{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,7,4]],"date-time":"2026-07-04T20:03:26Z","timestamp":1783195406062,"version":"3.54.6"},"reference-count":18,"publisher":"Oxford University Press (OUP)","issue":"6","license":[{"start":{"date-parts":[[2022,5,23]],"date-time":"2022-05-23T00:00:00Z","timestamp":1653264000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"name":"Massachusetts Pension Reserves Investment Management Board"},{"name":"AQR Capital Management"},{"name":"BMW Foundation Herbert Quandt"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2022,11,14]]},"abstract":"<jats:title>Abstract<\/jats:title>\n                  <jats:p>This paper investigates the divergence of environmental, social, and governance (ESG) ratings based on data from six prominent ESG rating agencies: Kinder, Lydenberg, and Domini (KLD), Sustainalytics, Moody\u2019s ESG (Vigeo-Eiris), S&amp;P Global (RobecoSAM), Refinitiv (Asset4), and MSCI. We document the rating divergence and map the different methodologies onto a common taxonomy of categories. Using this taxonomy, we decompose the divergence into contributions of scope, measurement, and weight. Measurement contributes 56% of the divergence, scope 38%, and weight 6%. Further analyzing the reasons for measurement divergence, we detect a rater effect where a rater\u2019s overall view of a firm influences the measurement of specific categories. The results call for greater attention to how the data underlying ESG ratings are generated.<\/jats:p>","DOI":"10.1093\/rof\/rfac033","type":"journal-article","created":{"date-parts":[[2022,5,23]],"date-time":"2022-05-23T08:46:46Z","timestamp":1653295606000},"page":"1315-1344","source":"Crossref","is-referenced-by-count":2642,"title":["Aggregate Confusion: The Divergence of ESG Ratings"],"prefix":"10.1093","volume":"26","author":[{"given":"Florian","family":"Berg","sequence":"first","affiliation":[{"name":"MIT Sloan ,","place":["USA"]}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Julian F","family":"K\u00f6lbel","sequence":"additional","affiliation":[{"name":"MIT Sloan ,","place":["USA"]},{"name":"University of Zurich ,","place":["Switzerland"]}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Roberto","family":"Rigobon","sequence":"additional","affiliation":[{"name":"MIT Sloan ,","place":["USA"]}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"286","published-online":{"date-parts":[[2022,5,23]]},"reference":[{"key":"2026051407215134000_rfac033-B1","doi-asserted-by":"crossref","first-page":"4451","DOI":"10.1287\/mnsc.2018.3043","article-title":"Corporate social responsibility and firm risk: theory and empirical evidence","volume":"65","author":"Albuquerque","year":"2019","journal-title":"Management Science"},{"key":"2026051407215134000_rfac033-B2","article-title":"Sustainable investing with ESG rating uncertainty","author":"Avramov","year":"2021","journal-title":"Journal of Financial Economics"},{"key":"2026051407215134000_rfac033-B3","doi-asserted-by":"crossref","first-page":"113","DOI":"10.1111\/j.1540-6261.2011.01709.x","article-title":"Tiebreaker: certification and multiple credit ratings","volume":"67","author":"Bongaerts","year":"2012","journal-title":"Journal of Finance"},{"key":"2026051407215134000_rfac033-B4","doi-asserted-by":"crossref","first-page":"1597","DOI":"10.1002\/smj.2407","article-title":"Do ratings of firms converge? Implications for managers, investors and strategy researchers","volume":"37","author":"Chatterji","year":"2016","journal-title":"Strategic Management Journal"},{"key":"2026051407215134000_rfac033-B5","first-page":"125","article-title":"How well do social ratings actually measure corporate social responsibility?","volume":"18","author":"Chatterji","year":"2009","journal-title":"Journal of Economics & Management Strategy"},{"key":"2026051407215134000_rfac033-B6","doi-asserted-by":"crossref","first-page":"147","DOI":"10.2308\/TAR-2019-0506","article-title":"Why is corporate virtue in the eye of the beholder? 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A natural experiment examining ranking and fund flows","volume":"74","author":"Hartzmark","year":"2019","journal-title":"Journal of Finance"},{"key":"2026051407215134000_rfac033-B11","doi-asserted-by":"crossref","first-page":"431","DOI":"10.2307\/2676219","article-title":"The effect of green investment on corporate behavior","volume":"36","author":"Heinkel","year":"2001","journal-title":"Journal of Financial and Quantitative Analysis"},{"key":"2026051407215134000_rfac033-B12","doi-asserted-by":"crossref","first-page":"185","DOI":"10.1111\/j.1475-6803.1998.tb00679.x","article-title":"Split ratings, bond yields, and underwriter spreads","volume":"21","author":"Jewell","year":"1998","journal-title":"Journal of Financial Research"},{"key":"2026051407215134000_rfac033-B13","volume-title":"Content Analysis: An Introduction to Its Methodology","author":"Krippendorff","year":"2004","edition":"edition,"},{"key":"2026051407215134000_rfac033-B14","doi-asserted-by":"crossref","first-page":"853","DOI":"10.1111\/jofi.12487","article-title":"On the foundations of corporate social responsibility","volume":"72","author":"Liang","year":"2017","journal-title":"Journal of Finance"},{"key":"2026051407215134000_rfac033-B15","doi-asserted-by":"crossref","first-page":"1785","DOI":"10.1111\/jofi.12505","article-title":"Social capital, trust, and firm performance: the value of corporate social responsibility during the financial crisis","volume":"72","author":"Lins","year":"2017","journal-title":"Journal of Finance"},{"key":"2026051407215134000_rfac033-B16","author":"PRI","year":"2020"},{"key":"2026051407215134000_rfac033-B17","doi-asserted-by":"crossref","first-page":"1045","DOI":"10.1287\/mnsc.1120.1630","article-title":"The impact of corporate social responsibility on firm value: the role of customer awareness","volume":"59","author":"Servaes","year":"2013","journal-title":"Management Science"},{"key":"2026051407215134000_rfac033-B18","doi-asserted-by":"crossref","first-page":"420","DOI":"10.1037\/0033-2909.86.2.420","article-title":"Intraclass correlations: uses in assessing rater reliability","volume":"86","author":"Shrout","year":"1979","journal-title":"Psychological Bulletin"}],"container-title":["Review of Finance"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/academic.oup.com\/rof\/advance-article-pdf\/doi\/10.1093\/rof\/rfac033\/44521241\/rfac033.pdf","content-type":"application\/pdf","content-version":"am","intended-application":"syndication"},{"URL":"https:\/\/academic.oup.com\/rof\/article-pdf\/26\/6\/1315\/47018560\/rfac033.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"syndication"},{"URL":"https:\/\/academic.oup.com\/rof\/article-pdf\/26\/6\/1315\/47018560\/rfac033.pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,5,14]],"date-time":"2026-05-14T11:28:19Z","timestamp":1778758099000},"score":1,"resource":{"primary":{"URL":"https:\/\/academic.oup.com\/rof\/article\/26\/6\/1315\/6590670"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2022,5,23]]},"references-count":18,"journal-issue":{"issue":"6","published-online":{"date-parts":[[2022,5,23]]},"published-print":{"date-parts":[[2022,11,14]]}},"URL":"https:\/\/doi.org\/10.1093\/rof\/rfac033","relation":{},"ISSN":["1572-3097","1573-692X"],"issn-type":[{"value":"1572-3097","type":"print"},{"value":"1573-692X","type":"electronic"}],"subject":[],"published-other":{"date-parts":[[2022,11,1]]},"published":{"date-parts":[[2022,5,23]]}}}