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題名 國際主要 ESG評級機構沿革及衡量要點之 研究
Research of History and Rating Principles of Major Global ESG Rating Agencies
作者 吳家瑜
Wu, Chia-Yu
貢獻者 戚務君
吳家瑜
Wu, Chia-Yu
關鍵詞 永續發展指標
ESG
日期 2023
上傳時間 2-Aug-2023 13:28:42 (UTC+8)
摘要 近年國際間積極推動ESG政策，台灣以綠色金融行動方案作為響應，投資人也越趨注重ESG資訊，是以ESG評級機構應運而生，整合企業ESG資訊的同時，也提供資料使用者企業ESG評級作為衡量參考之用。惟綜觀各ESG評級機構之評級衡量要點、衡量方法皆不盡相同，因此衍生「不同評分方法所形成之評級是否存在分歧現象」之疑問。本研究欲透過梳理國外主要ESG評級機構之沿革與ESG評級之衡量要點，探討評級機構之發展脈絡及ESG評級之相似性和差異性。據以省思我國所建置之ESG資料庫及永續指標之發展現況，進一步檢視評級分歧現象是否存在於我國ESG評級與國外ESG評級之間。最後以筆者之淺見提供ESG資料庫與評級之未來發展建議。
In recent years, the international community has been actively promoting ESG policies while Taiwan has responded with a green finance action plan, and investors are increasingly focusing on ESG information. However, ESG rating agencies differ in their rating measurement points and methods, which raises the question of whether there is a divergence in the ratings formed with different rating methods. This study aims to examine the development of ESG rating agencies and the similarities and differences of ESG ratings by reviewing the history of the major ESG rating agencies and the key issues of ESG ratings. The study also aims to reflect on the development of ESG databases and sustainability indicators in Taiwan, and further examine whether divergences exist between ESG ratings in Taiwan and ESG ratings abroad. Finally, this study provides suggestions for future developments of ESG databases and ratings.
參考文獻 一、 中文部分
經濟部商業司。https://findbiz.nat.gov.tw/fts/query/QueryCmpyDetail/queryCmpyDetail.do
台灣公司網。https://www.twincn.com/item.aspx?no=23740225
台灣經濟新報文化事業股份有限公司。https://www.tej.com.tw/news/191
台灣經濟新報文化事業股份有限公司。https://www.tej.com.tw/webtej/plus/wcg.htm
二、 英文部分
Avramov, D., Cheng, S., Lioui, A., & Tarelli, A. 2022. Sustainable Investing with ESG Rating Uncertainty. Journal of Financial Economics, 145(2B), 642–664.
Bansal, R., Wu, D. (Andrew), & Yaron, A. 2022. Socially Responsible Investing in Good and Bad Times. The Review of Financial Studies, 35(4), 2067–2099.
Bereskin, F., Byun, S., Officer, M., & Oh, J. 2018. The Effect of Cultural Similarity on Mergers and Acquisitions: Evidence from Corporate Social Responsibility. Journal of Financial and Quantitative Analysis, 53(5), 1995-2039.
Berg, F., Kölbel, J. F., & Rigobon, R. 2022. Aggregate Confusion: The Divergence of ESG Ratings. Review of Finance, 26(6), 1315–1344.
Besley, T., & Ghatak, M. 2007. Retailing Public Goods: The Economics of Corporate Social Responsibility. Journal of Public Economics, 91(9), 1645–1663.
Bizjak, J. M., Kalpathy, S. L., Mihov, V. T., & Ren, J. 2022. CEO Political Leanings and Store-Level Economic Activity during the COVID-19 Crisis: Effects on Shareholder Value and Public Health. The Journal of Finance, 77(5), 2949–2986.
Bolton, P., & Kacperczyk, M. 2021. Do Investors Care about Carbon Risk? Journal of Financial Economics, 142(2), 517–549.
Cahan, S. F., Chen, C., Chen, L., & Nguyen, N. H. 2015. Corporate Social Responsibility and Media Coverage. Journal of Banking & Finance, 59(C), 409–422.
Cao, J., Titman, S., Zhan, X., & Zhang, W. 2022. ESG Preference, Institutional Trading, and Stock Return Patterns. Journal of Financial and Quantitative Analysis, 1-58.
