A legal origins perspective on ESG rating disagreement

Kurbus, Barbara (avtor), Rant, Vasja (avtor)

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.

• Jezik: Angleški jezik
• Ključne besede: enterprises, social responsibility, sustainable development, ESG rating disagreement, ESG dispersion, ESG correlation, legal origin
• Vrsta gradiva: Članek v reviji
• Tipologija: 1.01 - Izvirni znanstveni članek
• Organizacija: EF - Ekonomska fakulteta
• Status publikacije: Objavljeno
• Različica publikacije: Objavljena publikacija
• Leto izida: 2025
• Št. strani: 22 str.
• Številčenje: Vol. 74, art. 102702
• PID: 20.500.12556/RUL-166356
• UDK: 502.131.1
• ISSN pri članku: 0275-5319
• DOI: 10.1016/j.ribaf.2024.102702
• COBISS.SI-ID: 220978179
• Datum objave v RUL: 08.01.2025

Gradivo je del revije

• Naslov: Research in international business and finance
• Skrajšan naslov: Res. int. bus. financ.
• Založnik: Elsevier
• ISSN: 0275-5319
• COBISS.SI-ID: 512590361

Licence

• Licenca: CC BY-NC-ND 4.0, Creative Commons Priznanje avtorstva-Nekomercialno-Brez predelav 4.0 Mednarodna
• Povezava: http://creativecommons.org/licenses/by-nc-nd/4.0/deed.sl
• Opis: Najbolj omejujoča licenca Creative Commons. Uporabniki lahko prenesejo in delijo delo v nekomercialne namene in ga ne smejo uporabiti za nobene druge namene.

Sekundarni jezik

• Jezik: Slovenski jezik
• Ključne besede: podjetje, družbena odgovornost, trajnostni razvoj

Projekti

• Financer: ARIS - Javna agencija za znanstvenoraziskovalno in inovacijsko dejavnost Republike Slovenije
• Številka projekta: P5-0161
• Naslov: Izzivi vlagateljev, podjetij, finančnih institucij in države v negotovem evropskem gospodarskem okolju

• Financer: ARIS - Javna agencija za znanstvenoraziskovalno in inovacijsko dejavnost Republike Slovenije
• Številka projekta: V5-2261
• Naslov: Modeliranje vplačil novih virov lastnih sredstev EU po državah članicah