Through the haze of inconsistent data and greenwashing the biggest question remains—does ESG add value?
fails”, some of sustainability’s strongest advocates from Harvard Business School made what looked like a heretical admission that companies rated highly on an array ofmetrics did not in fact produce better shareholder returns. But they offset this by reprising a paper, co-written by’s George Serafiem in 2015, which showed that when companies focused their sustainability efforts onto materiality makes intuitive sense.
More recently Aswath Damodaran of New York University’s Stern School of Business has come to a similar view when assessing whetherbolsters corporate profits. He says that it may be true that “bad” companies face higher funding costs, but points to scant evidence that goodfirms generate higher income or growth.
Another is to give investors the “warm glow” of doing good by not obsessing over short-term returns. This may be more applicable to younger than to older investors. A study in 2019 by New York Life Investments found that investors aged 25-39 were most likely to want to consider climate change in their portfolios, whereas those aged 55 and over focused more on data fraud and theft.
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