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ESG and corporate performance : evidence from panel data on profitability, valuation and risk
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| 1.52 MB | Adobe PDF |
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This thesis investigates the relationship between Environmental, Social, and Governance (ESG) performance and corporate financial outcomes using a nine-year panel of 579 publicly listed firms from developed markets. Fixed effects regressions on first-differenced data reveal that ESG improvements are significantly associated with higher profitability (ROE, ROA), while effects on valuation, firm size, and market risk are limited or context-dependent. Carbon intensity negatively impacts firm value, and ESG controversies undermine performance, though some firms benefit reputationally despite unresolved controversies. These findings underscore the materiality and complexity of ESG-finance linkages, offering insights for investors and policymakers seeking to integrate sustainability into decision-making.
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ESG performance Corporate Financial PerformanceCorporate financial performanceCorporate financial performance Panel data regression Carbon intensity ESG controversies Sustainable finance