Environmental, Social and Governance investing: Does rating matter?

Vincenzo Pacelli, Francesca Pampurini, Anna Grazia Quaranta

Risultato della ricerca: Contributo in rivistaArticolo in rivista


In the last decade, the demand for sustainable and social investments has improved. The mutual funds industry has responded to market needs by offering a number of investment products focused on Environmental, Social and Governance (ESG) companies. The aim of this article is to understand if an ESG score can actually be considered a valid criterion that portfolio managers could adopt, along with traditional risk–return optimisation, in selecting asset portfolios. The paper analyses the link between the performance and the ESG score of different sectoral portfolios (one for each sector of the Global Industry Classification Standard), entirely composed of ESG assets, in the search for a clear and strong positive correlation that could suggest an overall advantage to focus on an ex ante choice of assets with high ESG scores.
Lingua originaleEnglish
pagine (da-a)30-41
Numero di pagine12
RivistaBusiness Strategy and the Environment
Stato di pubblicazionePubblicato - 2023


  • ESG scores
  • mutual funds
  • portfolio selection
  • risk–return performance
  • sustainable investments


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