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An analysis of the inter-rater reliability of ESG ratings within the consumer staples industry
(2020)
The aim of this study is to gain further insights into whether ESG ratings of the same firms from different rating agencies differ. To this end, this study examines and compares in particular the ratings of the providers Bloomberg, Sustainalytics and MSCI for companies in the consumer staples industry. The study comes to the conclusion that there are in some cases significant differences between these three providers in terms of the respective ESG ratings. Furthermore, a company-size bias is shown for Bloomberg and Sustainalytics ESG ratings. It appears that these agencies rate companies with a large market capitalization better than firms with a lower market value. These large discrepancies in ESG ratings of companies within the consumer staples industry and individual rating problems, such as the company-size bias, mean that today's ESG ratings tend to be not reliable and not valid. The study shows that ESG ratings will have to change a lot in the near future in order to contribute positively to the investment selection of socially responsible investors.
Motivation und Bedeutung von ESG in der Praxis mit dem Schwerpunkt auf der sozialen Dimension
(2023)
Das Thema der Nachhaltigkeit gewann in der Gesellschaft in den letzten Jahren immer mehr an Bedeutung. So sollen neben Politik und Wissenschaft auch Unternehmen zu der Nachhaltigkeit verpflichtet werden. Aber nicht nur der öffentliche Druck wirkt auf die Unternehmen, auch mögliche Inverstoren betrachten dieses Thema bei der Risikoanalyse eines Unternehmens immer häufiger. Daher wird das Thema Nachhaltigkeit auch weiter in den Unternehmensführungen zu einem zentralen Thema werden. Um die Nachhaltigkeit der Unternehmen überprüfbar und messbar zu machen, wurden unter anderem die so genannten ESG-Kriterien für die Unternehmen entwickelt. Da dieses Thema noch neu ist aber immer weiter an Bedeutung zu nimmt, dient diese Bachelorarbeit als Überblick zu dem ESG-Thema. Dabei befasst sie sich zum einen mit zusammenhängenden Themen aus unterschiedlichen Bereichen der Finanzwelt, CSR und nachhaltigen Berichterstattungen. Zum anderen wird die Motivation hinter ESG, sowie der Praxisbezug kritisch betrachtet. Diese Arbeit betrachtet die Theorie hinter diesem Thema, wobei der Fokus auf dem „S“, dem sozialen Faktor, liegt. Basierend auf den gewonnenen Erkenntnissen wird klar, dass zum einen noch Fragen zu den ESG-Kriterien ungeklärt, sie aber heute wie in Zukunft im unternehmerischen Umfeld nicht mehr wegzudenken sind. ESG wird ein elementarer Bestandteil der Investition und der Nachhaltigkeit eines Unternehmens werden.
When discussing the current textile and apparel industries’ status quo, at some point attention will most likely shift towards the challenges fast fashion companies have to encounter due to the increased interest in sustainability practices. This bachelor dissertation examines the sustainability reports of three major fashion brands – Adidas, H&M, and Inditex, with the aim to gain insights of the current situation of non-financial reporting.
The study examines how companies address various aspects of Environmental, Social, and Governance (ESG) factors within their sustainability reports. It also investigates whether these companies prioritize different topics in their practices. Furthermore, the research evaluates how extensively fashion companies incorporate industry-standard KPIs to measure and compare their
sustainability performances.
The results show that the three companies focus on ESG factors differently, with environmental issues being consistently addressed, although the degrees of emphasis vary. Inditex emerges as a leader in fulfilling ESG criteria, with Adidas and H&M closely behind. Analyzing a company’s KPIs reveals a range of diverse approaches, complicating comparisons with competitors. However, following set standards such as the GRI Standards enhances credibility, even though transparency improvements are possible. With the EU’s CSRD regulation on the horizon, companies are encouraged to improve data accuracy and transparency, which may lead to changes in strategic directions.
This study emphasizes the importance of fair reporting, clear communication, and standardized frameworks to promote sustainability. With the insights provided by the research, this work is aimed at researchers, shareholders, and stakeholders interested in understanding, or implementing sustainability practices within the fashion industry.
The Bachelor Thesis examines the effects of the integration of environmental, social and governmental (ESG) criteria in equity funds on performance compared to conventional equity funds. For this purpose, a quantitative analysis is carried out which includes a detailed examination of 769 equity funds. The equity funds are divided into two different groups - ESG equity funds and conventional equity funds - and are analyzed for various financial ratios. The goal of the study is to illustrate the financial performance differences between ESG-focused equity funds and conventional equity funds and thus provide a scientific contribution to the academic debate on sustainable investments. Initially, the thesis delves into the central concepts of ESG, the historical development of investment funds, theoretical frameworks, and existing studies. The following analysis provides an insight into the relationship between ESG criteria and the performance of equity funds. It not only draws on two different ESG rating systems, but also provides a geographical breakdown. Although the work as a whole helps to develop a deeper understanding of sustainable investment and highlights potential implications for investors and the financial sector, the results of the analysis show that more research is needed in this area.