Determinants and effects of country ESG controversy
基于152国数据，构建反映媒体实时报道的ESG争议指标，发现其与政策不确定性正相关但动态不同，并受政治、能源结构和人均GDP影响，且对全球层面有显著效应。
This paper provides a new perspective on the economic implications of Environmental, Social, and Governance (ESG) ratings. Using data for 152 countries, we introduce a new country measure which reflects controversies regarding ESG performance based on media coverage in real time. We evaluate our measure at the country and global level and over different frequencies and illustrate that global ESG controversy is positively related to established policy uncertainty measures but also displays distinct dynamics. In a second step, we evaluate cross-country determinants and show that political determinants, the structure of the energy sector and GDP per capita affect ESG controversies. Finally, we show that ESG controversery displays significant effects on the global level.