Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/230148
Authors: 
Baier, Philipp
Berninger, Marc
Kiesel, Florian
Year of Publication: 
2020
Citation: 
[Journal:] Financial Markets, Institutions & Instruments [ISSN:] 1468-0416 [Volume:] 29 [Issue:] 3 [Pages:] 93-118
Abstract: 
Considering environmental, social, and governance (ESG) factors becomes increasingly important for companies and investors. However, “ESG” is not clearly defined so far and, therefore, it is difficult to measure the ESG activity of companies. We analyze the extent and changes in 10‐K reports and proxy statements on ESG, using a textual analysis and creating an ESG dictionary. The results show an average of 4.0 % ESG words on total words in the reports. The ESG word list with 482 items can be used to quantitatively examine the extent of ESG reporting, which will be helpful especially for SRI investors. Our classification of 40 subcategories allows a highly granular analysis of different ESG related aspects. Moreover, indications for a relation between changes in reporting and real events, especially negative media presence, are detected. Regulatory bodies have to be aware of the use of such words and how they are used.
Subjects: 
Content analysis
Environment
ESG
Governance
Investor communication
Social
Sustainability measurement
Textual analysis
Persistent Identifier of the first edition: 
Creative Commons License: 
http://creativecommons.org/licenses/by-nc-nd/4.0/
Document Type: 
Article
Document Version: 
Published Version

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