The investing framework is now facing a mountain of troubles, almost all of them of its own making
The writer is professor of finance at the Stern School of Business at New York University Born in sanctimony, nurtured with hypocrisy and sold with sophistry, ESG grew unchallenged for a decade, but it is now facing a mountain of troubles, almost all of them of its own making. The problems of investing with an environmental, social and governance framework start with assessing what it measures, which has changed over time and reflects its revisionist history.
And the cross-sectional evidence suggests that improving ESG makes scaling up more difficult, has little or no effect on profitability and is as likely to decrease value as increase it. In parallel, advocates are pushing investors to bring ESG into their investment processes, arguing that this leads to higher returns, allowing them to have their cake and eat it too . Even in its nascency, the argument lacked internal consistency. If an asset is less risky, it should have lower expected returns.
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