The Relationship Between ESG Rating and Firm Value—Evidence from Companies Listed on Polish Capital Market in the WIG-ESG Index

Abdi, Y., Li, X., & Camara-Turull, X. (2022). Exploring the Impact of Sustainability (ESG) Disclosure on Firm Value and Financial Performance (FP) in Airline Industry: the Moderating Role of Size and Age. Environment, Development and Sustainability, 24, 5052–5079. https://doi.org/10.1007/s10668-021-01649-w AbdiY. LiX. Camara-TurullX. 2022 Exploring the Impact of Sustainability (ESG) Disclosure on Firm Value and Financial Performance (FP) in Airline Industry: the Moderating Role of Size and Age Environment, Development and Sustainability 24 5052 5079 https://doi.org/10.1007/s10668-021-01649-w Search in Google Scholar

Ahmad, N., Mobarek, A., & Roni, N. N. (2021). Revisiting the Impact of ESG on Financial Performance of FTSE350 UK Firms: Static and Dynamic Panel Data Analysis. Cogent Business and Management, 8(1). https://doi.org/10.1080/23311975.2021.1900500 AhmadN. MobarekA. RoniN. N. 2021 Revisiting the Impact of ESG on Financial Performance of FTSE350 UK Firms: Static and Dynamic Panel Data Analysis Cogent Business and Management 8 1 https://doi.org/10.1080/23311975.2021.1900500 Search in Google Scholar

Alshehhi, A., Nobanee, H., & Khare, N. (2018). The Impact of Sustainability Practices on Corporate Financial Performance: Literature Trends and Future Research Potential. Sustainability, 10(2), 494. https://doi.org/10.3390/su10020494 AlshehhiA. NobaneeH. KhareN. 2018 The Impact of Sustainability Practices on Corporate Financial Performance: Literature Trends and Future Research Potential Sustainability 10 2 494 https://doi.org/10.3390/su10020494 Search in Google Scholar

Aouadi, A., & Marsat, S. (2016). Do ESG Controversies Matter for Firm Value? Evidence from International Data. Journal of Business Ethics, 1, 21. https://link.springer.com/article/10.1007/s10551-016-3213-8 AouadiA. MarsatS. 2016 Do ESG Controversies Matter for Firm Value? Evidence from International Data Journal of Business Ethics 1 21 https://link.springer.com/article/10.1007/s10551-016-3213-8 Search in Google Scholar

Aras, G., Aybars, A., & Kutlu, O. (2010). Managing Corporate Performance: Investigating the Relationship between Corporate Social Responsibility and Financial Performance in Emerging Markets. International Journal of Productivity and Performance Management, 59(3), 229–254. https://doi.org/10.1108/17410401011023573 ArasG. AybarsA. KutluO. 2010 Managing Corporate Performance: Investigating the Relationship between Corporate Social Responsibility and Financial Performance in Emerging Markets International Journal of Productivity and Performance Management 59 3 229 254 https://doi.org/10.1108/17410401011023573 Search in Google Scholar

Atan, R., Alam, M. M., Said, J., & Zamri, M. (2018). The Impacts of Environmental, Social, and Governance Factors on Firm Performance: Panel Study of Malaysian Companies. Management of Environmental Quality, 29(2), 182–194. https://doi.org/10.1108/MEQ-03-2017-0033 AtanR. AlamM. M. SaidJ. ZamriM. 2018 The Impacts of Environmental, Social, and Governance Factors on Firm Performance: Panel Study of Malaysian Companies Management of Environmental Quality 29 2 182 194 https://doi.org/10.1108/MEQ-03-2017-0033 Search in Google Scholar

Behl, A., Kumari, P. S. R., Makhija, H., & Sharma, D. (2022). Exploring the Relationship of ESG Score and Firm Value Using Cross-Lagged Panel Analyses: Case of the Indian Energy Sector. Annals of Operations Research, 313, 231–256. http://doi.org/10.1007/s10479-021-04189-8 BehlA. KumariP. S. R. MakhijaH. SharmaD. 2022 Exploring the Relationship of ESG Score and Firm Value Using Cross-Lagged Panel Analyses: Case of the Indian Energy Sector Annals of Operations Research 313 231 256 http://doi.org/10.1007/s10479-021-04189-8 Search in Google Scholar

Berg, F. Kölbel, J., & Rigobon, R. (2022). Aggregate Confusion: The Divergence of ESG Ratings. Review of Finance, 26(6), 1315–1344. https://doi.org/10.1093/rof/rfac033 BergF. KölbelJ. RigobonR. 2022 Aggregate Confusion: The Divergence of ESG Ratings Review of Finance 26 6 1315 1344 https://doi.org/10.1093/rof/rfac033 Search in Google Scholar

