"Sustainability investing continues to grow in popularity, but the lack of standardization in sustainability reporting poses a challenge for investors wishing to maximize the social responsibility, and minimize the social damage, of their investments. The authors, who previously studied sustainability ratings issued by the mass media, now turn their attention on rankings used by the investing community itself.

The findings indicate that they may be a more reliable barometer of a company′s commitment to environmental, social, and governance impact; nevertheless, further research into the long-term link between sustainable practices and value creation is needed."

[COMMENTARY]To some extent, this research counters the impression offered by the ACCF (see below, "Think tank takes ESG rating agencies to task") that since ESG ratings’ methodologies are different among the ratings’ agencies that they’ll offer widely disparate outcomes. This CPA journal article throws more light on that and comes to some interesting, important, conclusions for ESG oriented investors.
Using ESG Ratings to Build a Sustainability Investing Strategy, by Silvia Romero, Agatha E. Jeffers, Beixin (Betsy) Lin, Frank Aquilino, and Laurence DeGaetano, July 2018, The CPA Journal, USA.