ESG investing evolved over time from the earlier concept of CSR. The process of evolution moved the focus from the external impact of corporate activities to the risk and return implications for financial investors of failing to address ESG issues in their portfolio selection and corporate engagement. The bridge between the two approaches was the framing of sustainability in the early part of the millennium as an overarching concept that could be mapped onto the supply of capital and the techniques employed by institutional investors. The financial model of ESG investing is now the standard approach around the world and is reflected in ESG ratings, codes, guidance and regulatory rules. It focuses on the role of capital and investors in driving change in sustainability practices and pays much less attention to the role of board decision-making and directors’ fiduciary duties. In this research, we trace the origins and trajectory of this change in emphasis from CSR to ESG and attempt to explain why it occurred. We identify shortcomings in the financial model of ESG investing and propose an alternative ‘entity’ model, which we argue would more effectively promote sustainability in the corporate sector around the world.

ESG 投资从早期的 CSR 概念演变而来。演变过程将焦点从企业活动的外部影响转移到金融投资者在投资组合选择和企业参与中未能解决 ESG 问题的风险和回报影响。这两种方法之间的桥梁是在千年初期将可持续性框架作为一个总体概念，可以映射到资本供应和机构投资者采用的技术。ESG 投资的财务模型现已成为全球标准方法，并反映在 ESG 评级、准则、指南和监管规则中。它侧重于资本和投资者在推动可持续发展实践变革中的作用，而较少关注董事会决策和董事的受托责任。在这项研究中，我们追溯了这种从 CSR 到 ESG 的重点变化的起源和轨迹，并试图解释它发生的原因。我们发现了 ESG 投资财务模型的缺陷，并提出了另一种“实体”模型，我们认为该模型将更有效地促进全球企业部门的可持续性。