Narrow Your Choices

Refine By Type

Refine By Countries

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Browse

You are looking at 1 - 10 of 30 items for :

  • Corporate Culture; Diversity; Social Responsibility x
Clear All
Cover IMF Working Papers
Front Matter
Torsten Ehlers, Ulrike Elsenhuber, Kumar Jegarasasingam, and Eric Jondeau
Keywords:
ESG score; ESG category; ESG investing; ESG rating; ESG investment strategies; Corporate social responsibility
Cover IMF Working Papers
Front Matter
Peter Lindner and Kay Chung
Keywords:
ESG bond; bond issuance; ESG debt; market financing; issuer perspective; Bonds; Sovereign bonds; Corporate social responsibility; Climate finance; Government debt management; Global
Cover IMF Working Papers
Deconstructing ESG Scores: How to Invest with your own Criteria?
Torsten Ehlers, Ulrike Elsenhuber, Kumar Jegarasasingam, and Eric Jondeau
Environmental, Social, and Governance (ESG) scores are a key tool for asset managers in designing and implementing ESG investment strategies. They, however, amalgamate a broad range of fundamentally different factors, creating ambiguity for investors as to the underlying drivers of higher or lower ESG scores. We explore the feasibility and performance of more targeted investment strategies based on specific ESG categories, by deconstructing ESG scores into their granular components. First, we investigate the characteristics of the various categories underlying ESG scores. Not all types of ESG categories lend themselves to more focused strategies, which is related to both limits to ESG data disclosure and the fundamental challenge of translating qualitative characteristics into quantitative measures. Second, we consider an investment scheme based on the exclusion of firms with the lowest scores in a given category of interest. In most cases, this strategy allows investors to substantially improve the ESG category score, with a marginal impact on financial performance relative to a broad stock market benchmark. The exclusion results in regional and sectoral biases relative to the benchmark, which may be undesirable for some investors.We then implement a “best-in-class” strategy by excluding firms with the lowest category scores and reinvesting the proceeds in firms with the highest scores, maintaining the same regional and sectoral composition. This approach reduces the tracking error of the portfolio and slightly improves its risk-adjusted performance, while still yielding a large gain in the targeted ESG category score.
Keywords:
Sustainable investment; ESG ratings; ESG investing; Negative screening; Best-in-class screening; ESG score; ESG category; headline ESG; ESG data disclosure; Corporate social responsibility; Greenhouse gas emissions; Labor force; North America; Global; Europe
Cover IMF Working Papers
Sovereign ESG Bond Issuance: A Guidance Note for Sovereign Debt Managers
Peter Lindner and Kay Chung
This paper aims to provide guidance to issuers of sovereign ESG bonds, with a focus on Emerging Market and Developing Economies (EMDEs). An overview of the ESG financing options available to sovereign issuers is followed by an analysis of the operational requirements and costs that the issuance of sovereign ESG bonds entails. While green bonds are the instruments used to describe the issuance process, the paper also covers alternative instruments, including social and sustainability-linked bonds to provide issuers and other stakeholders with a comprehensive view of the ESG bond marketplace.
Keywords:
Bond issuance; Climate finance; ESG bonds; Green bonds; Public Financial Management; Social bonds; Sovereign debt management; Sustainable finance; Sustainability-linked bonds; ESG bond; ESG debt; ESG-focused investor; topology of ESG; Bonds; Corporate social responsibility; Sovereign bonds; Global
Cover IMF Working Papers
Sustainable Finance in Emerging Markets: Evolution, Challenges, and Policy Priorities
Rohit Goel, Deepali Gautam, and Mr. Fabio M Natalucci
Sustainable finance has become a key focus area for global investors and policy makers. Last year proved to be a breakout year for emerging markets (EMs), with sustainable debt issuance in 2021 surging to almost $200 billion. This working paper, the first comprehensive study in the literature, analyzes the evoluiton of EM sustainable finance markets, including differences with advanced economies. The analysis shows how sustainable finance in EMs is growing fast not just in aggregate but importantly across many dimensions. The paper also identifies key development areas for EMs and policies to strengthen the resilience of sustainable finance markets.
Keywords:
Sustainable Finance; Emerging Markets; Sustainability; ESG; EM ESG market; finance market; AE ESG; ESG score; ESG indices; Financial sector; Climate finance; Corporate social responsibility; Emerging and frontier financial markets; Bonds; Climate change; Global
Cover IMF Working Papers
Sustainable Finance in Emerging Markets: Evolution, Challenges, and Policy Priorities
Rohit Goel, Deepali Gautam, and Mr. Fabio M Natalucci

Sustainable finance has become a key focus area for global investors and policy makers. Last year proved to be a breakout year for emerging markets (EMs), with sustainable debt issuance in 2021 surging to almost $200 billion. This working paper, the first comprehensive study in the literature, analyzes the evoluiton of EM sustainable finance markets, including differences with advanced economies. The analysis shows how sustainable finance in EMs is growing fast not just in aggregate but importantly across many dimensions. The paper also identifies key development areas for EMs and policies to strengthen the resilience of sustainable finance markets.

Keywords:
finance market; ESG bond performance; ESG finance; EM ESG market; ESG debt finance instrument; Climate finance; Corporate social responsibility; Emerging and frontier financial markets; Global
Cover Policy Papers
Front Matter
International Monetary Fund. Strategy, Policy, & Review Department
Keywords:
policy advice; Macroprudential Policy advice; Policy reaction; IMF's transparency policy; Fund surveillance; Climate change; Spillovers; Corporate social responsibility; Systemic risk; Global