Legitimacy and the extraordinary growth of ESG measures and metrics in the global investment management industry

IF 4.6 1区社会学 Q1 ENVIRONMENTAL STUDIES

Environment and Planning A-Economy and Space Pub Date : 2023-02-28 DOI:10.1177/0308518x231155484

G. Clark, Adam D. Dixon

引用次数: 0

Abstract

ESG metrics are increasingly important in the global investment management industry. Why this came to pass given the limited appetite for responsible investing in the industry is the subject of this paper. Although the business case for ESG provides an explanation for its increasing uptake whereby market actors are increasingly convinced of the merits of ESG as a profit centre, this explanation is insufficient. By contrast, the adoption the ESG programme offers a means of rewriting the terms of risk management and value creation that while grounded in the business case also serve to address challenges to the legitimacy of the global asset management industry. These developments are illustrated in a case study of the establishment and growth of TruCost and its purchase by S&P Global in 2016.

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ESG措施和指标在全球投资管理行业的合法性和非凡增长

ESG指标在全球投资管理行业日益重要。鉴于对该行业负责任投资的兴趣有限，为什么会出现这种情况是本文的主题。尽管ESG的商业案例为其日益普及提供了解释，即市场参与者越来越相信ESG作为利润中心的优点，但这一解释是不够的。相比之下，采用ESG计划提供了一种重写风险管理和价值创造条款的手段，这些条款虽然基于商业案例，但也有助于应对全球资产管理行业合法性面临的挑战。这些发展在TruCost的建立和发展以及2016年被标普全球收购的案例研究中得到了说明。

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

Environment and Planning A-Economy and Space Multiple-

CiteScore

9.50

自引率

9.50%

发文量

100

期刊介绍： Environment and Planning A: Economy and Space is a pluralist and heterodox journal of economic research, principally concerned with questions of urban and regional restructuring, globalization, inequality, and uneven development. International in outlook and interdisciplinary in spirit, the journal is positioned at the forefront of theoretical and methodological innovation, welcoming substantive and empirical contributions that probe and problematize significant issues of economic, social, and political concern, especially where these advance new approaches. The horizons of Economy and Space are wide, but themes of recurrent concern for the journal include: global production and consumption networks; urban policy and politics; race, gender, and class; economies of technology, information and knowledge; money, banking, and finance; migration and mobility; resource production and distribution; and land, housing, labor, and commodity markets. To these ends, Economy and Space values a diverse array of theories, methods, and approaches, especially where these engage with research traditions, evolving debates, and new directions in urban and regional studies, in human geography, and in allied fields such as socioeconomics and the various traditions of political economy.