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 [Sustainable Finance &amp; Socially Responsible Investment](/CSR-News/sustainable-finance-socially-responsible-investment)

 # The Next Frontier for CSR Measurement

 

##### By Bahar Gidwani

 

 

 Aug 4, 2014 11:00 AM ET

  ![](https://3blaws.s3.amazonaws.com/styles/carousel_2x/s3/images/csr_measurement.png) 

 

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     ![](https://3blaws.s3.amazonaws.com/styles/carousel_thumbnail_x2/s3/images/csr_measurement.png?h=bb45c1d6)   ![](https://3blaws.s3.amazonaws.com/styles/carousel_thumbnail_x2/s3/images/csr_measurement2.png?h=ec5e314a)   ![](https://3blaws.s3.amazonaws.com/styles/carousel_thumbnail_x2/s3/images/csr_measurement3.png?h=1042bf88)   ![](https://3blaws.s3.amazonaws.com/styles/carousel_thumbnail_x2/s3/images/Bahar_Gidwani_0.jpg?h=cf7eefe1)  

   

 

[As previously seen on the CSRHub blog](http://www.csrhub.com/blog/2014/08/the-next-frontier-for-csr-measurement.html)

The folks at S Networks invited me to speak at their [2014 Summer In the City Investing Summit](http://www.csrinvestingsummit.org/) about the state of CSR measurement for nonpublic and emerging market companies. I was joined by Rekha Unnithan of [TIAA CREF](https://www.tiaa-cref.org/public/index.html) and Christina Alfonso of [Madeira Global](http://www.mgimpact.com/).

[CSRHub](http://www.csrhub.com) has a lot of data on nonpublic and emerging market companies. About one third of the ~9,000 companies we rate fall into this category and we have some data already on another 100,000 smaller entities. It was a pleasure to have the chance to talk with an audience of fund managers, sustainability professionals, and pundits about something other than the “Global 1,000.” S Networks and their partner [Thomson Reuters](http://thomsonreuters.com) always sell out this event, so we had a good-sized crowd in attendance.

Despite how little attention they get, smaller companies and not for profit enterprises are a huge part of our economy. For instance, the top 2,000 U.S. companies employ only about one third of U.S. workers. Improving the sustainability performance of smaller companies could make twice as much difference to our economy, as further improving the performance of the largest ones.

![](image/png;base64,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)

The rightmost column above uses data from CSRHub’s database to show that there is a big gap between the information available on the CSR performance of the big companies and that of the rest. The average big company has more than 10 different sources of ratings. Middle-sized companies have an average of 1.5 rating sources. Smaller companies have almost no rating sources. (CSRHub ingests data from [325 ratings sources](http://www.csrhub.com/CSR_data_source_ratings/), and should be a comprehensive sample of what is currently available.)

There is another layer to consider. Many of the smaller entities in our economy are private, for-profit companies. But, many others are not-for-profits (e.g., charities, religious organizations, and social groups) or government entities (e.g., universities and state, local and federal agencies). If we have little data on smaller entities in general, we have even less on the 31% (in the U.S.) that are not commercial and profit-oriented.

![](image/png;base64,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)

I didn’t get into how this type of data looks for emerging market companies. But, the stats are similar. We know a lot about a few big companies in those markets and much less about smaller public and private companies and those in the not for profit sector. As a result, we can measure the CSR performance of only a small portion of smaller companies, not for profits, and governmental agencies.

![](image/png;base64,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)

My fellow panelists added several interesting insights to these basic facts. Both Reyka and Christina had personal experience investing in non-public entities—both here and abroad. They spoke about the effort it took to dig out and analyze social performance factors on smaller entities—the firms that provide ESG (environment, social and governance) data on bigger companies can’t do the same for thousands of smaller ones. They had to spend more time and money to do this specialized research. But, doing so created an “information asymmetry” that gave them an “edge” and allowed them to generate above-average returns.

Christina works with investor groups who want to develop socially responsible investment (SRI) strategies. She noted that some of these groups were “impact first” and some were “financial first.” For the former, it is important to provide high quality data on the social impact of investments—something that is often hard to do with private companies. For the latter, it is important to provide good estimates of the expected financial return from a private investment (or investment into a project led by a not for profit or government entity). This is also hard to do, and requires different skills than impact assessment.

Finally, given the investment orientation of our audience, the panel stepped back and took a “big picture” view of smaller company and developing world impact investing. We agreed that these investments were likely to have different patterns of return and risk than traditional large company investing. As such, they could be considered a distinct “asset class” (e.g., like stocks, bonds, physical commodities, real estate, and private equity investments). “[Modern Portfolio Theory](http://en.wikipedia.org/wiki/Modern_portfolio_theory)” would say that adding asset classes improves diversification and that this by itself should make non-public and developing market investments attractive to rational investors investor. It seemed that our audience did not disagree with this argument. In fact, many audience members approached my panelists after the talk, to get more information from them about launching their own new investment efforts, in this area.

---

![Bahar Gidwani](http://www.csrhub.com/blog/wp-content/uploads/2013/05/Bahar300.jpg)**Bahar Gidwani** is CEO and Co-founder of CSRHub. He has built and run large technology-based businesses for many years. Bahar holds a CFA, worked on Wall Street with Kidder, Peabody, and with McKinsey &amp; Co. Bahar has consulted to a number of major companies and currently serves on the board of several software and Web companies. He has an MBA from Harvard Business School and an undergraduate degree in physics and astronomy. Bahar is a member of the SASB Advisory Board. He plays bridge, races sailboats, and is based in New York City.

[**CSRHub**](http://www.csrhub.com/) provides access to corporate social responsibility and sustainability ratings and information on 8,900+ companies from 135 industries in 102 countries. By aggregating and normalizing the information from 325 data sources, CSRHub has created a broad, consistent rating system and a searchable database that links millions of rating elements back to their source. Managers, researchers and activists use CSRHub to benchmark company performance, learn how stakeholders evaluate company CSR practices and seek ways to change the world.





 

 

 

 

 

 

 

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