According to the study Aggregate Confusion: The Divergence of ESG Ratings conducted by Florian Berg and his co-authors, the ESG ratings of the five main rating agencies are correlated by only 54% on average.
The study conducted in this paper aims to examine the relationships between the ratings given internally by professional investors (asset managers, private banks, and institutional investors) aggregated by ValueCo and those of MSCI and Sustainalytics, two of the world's most influential extra-financial rating agencies.
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