Anatomy of the chimera: Environmental, Social, and Governance ratings beyond the myth
通过系统文献综述，揭示ESG评级仍是一个黑箱，主要从货币视角研究且存在矛盾，指出理论、法规、地理、企业文化等六方面分歧导致研究不完整，为未来研究提供方向。
Abstract Environmental, Social, and Governance (ESG) ratings were developed to account for the multidimensional nature of the sustainability of firms. Research on ESG ratings suggests that working towards sustainability means engaging in a utopian effort, as in the chimera myth. We developed a conceptual framework of corporate activities that guides a systematic literature review based on 79 papers. Our analysis confirms that ESG ratings remain a black box, explored mainly from a purely monetary perspective and with contradictions on value created for companies and collective well‐being. Therefore, we deduce that research is still “chasing a chimera,” being this incomplete knowledge due to divergences in (1) theories, (2) regulations, (3) geographic and (4) corporate culture, (5) constructs/metrics, and (6) corporate attitude towards disclosure. Consequently, we identify research gaps and avenues for future research to foster corporations' responsible behaviours and socially responsible investing.