The ESG path between harmonisation and information asymmetry: the crucial role of rating

Non-financial reporting (NFR) has grown significantly in recent years. Indeed, it has been linked to other interdisciplinary elements such as sustainability and ethics, with the purpose of creating value and managing research strategies to achieve the best performance. In this scenario, over time the acronym ESG has simultaneously acquired a decisive connotation in investment strategies as well as played an increasingly central role in corporate strategy. The fundamental role played by NFR, supported by ESG metrics, is that of a tool capable of raising awareness of social issues, involving stakeholders in strategies, and drawing attention to human rights and transparency on environmental issues, to create an ever-wider network and ultimately provide a basis of choice for more sustainable investments. We have performed, then, a literature review from top international journals to better understand how these metrics are used in terms of harmonisation and employed in the fight against information asymmetry.