ESG Rating Disagreement and Risk Mitigation: Implications for Sustainable Financial Stability
ESG格付けの不一致とリスク軽減：持続可能な金融安定性への示唆 (AI 翻訳)
Suthiksha E, D. S
🤖 gxceed AI 要約
日本語
本稿は、MSCI、S&P Global、Morningstar Sustainalyticsの3社によるNifty50企業のESG格付けの不一致を分析。格付け不一致スコアは平均14.13と有意に高く、株価変動性や市場ベータと正の相関を示した。真のESG強度が不一致の悪影響を緩和するモデレーション効果も確認。セクター別では金属・エネルギー・物流での不一致が大きい。
English
This study examines ESG rating disagreement among MSCI, S&P Global, and Morningstar Sustainalytics for 50 Nifty 50 companies. The mean disagreement score is 14.13 (significantly above benchmark 5.0), positively correlated with stock return volatility and market beta. Moderation analysis shows that genuine ESG strength buffers adverse effects. Sectors like Metals, Energy, and Logistics exhibit highest disagreement.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
インド市場を対象とするが、ESG格付けの不一致は日本の機関投資家や企業が海外投資判断を行う上でも重要な課題である。日本の統合報告やSSBJ基準においてもESG情報の信頼性向上が求められており、本研究成果は格付け利用時のリスク認識に資する。
In the global GX context
While focused on Indian companies, this paper addresses a global issue of ESG rating divergence that affects capital allocation and risk assessment. It adds empirical evidence from an emerging market, complementing studies from developed economies. The moderation finding suggests that strong underlying ESG performance can mitigate rating inconsistency, relevant for investors using ratings as decision inputs.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG rating disagreement and its financial impact, with moderation analysis offering a nuanced view.
🏢実務担当者:Investors and corporate managers can use findings to understand risks associated with rating inconsistency and the value of genuine ESG strength.
🏛政策担当者:Regulators in emerging markets may consider the implications for market stability and the need for standardized ESG disclosure.
📄 Abstract（原文）
Abstract: Environmental, Social and Governance (ESG) ratings have become a critical input for investment decision-making across global financial markets. However, a growing and largely unresolved concern in this ecosystem is the substantial disagreement in ratings assigned to the same company by different agencies. This study examines the extent of ESG rating disagreement among three major rating providers — MSCI, S&P Global and Morningstar Sustainalytics — for 50 Nifty 50 companies and analyses its implications for financial risk and sustainable financial stability. Using secondary data for FY 2022–2025, an ESG Disagreement Score is computed as the standard deviation of normalised ratings across all three agencies. Six hypotheses are tested through descriptive statistics, Pearson correlation, independent samples t-tests, OLS regression and moderation regression. The findings reveal that ESG rating disagreement is substantial and statistically significant, with a mean score of 14.13 against a benchmark of 5.0 (t = 17.17, p < 0.001). Higher disagreement is positively and significantly associated with stock return volatility (β = 0.611, p < 0.001) and market beta. Moderation analysis confirms that genuine ESG strength buffers the adverse financial effects of rating disagreement. Sector-wise, Metals, Energy and Logistics face the highest disagreement and risk, while IT Services and FMCG show the lowest. The findings carry meaningful implications for investors, corporate managers, and regulators in the Indian capital market context. Keywords: ESG rating disagreement; financial risk; stock return volatility; Nifty 50; sustainable finance; moderation analysis
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.55041/isjem06213first seen 2026-05-17 07:52:49
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