Muck, MatthiasMatthiasMuck0000-0003-2364-9833Schmidl, ThomasThomasSchmidl0009-0008-2851-77962025-05-082025-05-082025https://fis.uni-bamberg.de/handle/uniba/107045This study examines how weighting methodologies in ESG ratings for sustainability categories align with their financial relevance. We analyse Refinitiv’s data-driven weights against equal weights and SASB’s expert-based weights. Our findings show all methods differentiate firms by returns, but equal and SASB weights lead to a stronger effect, particularly after the Paris Agreement. This suggests alternative weighting approaches might better capture the financial significance of ESG categories.engESG ratingsCategory weightings330650articleurn:nbn:de:bvb:473-irb-1070452