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Bridging the ESG data gap: transparent metrics and rankings for emerging financial markets

2025-10-20Journal article Open access
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datacite.subject.sdg16:Paz, Justiça e Instituições Eficazes
datacite.subject.sdg12:Produção e Consumo Sustentáveis
datacite.subject.sdg09:Indústria, Inovação e Infraestruturas
datacite.subject.sdg17:Parcerias para a Implementação dos Objetivos
dc.contributor.authorQACHACH, AZHAR RIM
dc.contributor.authorEl Mahrad, Badr
dc.contributor.authorKharbouch, Omar
dc.contributor.authorMoumen, Aniss
dc.contributor.authorAoufi, Sara El
dc.contributor.authorGueddari, Manal El
dc.contributor.authorAbdallah-Ou-Moussa, Soukaina
dc.date.accessioned2026-01-15T10:31:18Z
dc.date.available2026-01-15T10:31:18Z
dc.date.issued2025-10-20
dc.description.abstractEnvironmental, Social, and Governance (ESG) performance has become a pivotal driver of firm valuation, investment flows, and capital market stability and a critical dimension of corporate sustainability and investor decision-making. Yet, emerging markets face structural barriers to standardized ESG measurement due to limited data availability and inconsistent disclosures. This study addresses this gap by developing a simplified, transparent and indicator-based ESG assessment model tailored to the Moroccan capital market using publicly available data from 20 companies listed in the MASI ESG Index on the Casablanca Stock Exchange. The framework evaluates 12 equally weighted indicators across environmental, social, and governance pillars, and employs the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS), a Multi-Criteria Decision-Making (MCDM) method, to generate firm-level ESG scores and rankings. In addition to equal-weighted rankings, the model was stress-tested using entropy-based and expert-informed weights. Results reveal a wide disparity in ESG maturity: while environmental reporting is relatively advanced, social and governance disclosures lag behind. Top-ranking firms align closely with international frameworks such as GRI, whereas others lack fundamental transparency. By offering a replicable, low-data ESG scoring method applicable to other emerging markets, this research provides actionable insights for investors, regulators, and corporate leaders. The findings contribute to the financial literature on ESG integration, support the design of sustainable investment strategies, and advance policy efforts to strengthen capital market resilience across the MENA region.eng
dc.identifier.doi10.3390/ijfs13040198
dc.identifier.issn2227-7072
dc.identifier.urihttp://hdl.handle.net/10400.1/28101
dc.language.isoeng
dc.peerreviewedyes
dc.publisherMDPI
dc.relation.ispartofInternational Journal of Financial Studies
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subjectESG performance
dc.subjectEmerging markets
dc.subjectMorocco
dc.subjectMASI ESG index
dc.subjectMulti-criteria decision making
dc.subject(MCDM)
dc.subjectTOPSIS
dc.subjectCorporate sustainability
dc.subjectNon-financial disclosure
dc.titleBridging the ESG data gap: transparent metrics and rankings for emerging financial marketseng
dc.typejournal article
dspace.entity.typePublication
oaire.citation.issue4
oaire.citation.startPage198
oaire.citation.titleInternational Journal of Financial Studies
oaire.citation.volume13
oaire.versionhttp://purl.org/coar/version/c_970fb48d4fbd8a85
person.familyNameQACHACH
person.familyNameEl Mahrad
person.givenNameAZHAR RIM
person.givenNameBadr
person.identifier702391
person.identifier.ciencia-id1414-4FFE-F235
person.identifier.orcid0009-0008-6888-7425
person.identifier.orcid0000-0001-6485-0539
person.identifier.scopus-author-id57209271531
relation.isAuthorOfPublication208c3928-dd43-4935-b78f-89c34a561851
relation.isAuthorOfPublicationec0db23f-77b1-4d57-8011-8930aa8d0509
relation.isAuthorOfPublication.latestForDiscoveryec0db23f-77b1-4d57-8011-8930aa8d0509

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