Framing the facets of ESG: A qualitative study on how ESG information is presented by asset managers in conversations with institutional investors

Abstract: This qualitative study explores how asset management professionals frame ESG information in conversations with institutional investors by drawing upon framing theory. While prior academic research has mainly focused on the integration of ESG factors into investment practice, our study focuses on the communicative domain following integration in the investment process. A single case study was performed with supporting interviews from other asset management companies. Altogether, 20 asset management professionals in the functions of sales, investments, and ESG were interviewed. The findings indicate that financial and ESG information are complementary elements. Moreover, asset management professionals dynamically employ qualitative and quantitative frames when presenting ESG information. Plurality of frames is managed through several concepts from framing theory: Cueing, keying, and blending. In addition, asset management professionals undertake various activities to prepare the setting in which they interact with investors, as well as sustain and adjust the frame. This study expands on prior academic research by providing insights into framing in conversations.