Document Type



ESG investing; stocks; ESG portfolio

Identifier Data


Pageant Media Ltd

Rights Management

© 2022 Pageant Media Ltd


Debates about the attributes of environmental, social, and governance (ESG) investing are ongoing. The definitions, integration methods, performance outcomes, and data consistency are all developing. Against this backdrop, we explore whether ESG investing constitutes a decision-making paradox in which selecting a desirable set of stocks for inclusion in an ESG portfolio simultaneously requires adopting a desirable decision-making method to select those stocks. Comparing the results from two multi-criteria decision-making methods for selecting ESG portfolio stocks, we illustrate the sensitivity of the resulting selections to various approaches. We recommend a series of practical steps for resolving the paradox.