Do bigger companies get better ESG ratings than small ones? We believe the answer is “no.” This seems true across a wide range of companies, whether one measures size by revenue or by market capitalization (a proxy for enterprise value). Our result indicates that small companies can and should expect to be able to equal or outperform their bigger rivals on environment, social, and governance (ESG) issues.
A comparison of charts from our new Bloomberg app (ESGHub) indicates that big companies disclose more information than small ones. The chart on the left shows the distribution of disclosure for the S&P 500 Index. There is a wide dispersion of disclosure profiles (as measured by Bloomberg’s ESG Metrics on the bottom axis) and CSRHub’s consensus ESG rating (as shown on the vertical axis). The chart on the right shows about 1,500 companies from the NASDAQ 3,000. There are some companies spread out on the right. However, many companies are clustered to the left with low disclosure scores.
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