The ESG Discourse Is Neither Timeless Nor Stable: How Danish Companies ‘Tactically’ Embrace ESG Concepts

Author:

Nielsen Henrik1,Villadsen Kaspar2

Affiliation:

1. Department of Finance, Copenhagen Business School, Porcelaenshaven 18a, 2000 Frederiksberg, Denmark

2. Department of Management, Politics and Philosophy, Copenhagen Business School, Porcelaenshaven 18a, 2000 Frederiksberg, Denmark

Abstract

During the last decade, ESG has become a globally widespread doctrine of good investment principles. ESG defines investing for broader, extra-financial goals by the use of “environmental, social and governance” (ESG) factors. While commentators generally agree that ESG has become a crucial arena for defining responsible investment, research is so far scarce on the conceptual development of the ESG discourse as well as how companies articulate it in their public communication. By analysing ESG concepts, this article combines methods derived from corpus linguistics with dispositional analytics, inspired by Michel Foucault. The data material consists of 281 annual reports, which contain the self-representation of 24 Danish large-cap companies, including how they communicated their ESG policies from 2010 to 2021. The analysis displays the proliferation of specific ESG keywords as well as changes over time in their frequency, proportional to each other. We supplement the quantitative analyses with dispositional analytics, considering how the dispositives of law, discipline, and security condition Danish companies’ adoption of ESG. We also discuss how companies use ESG concepts ‘tactically’ to navigate a context, in which the dispositives ‘over-determine’ urgent environmental, social, and governance issues.

Publisher

MDPI AG

Subject

Management, Monitoring, Policy and Law,Renewable Energy, Sustainability and the Environment,Geography, Planning and Development,Building and Construction

Reference41 articles.

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2. United Nations (1987). Report of the World Commission on Environment and Development: Our Common Future, Oxford University Press.

3. European Commission (2022, May 25). Corporate Responsibility. Available online: https://ec.europa.eu/growth/industry/sustainability/corporate-social-responsibility-responsible-business-conduct_en.

4. (Un)Sustainability and Organization studies: Towards a Radical Engagement;Ergene;Organization Studies,2021

5. World Economic Forum (WEF) (2022, May 25). 3 Paradigm Shifts in Corporate Sustainability Marks New Era of ESG. Available online: https://www.weforum.org/agenda/2021/09/3-paradigm-shifts-in-corporate-sustainability-to-esg/.

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