Global view on the ESG valuation in stock markets

Juha-Pekka Junttila, Heikki Lehkonen and Thanh Nam Vu

Chapter 9 in Handbook of ESG Investing, 2026, pp 174-197 from Edward Elgar Publishing

Abstract: This chapter analyzes the performance of stock market portfolios constructed using environmental, social, and governance (ESG) criteria at a global level, utilizing data from MSCI ESG and LSEG ESG databases. The findings show that the link between ESG ratings and returns is relatively weak in the recent data, indicating that ESG-type information has been priced in the markets for some time already. While the integration of ESG metrics into equity portfolios might not substantially provide financial benefits, investing based on ESG is neutral in terms of returns in some markets.

Keywords: ESG; Sustainable investing; Portfolio management; International Markets (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035322770
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