Bhaskaran, R. K., Ting, I. W. K., Sukumaran, S. K., & Sumod, S. D. (2020). Environmental, Social and Governance Initiatives and Wealth Creation for Firms: An Empirical Examination. Managerial and Decision Economics, 41(5), 710–729. https://doi.org/10.1002/mde.3131 BhaskaranR. K. TingI. W. K. SukumaranS. K. SumodS. D. 2020 Environmental, Social and Governance Initiatives and Wealth Creation for Firms: An Empirical Examination Managerial and Decision Economics 41 5 710 729 https://doi.org/10.1002/mde.3131 Search in Google Scholar

Bouten, L., Cho, C. H., Michelon, G., & Roberts, R. W. (2017). CSR Performance Proxies in Large-Sample Studies: ‘Umbrella Advocates’, Construct Clarity and the ‘Validity Police’. Working Paper. http://dx.doi.org/10.2139/ssrn.3107182 BoutenL. ChoC. H. MichelonG. RobertsR. W. 2017 CSR Performance Proxies in Large-Sample Studies: ‘Umbrella Advocates’, Construct Clarity and the ‘Validity Police’ Working Paper http://dx.doi.org/10.2139/ssrn.3107182 Search in Google Scholar

Brammer, S. J., Brooks, C., & Pavelin, S. (2005). Revisiting the Impact of ESG on Financial Evidence from Disaggregate Measures. SSRN Electronic Journal. http://dx.doi.org/10.2139/ssrn.739587 BrammerS. J. BrooksC. PavelinS. 2005 Revisiting the Impact of ESG on Financial Evidence from Disaggregate Measures SSRN Electronic Journal http://dx.doi.org/10.2139/ssrn.739587 Search in Google Scholar

Chairani, C., & Siregar, S.V. (2021). The Effect of Enterprise Risk Management on Financial Performance and Firm Value: The Role of Environmental, Social and Governance performance. Meditari Accountancy Research, 29(3), 647–670. https://doi.org/10.1108/MEDAR-09-2019-0549 ChairaniC. SiregarS.V. 2021 The Effect of Enterprise Risk Management on Financial Performance and Firm Value: The Role of Environmental, Social and Governance performance Meditari Accountancy Research 29 3 647 670 https://doi.org/10.1108/MEDAR-09-2019-0549 Search in Google Scholar

Chatterji, A. K., Levine, D. I., & Toffel, M. W. (2009). How Well Do Social Ratings Actually Measure Corporate Social Responsibility? Journal of Economics & Management Strategy, 18(1), 125–169. https://doi.org/10.1111/j.1530-9134.2009.00210.x ChatterjiA. K. LevineD. I. ToffelM. W. 2009 How Well Do Social Ratings Actually Measure Corporate Social Responsibility? Journal of Economics & Management Strategy 18 1 125 169 https://doi.org/10.1111/j.1530-9134.2009.00210.x Search in Google Scholar

Christensen, D. M., Serafeim, G., & Sikochi, A. (2021) Why is Corporate Virtue in the Eye of The Beholder? The Case of ESG Ratings. The Accounting Review. https://doi.org/10.2308/TAR-2019-0506 ChristensenD. M. SerafeimG. SikochiA. 2021 Why is Corporate Virtue in the Eye of The Beholder? The Case of ESG Ratings The Accounting Review https://doi.org/10.2308/TAR-2019-0506 Search in Google Scholar

Chouaibi, S., Rossi, M., Siggia, D., & Chouaibi, J. (2022). Exploring the Moderating Role of Social and Ethical Practices in the Relationship between Environmental Disclosure and Financial Performance: Evidence from ESG Companies. Sustainability, 14(1), 209. https://doi.org/10.3390/su14010209 ChouaibiS. RossiM. SiggiaD. ChouaibiJ. 2022 Exploring the Moderating Role of Social and Ethical Practices in the Relationship between Environmental Disclosure and Financial Performance: Evidence from ESG Companies Sustainability 14 1 209 https://doi.org/10.3390/su14010209 Search in Google Scholar

Chouaibi, S., Chouaibi, J., & Rossi, M. (2022). ESG and Corporate Financial Performance: the Mediating Role of Green Innovation: UK Common Law versus Germany Civil Law. EuroMed Journal of Business, 17(1), 46–71. https://doi.org/10.1108/EMJB-09-2020-0101 ChouaibiS. ChouaibiJ. RossiM. 2022 ESG and Corporate Financial Performance: the Mediating Role of Green Innovation: UK Common Law versus Germany Civil Law EuroMed Journal of Business 17 1 46 71 https://doi.org/10.1108/EMJB-09-2020-0101 Search in Google Scholar

