What use is there in having a good ESG score? Some answers from current academic research

발표제목

What use is there in having a good ESG score? Some answers from current academic research

발표요약문

Over the last decades the concept of ESG, an acronym, which stands for environmental, social, and governance, has vastly gained in importance as a concrete way of measuring the corporate social responsibility of companies. All over the world, there are many institutions, such as specialize rating agencies, which issue ESG scores regarding a wide range of companies on a regular basis. ESG scores are quantifiable variables and therefore very suited for empirical research. ESG scores exist in different variants. While typically there is one score for the environmental (E), the social (S), and the governance (G) dimension each, these variables often are also aggregated into one overall score. Additionally, some ESG score providers dig deeper into the details and publish several sub-scores of the three dimensions, such as, for instance, a variable measuring the reduction of emission by a company (as a sub-score in the E dimension). In his talk, professor Dorfleitner will present finance-related insights from his own research utilizing ESG scores and their mentioned sub-scores. The topics will include a comparison of the scores of different ESG rating providers as well as the challenging of earlier research findings based on these different ESG ratings. A special emphasis will be placed on the long-term financial performance of diverse ESG dimensions, including the answer to the question of whether it pays for a company to invest in emission reduction beyond the legally required level. Another aspect that will be analyzed in detail is the impact of ESG on credit risk and thereby on the costs of debt financing. Last but not least, professor Dorfleitner also will touch on the issue of ESG scandals.

강연자

Dr. Gregor Dorfleitner, Professor, University of Regensburg Germany

Prof. Dr. Gregor Dorfleitner pursued graduate work in mathematics and business administration at the University of Augsburg, from which he also received his Ph.D. in 1998. He completed his habilitation in the field of business administration in 2003 and from 2004-2007 he was a professor at the Vienna University of Economics and Business. Since 2007 he has held the positions Full Professor of Finance and Director of the Center of Finance at the University of Regensburg. Since 2010 he has been an Associate Researcher of the Centre of European research in microfinance (CERMi) in Belgium, since 2021 also an Honorary Fellow of the Hanken Centre for Accounting, Finance and Governance (Hanken School of Economics, Finland). Professor Dorfleitner’s research focuses on sustainable investments, green finance, investment decisions, microfinancing and FinTech. He has published more than 60 articles in international peer-reviewed scholarly journals.

Dorfleitner, G., Muck, F., Scheckenbach, I. (2021). Blockchain applications for climate protection: A global empirical investigation. Renewable and Sustainable Energy Reviews, 149: 111378.

Dorfleitner, G., Kreuzer, C., Sparrer, C. (2020). ESG controversies and controversial ESG: about silent saints and small sinners. Journal of Asset Management, 21: 393–412.

Halbritter, G., Dorfleitner, G. (2015). The wages of social responsibility - where are they? A critical review of ESG investing. Review of Financial Economics, 26: 25-35.

발표자료 및 토론영상

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