Ownership of ESG characteristics

IF 1.5 Q3 BUSINESS, FINANCE

Journal of Asset Management Pub Date : 2023-11-04 DOI:10.1057/s41260-023-00335-y

Mark E. Bateman, Lisa R. Goldberg

引用次数: 0

Abstract

Abstract A portfolio can be viewed as the collection of the businesses, policies and practices of constituent companies. We measure investors’ Ownership of this collection. Ownership metrics aggregate an assortment of company specific Environmental, Social and Governance (ESG) characteristics to the portfolio level, and they can inform investment and engagement decisions. Relative to a benchmark, investor Ownership is active and satisfies a zero-sum property, which underscores the distinction between Ownership and impact. Ownership of ESG characteristics may be interpreted as ascribing ethical responsibility, but that conclusion and any decisions that result from it belong to the investor.

查看原文本刊更多论文

ESG特征的所有权

一个投资组合可以被看作是组成公司的业务、政策和实践的集合。我们衡量投资者对这个收藏的所有权。所有权指标将公司特定的环境、社会和治理(ESG)特征集合到投资组合级别，它们可以为投资和参与决策提供信息。相对于基准，投资者所有权是积极的，满足零和属性，这强调了所有权和影响之间的区别。拥有ESG特征可能被解释为赋予道德责任，但这一结论以及由此产生的任何决策都属于投资者。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Journal of Asset Management BUSINESS, FINANCE-

CiteScore

4.10

自引率

0.00%

发文量

期刊介绍： The Journal of Asset Management covers:new investment strategies, methodologies and techniquesnew products and trading developmentsimportant regulatory and legal developmentsemerging trends in asset managementUnder the guidance of its expert Editors and an eminent international Editorial Board, Journal of Asset Management has developed to provide an international forum for latest thinking, techniques and developments for the Fund Management Industry, from high-growth investment strategies to modelling and managing risk, from active management to index tracking. The Journal has established itself as a key bridge between applied academic research, commercial best practice and regulatory interests, globally.Each issue of Journal of Asset Management publishes detailed, authoritative briefings, analysis, research and reviews by leading experts in the field, to keep subscribers up to date with the latest developments and thinking in asset management.Journal of Asset Management covers:asset allocation hedge fund strategies risk definition and management index tracking performance measurement stock selection investment methodologies and techniques portfolio management and weighting product development and innovation active asset management style analysis strategies to match client profiles time horizons emerging markets alternative investments derivatives and hedging instruments pensions economics