Comparaison de trois méthodologies ESG: les différences de notations des bases de données extra financières

Frédérique Bardinet
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Frédérique Bardinet: Institut d'Administration des Entreprises (IAE) - Bordeaux

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Abstract: In this research, the ESG (Environment, Social, and Governance) ratings of three types of non-financial scoring agencies are compared to check for possible convergence or divergences of their final scores. Two of these agencies, a European expert in non-financial scoring, a supplier of raw non-financial data, disclose their data for the stakeholders at large: companies, customers, suppliers, communities, investors, States, not for profit organizations, competitors. The ESG scores of the third one, a broker agency, are only available for their own funds' managers. They have an evaluation and financial purpose for the selection of the companies included in the portfolios managed while taking into account the issues at stake and objectives of their clients. The sample covers the 4 year period 2009-2012 and 623 observations. We apply component analysis to the ESG scores of the three agencies. Results of the component analysis clearly separate the two global agencies and the broker along the three dimensions thus showing different perceptions of the area and possible divergence in objectives and methodology. We finally test a possible association between financial performance and ESG dimensions shown by the component analysis using panel analysis that shows a clearly significant relationship between financial performance and the ESG scores found by the broker agency.

Keywords: Rating; environnement; social; gouvernance; méthodologies (search for similar items in EconPapers)
Date: 2016-05-19
Note: View the original document on HAL open archive server: https://hal.science/hal-01900607
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Published in Comptabilité et gouvernance, May 2016, Clermont-Ferrand, France. pp.cd-rom

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