Capital Group. 2022. Who put the ‘CI’ in MSCI? Available at: https://www.capitalgroup.com/intermediaries/gb/en/funds/msci.html . Accessed: February 17, 2023.
Chatterji, A. K., Durand, R., Levine, D. I., & Touboul, S. 2016. Do Ratings of Firms Converge? Implications for Managers, Investors and Strategy Researchers. Strategic Management Journal, 37(8), 1597–1614.
Chen, H. Y., & Yang, S. S. 2020. Do investors exaggerate corporate ESG information? Evidence of the ESG momentum effect in the Taiwanese market. Pacific-Basin Finance Journal, 63, 101407.
Chen, T., Dong, H., & Lin, C. 2020. Institutional Shareholders and Corporate Social Responsibility. Journal of Financial Economics, 135(2), 483–504.
Choi, D., Gao, Z., & Jiang, G. 2020. Attention to Global Warming. The Review of Financial Studies, 33(3), 1112–1145.
Dai, R., Liang, H., & Ng, L. 2021. Socially Responsible Corporate Customers. Journal of Financial Economics, 142(2), 598–626.
Delmas, M. A., Etzion, D., & Nairn-birch, N. 2013. Triangulating Environmental Performance: What Do Corporate Social Responsibility Ratings Really Capture? Academy of Management Perspectives, 27(3), 255–267.
Dimson, E., Karakaş, O., & Li, X. 2015. Active Ownership. The Review of Financial Studies, 28(12), 3225–3268.
Ding, W., Levine, R., Lin, C., & Xie, W. 2021. Corporate Immunity to the COVID-19 Pandemic. Journal of Financial Economics, 141(2), 802–830.
Dorfleitner, Halbritter, and Nguyen. 2015. Measuring the level and risk of corporate responsibility – An empirical comparison of different ESG rating approaches, Journal of Asset Management Vol. 16, 7, 450–466.
Döttling, R., & Kim, S. 2022. Sustainability Preferences Under Stress: Evidence from COVID-19. Journal of Financial and Quantitative Analysis, 1-39.
Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. 2019. Do Institutional Investors Drive Corporate Social Responsibility? International Evidence. Journal of Financial Economics, 131(3), 693–714.
Engle, R. F., Giglio, S., Kelly, G., Lee, H., & Stroebel, J. 2020. Hedging Climate Change News. The Review of Financial Studies, 33(3), 1184–1216.
Ferrell, A., Liang, H., & Renneboog, L. 2016. Socially Responsible Firms. Journal of Financial Economics, 122(3), 585–606.
Flammer, C. 2021. Corporate Green Bonds. Journal of Financial Economics, 142(2), 499–516.
Freund, S., Nguyen, N., & Phan, H. 2022. Shareholder Litigation and Corporate Social Responsibility. Journal of Financial and Quantitative Analysis, 1-31.
Friedman, M. 1970. The social responsibility of business is to increase its profits.
Gao, H., Li, K., & Ma, Y. 2021. Stakeholder Orientation and the Cost of Debt: Evidence from State-Level Adoption of Constituency Statutes. Journal of Financial and Quantitative Analysis, 56(6), 1908-1944.
Gillan, S. L., Hartzell, J. C., Koch, A., & Starks, L. T. 2010. Firms’ Environmental, Social and Governance (ESG) Choices, Performance, and Managerial Motivation. Unpublished Working Paper, Texas Tech University and University of Texas at Austin.
Global Sustainable Investment Alliance. 2020. Global Sustainable Investment Review.
Graham, J. R., Grennan, J., Harvey, C. R., & Rajgopal, S. 2022. Corporate Culture: Evidence from the Field. Journal of Financial Economics, 146(2), 552–593.
Hartzmark, S. M., & Sussman, A. B. 2019. Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows. The Journal of Finance, 74(6), 2789–2837.
Houston, J. F., & Shan, H. 2022. Corporate ESG Profiles and Banking Relationships. The Review of Financial Studies, 35(7), 3373–3417.
Huynh, T., & Xia, Y. 2021. Climate Change News Risk and Corporate Bond Returns. Journal of Financial and Quantitative Analysis, 56(6), 1985-2009.
International Organization for Standardization. 2010. Guidance on Social Responsibility.
