Measuring the level and risk of corporate responsibility – An empirical comparison of different ESG rating approaches

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Environmental, Social, Governance Activities and Firm Performance: Evidence from China (2021, background): “Currently, different ESG evaluation standards lack convergence [74], and most of them are qualitative standards rather than quantitative standards.”
Aggregate Confusion: The Divergence of ESG Ratings (2020, background): “Our paper extends a stream of research that has documented the divergence of ESG ratings (Chatterji et al., 2016, 2009; Semenova and Hassel, 2015; Dorfleitner et al., 2015; Delmas and Blass, 2010).”
Corporate Social Responsibility and Market Efficiency: Evidence from ESG and Misvaluation Measures (2020, background): “Among the most established ESG ratings in both investment industry and academic research the ESG score of ASSET4 shows the most variation over time (Dorfleitner et al., 2015).”
Does the ESG Index Affect Stock Return? Evidence from the Eurostoxx50 (2020, background): “[42] contributed evidence regarding a lack of convergence of ESG measurement conception, while Escrig-Olmedo et al.”
The risk-adjusted return potential of integrating ESG strategies into emerging market equities (2018, methodology): “The MSCI ESG database has often been used to study company ESG integration, particularly by Hillman and Keim (2001), Mattingly and Berman (2006), Dorfleitner, Halbritter, and Nguyen (2015), and Singal (2014), amongst others.”