Clarkson, M. B. E. (1995). A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance. Academy of Management Review, 20(1), 92–117. http://dx.doi.org/10.5465/AMR.1995.9503271994 ClarksonM. B. E. 1995 A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance Academy of Management Review 20 1 92 117 http://dx.doi.org/10.5465/AMR.1995.9503271994 Search in Google Scholar

Dalal, K. K., & Thaker, N. (2019). ESG and Corporate Financial Performance: A Panel Study of Indian Companies. Journal of Corporate Governance, 18, 44–59. DalalK. K. ThakerN. 2019 ESG and Corporate Financial Performance: A Panel Study of Indian Companies Journal of Corporate Governance 18 44 59 Search in Google Scholar

Delmas, M. A., Etzion, D., & Nairn-Birch, N. (2013) Triangulating Environmental Performance: What Do Corporate Social Responsibility Ratings Really Capture? Academy of Management Perspectives, 27(3), 255–267. doi:10.5465/amp.2012.0123 DelmasM. A. EtzionD. Nairn-BirchN. 2013 Triangulating Environmental Performance: What Do Corporate Social Responsibility Ratings Really Capture? Academy of Management Perspectives 27 3 255 267 10.5465/amp.2012.0123 Open DOISearch in Google Scholar

Dorfleitner, G., Halbritter, G., & Nguyen, M. (2015). Measuring the Level and Risk of Corporate Responsibility – An Empirical Comparison of Different ESG Rating Approaches. J Asset Manag, 16, 450–466 (2015). https://doi.org/10.1057/jam.2015.31 DorfleitnerG. HalbritterG. NguyenM. 2015 Measuring the Level and Risk of Corporate Responsibility – An Empirical Comparison of Different ESG Rating Approaches J Asset Manag 16 450 466 (2015). https://doi.org/10.1057/jam.2015.31 Search in Google Scholar

Duque-Grisales, E., & Aguilera-Caracuel, J. (2019). Environmental, Social and Governance (ESG) Scores and Financial Performance of Multilatinas: Moderating Effects of Geographic International Diversification and Financial Slack. Journal of Business Ethics,168, 315–334. https://doi.org/10.1007/s10551-019-04177-w Duque-GrisalesE. Aguilera-CaracuelJ. 2019 Environmental, Social and Governance (ESG) Scores and Financial Performance of Multilatinas: Moderating Effects of Geographic International Diversification and Financial Slack Journal of Business Ethics 168 315 334 https://doi.org/10.1007/s10551-019-04177-w Search in Google Scholar

Evans, J. R., & Peiris, D. (2010). The Relationship between Environmental Social Governance Factors and Stock Returns. http://dx.doi.org/10.2139/ssrn.1725077 EvansJ. R. PeirisD. 2010 The Relationship between Environmental Social Governance Factors and Stock Returns http://dx.doi.org/10.2139/ssrn.1725077 Search in Google Scholar

European Commission. 2023 Proposal for a regulation of the European Parliament and of the Council on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities. https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52023PC0314 European Commission 2023 Proposal for a regulation of the European Parliament and of the Council on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52023PC0314 Search in Google Scholar

Fatemi, A., Glaum, M., & Kaiser, S. (2017). ESG Performance and Firm Value: The Moderating Role of Disclosure. Global Finance Journal. https://doi.org/10.1016/j.gfj.2017.03.001 FatemiA. GlaumM. KaiserS. 2017 ESG Performance and Firm Value: The Moderating Role of Disclosure Global Finance Journal https://doi.org/10.1016/j.gfj.2017.03.001 Search in Google Scholar

Fischer, T. M., & Sawczyn, A. A. (2013). The Relationship between Corporate Social Performance and Corporate Financial Performance and the Role of INnovation. Evidence from German Listed Firms. Journal of Management Control, 24(2), 27–52. https://doi.org/10.1007/s00187-013-0171-5 FischerT. M. SawczynA. A. 2013 The Relationship between Corporate Social Performance and Corporate Financial Performance and the Role of INnovation. Evidence from German Listed Firms Journal of Management Control 24 2 27 52 https://doi.org/10.1007/s00187-013-0171-5 Search in Google Scholar

