Berg, Koelbel, and Rigobon (2022) found thatESG ratings from different providers (e.g., MSCI, Sustainalytics, FTSE) have low correlation, makingcomparisons difficult. This inconsistencyhinders empirical researchandleads to investor confusion.
[References:, Berg, Koelbel & Rigobon (2022) “Aggregate Confusion: The Divergence of ESG Ratings”, MSCI vs. Sustainalytics ESG Ratings Methodology Comparison, CFA Institute ESG Data Inconsistency Report, ========, , ]
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