ESGs Scoring and Its Divergencies: An Empirical Investigation in the Food and Beverage Industry

Carlo Bellavite Pellegrini (), Rachele Camacci () and Peter Cincinelli ()
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Carlo Bellavite Pellegrini: Dipartimento di Politica Economica, DISCE,& Centro Studi Economia Applicata (CSEA), Università Cattolica del Sacro Cuore, Milano, Italy
Rachele Camacci: Dipartimento di Politica Economica, DISCE,& Centro Studi Economia Applicata (CSEA), Università Cattolica del Sacro Cuore, Milano, Italy
Peter Cincinelli: Department of Management, University of Bergamo, Italy

No dipe0051, DISCE - Working Papers del Dipartimento di Politica Economica from Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE)

Abstract: The company’s sustainability is an important factor for a portfolio’s asset allocation. The increasing attention it receives has led to a proliferation of criteria and rating agencies, resulting in significant divergences among ESG scores and methodologies. Based on a sample of 139 companies in the food and beverage sector, this research investigates, first, the impact of ESG score on the financial performance, using three different ESG scores from three different data providers (Refinitiv, Bloomberg and Truvalue Labs). Our outcomes show a positive and significant relationship between ESG score and financial performance across all three selected data providers. Secondly, this paper investigates any divergences in the evaluation process, and if so, which factors determine these discrepancies. Divergencies are analyzed both in terms of rating scores and in terms of methodologies and procedures. Our evidence shows that the main differences are in the score methodology, in the weights assignment to pillars and in the selection of the criteria on which the evaluation is based.

Keywords: ESG Score; Sustainability; Financial Performance; ESG Rating Agencies; Score Divergence; Food and Beverage Sector (search for similar items in EconPapers)
JEL-codes: C55 G11 G30 M14 Q56 (search for similar items in EconPapers)
Pages: 30
Date: 2025-09
New Economics Papers: this item is included in nep-env
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