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Esg Ratings Rewriting Or Recalibration?, Chengshuang Zhang
Esg Ratings Rewriting Or Recalibration?, Chengshuang Zhang
Dissertations and Theses Collection (Open Access)
ESG ratings are the nexus of sustainable development. Are ongoing retroactive adjustments of ESG scores rewriting or recalibration? Using datasets from 20 random weeks of downloads of Refinitiv ESG universe between 7 October 2021 to 14 December 2022, we find that the positive link between ESG scores or E&S scores to firms’ stock returns existed between 2011 to 2017, disappeared between 2002 to 2011 and attenuated between 2017 to 2021. Using the formation of the International Sustainability Standard Board on 3rd November 2021 as the external shock event, we further find that the retroactive ESG score adjustments are not …