Karnani, A. 2010. The case against social responsibility. Wall Street Journal. Available at: https://www.wsj.com/articles/SB10001424052748703338004575230112664504890. Accessed: August 23, 2010.
Kenton, W. 2022. MSCI. Investopia. Available at: https://www.investopedia.com/terms/m/msci.asp. Accessed: November 1, 2022.
Li, K., Liu, X., Mai, F., & Zhang, T. 2021. The Role of Corporate Culture in Bad Times: Evidence from the COVID-19 Pandemic. Journal of Financial and Quantitative Analysis, 56(7), 2545-2583.
Liu, C., Cheong, C., & Zurbruegg, R. 2020. Rhetoric, Reality, and Reputation: Do CSR and Political Lobbying Protect Shareholder Wealth against Environmental Lawsuits? Journal of Financial and Quantitative Analysis, 55(2), 679-706.
Moody’s Investors Service. 2021. General Principles for Assessing Environmental, Social and Governance Risks Methodology.
Moody’s Investors Service. 2022. General Principles for Assessing Environmental, Social and Governance Risks: Proposed Methodology Update – Structured Finance Appendix.
Moody’s Investors Service. 2023. History. Available at: https://www.moodys.com/web/en/us/about/who-we-are/history.html
Morningstar Sustainalytics. 2021. ESG Risk Ratings - Methodology Abstract.
Morningstar Sustainalytics. 2021. Overview of Sustainalytics’ Material ESG Issues.
Morningstar Sustainalytics. 2022. ESG Risk Ratings.
Morningstar Sustainalytics. Our History. Available at: https://www.sustainalytics.com/about-us. Accessed: November 2, 2022.
MSCI. 2010. MSCI Completes Acquisition of RiskMetrics. Available at: https://ir.msci.com/news-releases/news-release-details/msci-completes-acquisition-riskmetrics. Accessed: November 1, 2022.
MSCI. 2022. MSCI ESG Ratings Methodology.
MSCI. ESG Ratings Key Issue Framework. Available at: https://www.msci.com/our-solutions/esg-investing/esg-ratings/esg-ratings-key-issue-framework. Accessed: January 20, 2023.
MSCI. ESG Ratings. Available at: https://www.msci.com/our-solutions/esg-investing/esg-ratings. Accessed: November 1, 2022.
Pan, Y., Pikulina, E. S., Siegel, S., & Wang, T. 2022. Do Equity Markets Care about Income Inequality? Evidence from Pay Ratio Disclosure. The Journal of Finance, 77(2), 1371–1411.
Pástor, Ľ., Stambaugh, R. F., & Taylor, L. A. 2022. Dissecting Green Returns. Journal of Financial Economics, 146(2), 403–424.
Pedersen, L. H., Fitzgibbons, S., & Pomorski, L. 2021. Responsible Investing: The ESG-Efficient Frontier. Journal of Financial Economics, 142(2), 572–597.
Refinitiv. 2022. Environmental, Social and Governance Scores from Refinitiv.
Reich, R. B. 2008. The case against social responsibility. Working Paper, University of California, Berkeley.
RepRisk. 2017. UN Global Compact: Communication on Progress.
RepRisk. 2022. RepRisk Methodology Overview.
S&P Global. 2022. Environmental, Social, And Governance Evaluation Analytical Approach.
S&P Global. 2022. ESG Evaluation.
S&P Global. 2022. S&P Global ESG Scores Brochure.
S&P Global. 2022. S&P Global ESG Scores Methodology.
S&P Global. 2023. Our History. Available at: https://www.spglobal.com/en/who-we-are/our-history#first
S&P Global. 2023. Our History. Available at: https://www.spglobal.com/en/who-we-are/our-history#second
S&P Global. 2023. Our History. Available at: https://www.spglobal.com/en/who-we-are/our-history#third
S&P Global. 2023. Our History. Available at: https://www.spglobal.com/en/who-we-are/our-history#fourth
S&P Global. 2023. Our History. Available at: https://www.spglobal.com/en/who-we-are/our-history#fifth
S&P Global. 2023. Our History. Available at: https://www.spglobal.com/en/who-we-are/our-history#sixth
SASB. SASB Standards. https://www.sasb.org/standards/download/. Accessed: February 15, 2023.
