Legitimacy and the extraordinary growth of ESG measures and metrics in the global investment management industry
Bibliographic Data
| ID | 4959865 |
|---|---|
| Authors | Gordon L Clark (0000-0003-3159-7674, University of Oxford), Sarah Mcgill (0000-0003-2788-7636, University of Oxford), Adam D Dixon (0000-0001-6175-906X, Edinburgh Business School, Heriot-Watt University, Edinburgh, UK, corresponding author) |
| Year | 2024 |
| Volume | 56 |
| Issue | 2 |
| Pages | 645-661 |
| Publication date | 2024-03-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Environment and Planning A Economy and Space (JOURNAL) |
| Journal identifiers | ISSN: 0308-518X • E-ISSN: 1472-3409 |
| Publisher | SAGE Publications Inc (PUBLISHER) |
| DOI | 10.1177/0308518x231155484 |
| OpenAlex | W4322744521 |
| Language | EN |
| Citations received | 7 |
| References cited | 41 |
ESG metrics are increasingly important in the global investment management industry. Why this came to pass given the limited appetite for responsible investing in the industry is the subject of this paper. Although the business case for ESG provides an explanation for its increasing uptake whereby market actors are increasingly convinced of the merits of ESG as a profit centre, this explanation is insufficient. By contrast, the adoption the ESG programme offers a means of rewriting the terms of risk management and value creation that while grounded in the business case also serve to address challenges to the legitimacy of the global asset management industry. These developments are illustrated in a case study of the establishment and growth of TruCost and its purchase by S&P Global in 2016
Business · Economics · Industrial organization · Legitimacy · Market economy · Microeconomics · Political science · Risk appetite · Risk management · Community Development and Social Impact · Global Financial Regulation and Crises · State Capitalism and Financial Governance · Finance
Chains of Finance
Climate Capitalism
Asset Manager Capitalism as a Corporate Governance Regime
Systemic risk in banking ecosystems
A Social Movement Perspective on Finance
Philosophy, Politics, Democracy
A moral turn in finance
The End of Carbon Capitalism (as We Knew It)
Tax havens and the production of offshore FDI
The Deindustrialization of America
The Components of Talent
Stylized Facts and Close Dialogue
The Geography of Finance
Shifting Ground
Environmental Beta or How Institutional Investors Think about Climate Change and Fossil Fuel Risk
ESG Integration Treats Ethics as Risk, but Whose Ethics and Whose Risk? Responsible Investment in the Context of Precarity and Risk-Shifting
Responsible investment
| Unique citing works | 7 |
|---|---|
| Citations per year | 3,5 |
| Citation span | 2024 - 2026 (3) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 7 |