La construction des scores ESG à l’épreuve de l’avantage concurrentiel : du signal contesté au processus stratégique

Details

Supervisors

Postaire, Maxence

Faculty

Louvain School of Management

Degree label

Master [120] en sciences de gestion, à finalité spécialisée

Abstract

enESG has established itself as an essential strategic framework, actively influencing companies’ competitive position beyond its original reporting function. However, the calculation of ESG scores is based on largely arbitrary methodological choices, leading to significant discrepancies between rating agencies and raising questions about the reliability of these scores as levers for competitive advantage. This dissertation seeks to answer the following question: how does the construction of ESG scores influence companies’ ability to develop a competitive advantage? The aim is to compare the theoretical framework of the Resource-Based View, strategic positioning and dynamic capabilities with the actual practices of the relevant stakeholders. An exploratory qualitative approach was adopted, combining a literature review with six semi-structured interviews conducted with an ESG rating agency and five companies from various sectors, analysed using thematic coding. The results reveal that the ESG score, in itself, does not constitute a strategic resource in Barney’s sense, due to its arbitrary and divergent nature, the imbalance between the E, S and G dimensions, and the fact that it is often imposed by external stakeholders. The competitive advantage stems instead from the process of genuinely integrating ESG into organisational capabilities: collective learning, the codification of practices and internal culture. These findings suggest that ESG generates a process advantage rather than a signalling advantage, encouraging practitioners to prioritise the genuine integration of sustainability practices rather than focusing solely on external scoring performance.