Doing Well by Doing Good: A Comparative Analysis of ESG Standards for Responsible Investment

4区 管理学 Q3 Economics, Econometrics and Finance
Emily Barman
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引用次数: 10

Abstract

Abstract Over the last several decades, the question of the import of firms’ social and environmental responsibilities has taken center stage. While once companies’ obligations to stakeholders and to sustainability were framed as normative issues, these criteria are taking on instrumental worth. Most recently, advocates of Responsible Investment have suggested that firms’ environmental, social, and governance (ESG) performance possesses critical implications for companies’ creation and capture of long-term economic value. Employing textual analysis, this chapter analyzes the accounting, rating, and reporting standards that have been developed by which companies are expected to measure, communicate, and be evaluated for their ESG performance. Drawing from literature on organizational imprinting, this chapter finds significant differences across these standards, in terms of the determination of materiality and firms’ desired stakeholder relations. The divergence present in the meaning and measure of Responsible Investment across these standards possesses important strategic implications for managers in this field who must consider the implications of each guideline for internal and external purposes.
以善为本:责任投资的ESG标准比较分析
在过去的几十年里,企业社会责任和环境责任的重要性问题一直是人们关注的焦点。虽然企业对利益相关者和可持续性的义务一度被视为规范性问题,但这些标准正在发挥工具性价值。最近,责任投资的倡导者提出,公司的环境、社会和治理(ESG)绩效对公司创造和获取长期经济价值具有至关重要的影响。本章采用文本分析的方法,分析了已经制定的会计、评级和报告标准,这些标准被期望用于衡量、沟通和评估公司的ESG绩效。根据有关组织印记的文献,本章发现这些标准在确定重要性和公司期望的利益相关者关系方面存在显著差异。这些标准中责任投资的含义和度量的差异对该领域的管理者具有重要的战略意义,他们必须考虑每个准则对内部和外部目的的影响。
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来源期刊
CiteScore
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期刊介绍: Advances in Strategic Management is dedicated to communicating innovative, new research that advances theory and practice in Strategic Management. The domain of the series encompasses, but is not limited to, corporate and business unit strategy, strategic organization and process, alliances and networks, and competitive dynamics. The series is committed to expanding the scope of Strategic Management theory and analysis and enriching practice by: -Encouraging multitheoretical approaches that span multiple social science disciplines -Welcoming papers using a diversity of innovative research methods -Creating focused volumes that explore in depth promising new research directions, consolidate research streams, and address significant current theoretical and practical problems.
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