The Effect of Financial Materiality on ESG Performance Assessment
The Effect of Financial Materiality on ESG Performance Assessment
复制标题
财务重要性对 ESG 绩效评估的影响
作者：
Nicolas Madison;E. Schiehll
考虑ESG（环境、社会和治理）问题的财务重要性对公司ESG绩效得分和排名的影响，使用摩根士丹利资本国际（MSCI）ESG评级和可持续发展会计准则委员会（SASB）开发的财务重要性地图®进行了调查。结果表明，当财务重要性被应用时，公司的ESG绩效得分发生了显著变化。当环境、社会和治理绩效评估基于SASB调整的环境、社会和治理绩效评分时，公司的环境、社会和治理排名发生了重大变化，这提供了进一步的佐证。环境支柱问题，特别是自然资源的使用，是造成这些变化的主要原因。总体而言，研究结果表明，财务重要性影响ESG得分和排名的信息价值，从而可以识别在业务关键ESG问题上得分较高的公司的投资机会。我们认为，考虑财务重要性可以更好地为基于ESG绩效的投资决策提供信息。本研究有助于理解和评估ESG绩效及其信息内容。
The effect of considering the financial materiality of ESG (environmental, social and governance) issues on firms’ ESG performance scores and rankings is investigated using Morgan Stanley Capital International (MSCI) ESG Ratings and the financial Materiality Map® developed by the Sustainability Accounting Standard Board (SASB). Results show that when financial materiality is applied, firms’ ESG performance scores change significantly. Further corroboration is provided by significant changes in firms’ ESG rankings when ESG performance assessment is based on SASB-adjusted ESG performance scores. Environmental pillar issues, and particularly natural resource use, are predominantly responsible for the changes. Overall, the results suggest that financial materiality affects the informative value of ESG scores and rankings, allowing the identification of investment opportunities in firms with high scores on business-critical ESG issues. We argue that consideration of financial materiality can better inform investment decisions based on ESG performance. This study adds to the understanding and assessment of ESG performance and its information content.