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A legal origins perspective on ESG rating disagreement
ID Kurbus, Barbara (Author), ID Rant, Vasja (Author)

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Abstract
Firms’ environmental, social, and governance (ESG) scores vary significantly across rating providers. This article considers the legal origins theory as a potential factor influencing ESG rating disagreement. By comparing ESG scores from five reputable rating providers – Bloomberg, S&P Global, LSEG, MSCI, and Sustainalytics – for a sample of 2392 public firms incorporated across 53 countries, we find that correlation disagreement between rating providers is lower for civil law firms, while dispersion disagreement across rating providers is lower for common law firms. This suggests, firstly, that civil law firms are influenced more by shared factors such as national policies, regulations and industry practices, leading to higher correlations in ESG scores between rating providers, and secondly, that common law firms engage in more independent and firm-specific ESG efforts, resulting in lower ESG dispersion across rating providers.

Language:English
Keywords:enterprises, social responsibility, sustainable development, ESG rating disagreement, ESG dispersion, ESG correlation, legal origin
Work type:Article
Typology:1.01 - Original Scientific Article
Organization:EF - School of Economics and Business
Publication status:Published
Publication version:Version of Record
Year:2025
Number of pages:22 str.
Numbering:Vol. 74, art. 102702
PID:20.500.12556/RUL-166356 This link opens in a new window
UDC:502.131.1
ISSN on article:0275-5319
DOI:10.1016/j.ribaf.2024.102702 This link opens in a new window
COBISS.SI-ID:220978179 This link opens in a new window
Publication date in RUL:08.01.2025
Views:165
Downloads:32
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Record is a part of a journal

Title:Research in international business and finance
Shortened title:Res. int. bus. financ.
Publisher:Elsevier
ISSN:0275-5319
COBISS.SI-ID:512590361 This link opens in a new window

Licences

License:CC BY-NC-ND 4.0, Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International
Link:http://creativecommons.org/licenses/by-nc-nd/4.0/
Description:The most restrictive Creative Commons license. This only allows people to download and share the work for no commercial gain and for no other purposes.

Secondary language

Language:Slovenian
Keywords:podjetje, družbena odgovornost, trajnostni razvoj

Projects

Funder:ARIS - Slovenian Research and Innovation Agency
Project number:P5-0161
Name:Izzivi vlagateljev, podjetij, finančnih institucij in države v negotovem evropskem gospodarskem okolju

Funder:ARIS - Slovenian Research and Innovation Agency
Project number:V5-2261
Name:Modeliranje vplačil novih virov lastnih sredstev EU po državah članicah

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