Emerging trends in ESG ratings as risk factors in asset pricing

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-24 DOI:10.1016/j.frl.2025.107628

Nihal Touti , Asmâa Alaoui Taïb , Lilia Rekik

引用次数: 0

Abstract

The increasing prominence of ESG ratings is reshaping asset pricing by providing new approaches to assess risk and return in financial markets. This study conducts a bibliometric analysis of 392 publications from Scopus and Web of Science, covering research from 2005 to 2024. A notable acceleration in studies has been observed since 2018, with the USA and UK leading in contributions. The analysis identifies key thematic clusters on the impact of corporate social responsibility on stock performance and portfolio management. It maps the evolution of ESG-related asset pricing research, highlights key contributors, and outlines emerging themes for financial decision-making.

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ESG评级作为资产定价风险因素的新兴趋势

ESG评级的日益突出，通过提供评估金融市场风险和回报的新方法，正在重塑资产定价。本研究对来自Scopus和Web of Science的392篇论文进行了文献计量学分析，涵盖了2005年至2024年的研究。自2018年以来，研究的速度显著加快，其中美国和英国的贡献领先。分析确定了企业社会责任对股票业绩和投资组合管理影响的关键专题集群。它描绘了与esg相关的资产定价研究的演变，突出了关键贡献者，并概述了金融决策的新兴主题。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance