ESG disclosure vs. ESG ratings: Consistent information value?

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-09-07 DOI:10.1016/j.irfa.2025.104623

Andreas Oehler, Charlotte Neuss

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引用次数: 0

Abstract

We perform textual analysis of annual reports and examine the consistency between firms' ESG rating and firms' ESG disclosure. The paper contributes to the ESG literature by combining two mostly separately investigated research topics: the ESG ratings and the ESG disclosure. This is important as market participants use both sources for decision-making. We develop two different word lists to analyze the ESG information value from a rating agency-perspective and from the academic literature perspective. Our results show that using a comprehensive ESG-related word list from academic studies can explain a substantial proportion of several ESG ratings, indicating that market participants can use firm disclosure as an approximation for several ESG ratings. Given that ESG rating agencies use public information, our study sheds a light on the information value from different information channels which is important for market participants. Moreover, the differences in the information value reveal the difficulties in using ESG ratings and the issue of rating dispersions.

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ESG披露与ESG评级：一致的信息价值？

我们对年度报告进行文本分析，并检验公司ESG评级与公司ESG披露之间的一致性。本文将ESG评级和ESG披露这两个主要独立研究的主题结合起来，为ESG文献做出了贡献。这一点很重要，因为市场参与者同时使用这两种资源进行决策。我们从评级机构的角度和学术文献的角度对ESG信息价值进行了两种不同的词表分析。我们的研究结果表明，使用学术研究中全面的ESG相关词汇表可以解释几个ESG评级的很大一部分，这表明市场参与者可以使用公司披露作为几个ESG评级的近似值。鉴于ESG评级机构使用的是公开信息，我们的研究揭示了不同信息渠道的信息价值，这对市场参与者来说很重要。此外，信息价值的差异揭示了使用ESG评级的困难和评级分散的问题。

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

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.