESG rating divergence. Against the background of widespread ESG rating divergence, this paper aims to investigate the impact of ESG rating divergence on the level of stock mispricing in the capital market. Through empirical research, it is found that, first, the g
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Jang, Yoon-Je. "Status and Problems of Korean ESG Rating Agencies and Regulatory Direction." commercial cases review 34, no. 3 (2021): 423–72. http://dx.doi.org/10.36894/ccr.2021.34.3.423.

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Jang, Yoon-Je. "Status and Problems of Korean ESG Rating Agencies and Regulatory Direction." commercial cases review 34, no. 3 (2021): 423–72. http://dx.doi.org/10.36894/kcca.2021.34.3.423.

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Tian, Yajuan. "Will Informal Institutions Affect ESG Rating Divergence? Evidence from Chinese Confucian Culture." Sustainability 16, no. 22 (2024): 9951. http://dx.doi.org/10.3390/su16229951.

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As the concept of “dual carbon” deepens, the ESG rating system has emerged as a means of measuring corporate value and providing information for investment decisions. However, the standards set by different rating agencies vary, leading to discrepancies in ESG ratings. Confucian culture, as an informal institution, may indirectly influence these rating discrepancies by shaping corporate behavior. Therefore, this paper takes traditional culture as the starting point to explore the intrinsic relationship between Confucian culture and corporate ESG rating divergence, with the aim of providing emp
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Gou, Lufeng, and Xiaoxiao Li. "Why Do ESG Rating Differences Affect Audit Fees?—Dual Intermediary Path Analysis Based on Operating Risk and Analyst Earnings Forecast Error." Sustainability 17, no. 2 (2025): 380. https://doi.org/10.3390/su17020380.

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As environmental, social, and governance (ESG) issues become increasingly important, ESG ratings have become a significant factor influencing audit fees for businesses. However, ESG ratings are typically assessed by multiple agencies or rating firms and, due to differences in evaluation criteria, methodologies, and data sources, the ratings provided by different institutions may vary considerably. Therefore, research on the impact of discrepancies in ESG ratings on audit fees is of great significance. This paper examines this phenomenon by analyzing a sample of Chinese listed companies from 20
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