The Consolidation of the ESG Rating Industry as an Enactment of Institutional Retrogression
研究了2005年以来ESG评级行业的整合现象，基于37个访谈和二手数据，发现整合部分导致了制度倒退，即传统规范重新占据主导，削弱了社会责任投资运动寻求的制度变革。
Abstract The socially responsible investing (SRI) movement has been aiming to create lasting institutional change by infusing the investment sector with new norms and values. Environmental, social and governance (ESG) rating agencies have emerged in response to the needs of SRI actors for reliable data on the social performance of firms. Since 2005, the ESG rating industry has witnessed a number of national and cross‐border consolidations. Based on a set of 37 interviews and secondary data, the paper explores the driving forces behind this consolidation as well as its impact. Our focus is on four ESG rating agencies, based in the United States, the United Kingdom, France and Switzerland. We conclude that in effect consolidation has at least partially resulted in institutional retrogression, whereby the traditional norms and values have reaffirmed their primacy, thereby somewhat negating the institutional change sought by the SRI movement. Copyright © 2016 John Wiley & Sons, Ltd and ERP Environment