Serafeim, G., & Yoon, A. 2022. Stock price reactions to ESG news: The role of ESG ratings and disagreement. Review of accounting studies. Available at: https://doi.org/10.1007/s11142-022-09675-3.
Servaes, H., & Tamayo, A. 2013. The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness. Management Science, 59(5), 1045–1061.
Sharfman, M. 1996. The Construct Validity of the Kinder, Lydenberg & Domini Social Performance Ratings Data. Journal of Business Ethics, 15, 287–296.
Statman, M., & Glushkov, D. 2008. The Wages of Social Responsibility. Available at: http://dx.doi.org/10.2139/ssrn.1372848.
Thomson Reuters. 2010. A New Quality Factor: Finding Alpha with Asset4 ESG Data.
描述 碩士
國立政治大學
會計學系
110353108
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110353108
資料類型 thesis
dc.contributor.advisor 戚務君zh_TW
dc.contributor.author (Authors) 吳家瑜zh_TW
dc.contributor.author (Authors) Wu, Chia-Yuen_US
dc.creator (作者) 吳家瑜zh_TW
dc.creator (作者) Wu, Chia-Yuen_US
dc.date (日期) 2023en_US
dc.date.accessioned 2-Aug-2023 13:28:42 (UTC+8)-
dc.date.available 2-Aug-2023 13:28:42 (UTC+8)-
dc.date.issued (上傳時間) 2-Aug-2023 13:28:42 (UTC+8)-
dc.identifier (Other Identifiers) G0110353108en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146412-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 110353108zh_TW
dc.description.abstract (摘要) 近年國際間積極推動ESG政策，台灣以綠色金融行動方案作為響應，投資人也越趨注重ESG資訊，是以ESG評級機構應運而生，整合企業ESG資訊的同時，也提供資料使用者企業ESG評級作為衡量參考之用。惟綜觀各ESG評級機構之評級衡量要點、衡量方法皆不盡相同，因此衍生「不同評分方法所形成之評級是否存在分歧現象」之疑問。本研究欲透過梳理國外主要ESG評級機構之沿革與ESG評級之衡量要點，探討評級機構之發展脈絡及ESG評級之相似性和差異性。據以省思我國所建置之ESG資料庫及永續指標之發展現況，進一步檢視評級分歧現象是否存在於我國ESG評級與國外ESG評級之間。最後以筆者之淺見提供ESG資料庫與評級之未來發展建議。zh_TW
dc.description.abstract (摘要) In recent years, the international community has been actively promoting ESG policies while Taiwan has responded with a green finance action plan, and investors are increasingly focusing on ESG information. However, ESG rating agencies differ in their rating measurement points and methods, which raises the question of whether there is a divergence in the ratings formed with different rating methods. This study aims to examine the development of ESG rating agencies and the similarities and differences of ESG ratings by reviewing the history of the major ESG rating agencies and the key issues of ESG ratings. The study also aims to reflect on the development of ESG databases and sustainability indicators in Taiwan, and further examine whether divergences exist between ESG ratings in Taiwan and ESG ratings abroad. Finally, this study provides suggestions for future developments of ESG databases and ratings.en_US
dc.description.tableofcontents 壹、緒論 5
一、研究動機 5
二、研究目的 6
三、研究方法 7
四、研究架構 7
五、文獻探討 8

貳、國際主要ESG資料庫演進歷程 9
一、S&P Global 9
二、Moody’s Investors Service 15
三、MSCI 20
四、Morningstar Sustainalytics 27
五、RepRisk AG 32
六、Refinitiv 39

參、我國TEJ資料庫演進歷程 44
一、TEJ歷史沿革 44
二、TESG資料來源 44
三、TESG評級之關鍵議題探討 44
四、設定權重 48
五、TESG評級分級制度 49
六、TEJ與國外資料庫之比較 50

肆、實證結果分析 51
一、TESG與國際間ESG評級之關聯性分析 51
二、台灣企業入選MSCI ESG評級之分析 57

伍、結論與建議 61
一、研究結論 61
二、研究建議 61

陸、參考文獻 64
一、中文部分 64
二、英文部分 65

柒、附錄 70
附錄一、 評級機構演進時間軸 70
附錄二、 評級機構比較表 71
附錄三、 期刊文章提及評級機構之數量統計表 72
附錄四、 各大學ESG資料庫使用情形 74		zh_TW
dc.format.extent 3689516 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110353108en_US
dc.subject (關鍵詞) 永續發展指標zh_TW
dc.subject (關鍵詞) ESGzh_TW
dc.title (題名) 國際主要 ESG評級機構沿革及衡量要點之 研究zh_TW
dc.title (題名) Research of History and Rating Principles of Major Global ESG Rating Agenciesen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、 中文部分
經濟部商業司。https://findbiz.nat.gov.tw/fts/query/QueryCmpyDetail/queryCmpyDetail.do
台灣公司網。https://www.twincn.com/item.aspx?no=23740225
台灣經濟新報文化事業股份有限公司。https://www.tej.com.tw/news/191
台灣經濟新報文化事業股份有限公司。https://www.tej.com.tw/webtej/plus/wcg.htm
二、 英文部分
Avramov, D., Cheng, S., Lioui, A., & Tarelli, A. 2022. Sustainable Investing with ESG Rating Uncertainty. Journal of Financial Economics, 145(2B), 642–664.
