【ESG】Aggregate Confusion: The Divergence of ESG Ratings

这篇文章探究了6中ESG rating的不同标准，对我之后要做的International stock exchange可能有参考价值。

    This paper investigates the divergence of environmental, social, and governance (ESG) ratings, based on data from six prominent ESG rating agencies: KLD, Sustainalytics, Moody’s ESG (Vigeo-Eiris), S&P Global (RobecoSAM), Refinitiv (Asset4), and MSCI. We document the rating divergence and map the different methodologies onto a common taxonomy of categories. Using this taxonomy, we decompose the divergence into contributions of scope, measurement, and weights. Measurement contributes 56% of the divergence, Scope 38%, and weights 6%. Further analyzing the reasons for measurement divergence, we detect a rater effect where a rater’s overall view of a firm influences the measurement of specific categories. The results call for greater attention to how the data underlying ESG ratings is generated.

Berg, Kölb