Abstract
We are analysing the data on environmental, social and governance (ESG) ratings of over 5,000 companies from the MSCI data base for the year 2012 constructing a Bayesian belief network based on an unsupervised learning algorithm. This methodology allows us to analyse in depth how different indicators of ESG performance influence each other. The findings highlight which ESG issues are closely linked to each other. Our results support the proposition of the resource based view of the firm that corporate social responsibility (CSR) management is a dynamic capability and confirm assumptions of institutional theory regarding isomorphism and reputation management.
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