Bansal, R., Wu, D. (Andrew), & Yaron, A. 2022. Socially Responsible Investing in Good and Bad Times. The Review of Financial Studies, 35(4), 2067–2099.
Bereskin, F., Byun, S., Officer, M., & Oh, J. 2018. The Effect of Cultural Similarity on Mergers and Acquisitions: Evidence from Corporate Social Responsibility. Journal of Financial and Quantitative Analysis, 53(5), 1995-2039.
Berg, F., Kölbel, J. F., & Rigobon, R. 2022. Aggregate Confusion: The Divergence of ESG Ratings. Review of Finance, 26(6), 1315–1344.
Besley, T., & Ghatak, M. 2007. Retailing Public Goods: The Economics of Corporate Social Responsibility. Journal of Public Economics, 91(9), 1645–1663.
Bizjak, J. M., Kalpathy, S. L., Mihov, V. T., & Ren, J. 2022. CEO Political Leanings and Store-Level Economic Activity during the COVID-19 Crisis: Effects on Shareholder Value and Public Health. The Journal of Finance, 77(5), 2949–2986.
Bolton, P., & Kacperczyk, M. 2021. Do Investors Care about Carbon Risk? Journal of Financial Economics, 142(2), 517–549.
Cahan, S. F., Chen, C., Chen, L., & Nguyen, N. H. 2015. Corporate Social Responsibility and Media Coverage. Journal of Banking & Finance, 59(C), 409–422.
Cao, J., Titman, S., Zhan, X., & Zhang, W. 2022. ESG Preference, Institutional Trading, and Stock Return Patterns. Journal of Financial and Quantitative Analysis, 1-58.
Capital Group. 2022. Who put the ‘CI’ in MSCI? Available at: https://www.capitalgroup.com/intermediaries/gb/en/funds/msci.html . Accessed: February 17, 2023.
Chatterji, A. K., Durand, R., Levine, D. I., & Touboul, S. 2016. Do Ratings of Firms Converge? Implications for Managers, Investors and Strategy Researchers. Strategic Management Journal, 37(8), 1597–1614.
Chen, H. Y., & Yang, S. S. 2020. Do investors exaggerate corporate ESG information? Evidence of the ESG momentum effect in the Taiwanese market. Pacific-Basin Finance Journal, 63, 101407.
Chen, T., Dong, H., & Lin, C. 2020. Institutional Shareholders and Corporate Social Responsibility. Journal of Financial Economics, 135(2), 483–504.
Choi, D., Gao, Z., & Jiang, G. 2020. Attention to Global Warming. The Review of Financial Studies, 33(3), 1112–1145.
Dai, R., Liang, H., & Ng, L. 2021. Socially Responsible Corporate Customers. Journal of Financial Economics, 142(2), 598–626.
Delmas, M. A., Etzion, D., & Nairn-birch, N. 2013. Triangulating Environmental Performance: What Do Corporate Social Responsibility Ratings Really Capture? Academy of Management Perspectives, 27(3), 255–267.
Dimson, E., Karakaş, O., & Li, X. 2015. Active Ownership. The Review of Financial Studies, 28(12), 3225–3268.
