ESG improvement as a critical driver of improved shareholder returns: A study of comparative portfolios
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M Garbuio, C Leeson, G Gheno
Finance Research Letters, 2026
Elsevier
This study explores the link between environmental, social, and governance (ESG) rating improvements and stock performance. Building a portfolio of stocks that showed sustained ratings improvement from 2019-2023, we find that this “ESG Improvers” portfolio delivers superior returns compared with randomly constructed portfolios, portfolios composed of companies with unchanged ESG ratings, and the ASX200 and S&P500 indices. Firms with stable or declining ESG ratings tend to underperform, while ESG Improvers consistently …