Ding, W., Levine, R., Lin, C., & Xie, W. 2021. Corporate Immunity to the COVID-19 Pandemic. Journal of Financial Economics, 141(2), 802–830.
Dorfleitner, Halbritter, and Nguyen. 2015. Measuring the level and risk of corporate responsibility – An empirical comparison of different ESG rating approaches, Journal of Asset Management Vol. 16, 7, 450–466.
Döttling, R., & Kim, S. 2022. Sustainability Preferences Under Stress: Evidence from COVID-19. Journal of Financial and Quantitative Analysis, 1-39.
Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. 2019. Do Institutional Investors Drive Corporate Social Responsibility? International Evidence. Journal of Financial Economics, 131(3), 693–714.
Engle, R. F., Giglio, S., Kelly, G., Lee, H., & Stroebel, J. 2020. Hedging Climate Change News. The Review of Financial Studies, 33(3), 1184–1216.
Ferrell, A., Liang, H., & Renneboog, L. 2016. Socially Responsible Firms. Journal of Financial Economics, 122(3), 585–606.
Flammer, C. 2021. Corporate Green Bonds. Journal of Financial Economics, 142(2), 499–516.
Freund, S., Nguyen, N., & Phan, H. 2022. Shareholder Litigation and Corporate Social Responsibility. Journal of Financial and Quantitative Analysis, 1-31.
Friedman, M. 1970. The social responsibility of business is to increase its profits.
Gao, H., Li, K., & Ma, Y. 2021. Stakeholder Orientation and the Cost of Debt: Evidence from State-Level Adoption of Constituency Statutes. Journal of Financial and Quantitative Analysis, 56(6), 1908-1944.
Gillan, S. L., Hartzell, J. C., Koch, A., & Starks, L. T. 2010. Firms’ Environmental, Social and Governance (ESG) Choices, Performance, and Managerial Motivation. Unpublished Working Paper, Texas Tech University and University of Texas at Austin.
Global Sustainable Investment Alliance. 2020. Global Sustainable Investment Review.
Graham, J. R., Grennan, J., Harvey, C. R., & Rajgopal, S. 2022. Corporate Culture: Evidence from the Field. Journal of Financial Economics, 146(2), 552–593.
Hartzmark, S. M., & Sussman, A. B. 2019. Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows. The Journal of Finance, 74(6), 2789–2837.
Houston, J. F., & Shan, H. 2022. Corporate ESG Profiles and Banking Relationships. The Review of Financial Studies, 35(7), 3373–3417.
Huynh, T., & Xia, Y. 2021. Climate Change News Risk and Corporate Bond Returns. Journal of Financial and Quantitative Analysis, 56(6), 1985-2009.
International Organization for Standardization. 2010. Guidance on Social Responsibility.
Karnani, A. 2010. The case against social responsibility. Wall Street Journal. Available at: https://www.wsj.com/articles/SB10001424052748703338004575230112664504890. Accessed: August 23, 2010.
Kenton, W. 2022. MSCI. Investopia. Available at: https://www.investopedia.com/terms/m/msci.asp. Accessed: November 1, 2022.
Li, K., Liu, X., Mai, F., & Zhang, T. 2021. The Role of Corporate Culture in Bad Times: Evidence from the COVID-19 Pandemic. Journal of Financial and Quantitative Analysis, 56(7), 2545-2583.
Liu, C., Cheong, C., & Zurbruegg, R. 2020. Rhetoric, Reality, and Reputation: Do CSR and Political Lobbying Protect Shareholder Wealth against Environmental Lawsuits? Journal of Financial and Quantitative Analysis, 55(2), 679-706.
Moody’s Investors Service. 2021. General Principles for Assessing Environmental, Social and Governance Risks Methodology.
Moody’s Investors Service. 2022. General Principles for Assessing Environmental, Social and Governance Risks: Proposed Methodology Update – Structured Finance Appendix.
Moody’s Investors Service. 2023. History. Available at: https://www.moodys.com/web/en/us/about/who-we-are/history.html
Morningstar Sustainalytics. 2021. ESG Risk Ratings - Methodology Abstract.
Morningstar Sustainalytics. 2021. Overview of Sustainalytics’ Material ESG Issues.
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