Garcia, A. S., & Orsato, R. J. (2020). Hypothesis: A Study About Environmental, Social, Governance, and Financial performance. Business Strategy and the Environment. https://doi.org/10.1002/bse.2570 GarciaA. S. OrsatoR. J. 2020 Hypothesis: A Study About Environmental, Social, Governance, and Financial performance Business Strategy and the Environment https://doi.org/10.1002/bse.2570 Search in Google Scholar

Garcia, A. S., Mendes-Da-Silva, W., & Orsato, R. J. (2017). Sensitive Industries Produce Better ESG Performance: Evidence from Emerging Markets. Journal of Cleaner Production, 150, 135–147. https://doi.org/10.1016/j.jclepro.2017.02.180 GarciaA. S. Mendes-Da-SilvaW. OrsatoR. J. 2017 Sensitive Industries Produce Better ESG Performance: Evidence from Emerging Markets Journal of Cleaner Production 150 135 147 https://doi.org/10.1016/j.jclepro.2017.02.180 Search in Google Scholar

Giannopoulos G., Kihle Fagernes R. V., Elmarzouky M., & Afzal Hossain K.A.B.M. (2022). The ESG Disclosure and the Financial Performance of Norwegian Listed Firms. Journal of Risk and Financial Management, 15(6), 237. https://doi.org/10.3390/jrfm15060237 GiannopoulosG. Kihle FagernesR. V. ElmarzoukyM. Afzal HossainK.A.B.M. 2022 The ESG Disclosure and the Financial Performance of Norwegian Listed Firms Journal of Risk and Financial Management 15 6 237 https://doi.org/10.3390/jrfm15060237 Search in Google Scholar

Gibson, R. Krueger, P., & Schmidt, P. S. (2019). ESG Rating Disagreement and Stock Returns. Swiss Finance Institute Research Paper, 19, 67. http://dx.doi.org/10.2139/ssrn.3433728 GibsonR. KruegerP. SchmidtP. S. 2019 ESG Rating Disagreement and Stock Returns Swiss Finance Institute Research Paper 19 67 http://dx.doi.org/10.2139/ssrn.3433728 Search in Google Scholar

GSIA. (2020). Global Sustainable Investment Review 2020, 9. GSIR-20201.pdf (gsi-alliance.org) (access: 27.02.2023). GSIA 2020 Global Sustainable Investment Review 2020, 9 GSIR-20201.pdf (gsi-alliance.org) (access: 27.02.2023). Search in Google Scholar

GSIA. (2013). Global Sustainable Investment Review, 1–46. Retrieved August 3, from http://gsiareview2012.gsi-alliance.org/pubData/source/Global%20Sustainable%20Investement%20Alliance.pdf GSIA 2013 Global Sustainable Investment Review 1 46 Retrieved August 3, from http://gsiareview2012.gsi-alliance.org/pubData/source/Global%20Sustainable%20Investement%20Alliance.pdf Search in Google Scholar

Han, J. J., Kim, H. J., & Yu J. (2016). Empirical study on Relationship Between Corporate Social Responsibility and Financial Performance in Korea. Asian Journal of Sustainability and Social Responsibility, 1, 61–76. https://doi.org/10.1186/s41180-016-0002-3 HanJ. J. KimH. J. YuJ. 2016 Empirical study on Relationship Between Corporate Social Responsibility and Financial Performance in Korea Asian Journal of Sustainability and Social Responsibility 1 61 76 https://doi.org/10.1186/s41180-016-0002-3 Search in Google Scholar

Hang, M., Geyer-Klingeberg, J., & Rathgeber, A. (2013). It is Merely a Matter of Time: A Meta-Analysis of the Causality between Environmental Performance and Financial Performance. Business Strategy and the Environment, 28(2), 257–273. https://doi.org/10.1002/bse.2215 HangM. Geyer-KlingebergJ. RathgeberA. 2013 It is Merely a Matter of Time: A Meta-Analysis of the Causality between Environmental Performance and Financial Performance Business Strategy and the Environment 28 2 257 273 https://doi.org/10.1002/bse.2215 Search in Google Scholar

Hou, M., Liu, H., Fan, P., & Wei, Z. (2015). Does CSR Practice Pay off in East Asian Firms? A Meta-analytic Investigation. Asia Pacific Journal of Management, 33(1), 195–228. https://doi.org/10.1007/s10490-015-9431-2 HouM. LiuH. FanP. WeiZ. 2015 Does CSR Practice Pay off in East Asian Firms? A Meta-analytic Investigation Asia Pacific Journal of Management 33 1 195 228 https://doi.org/10.1007/s10490-015-9431-2 Search in Google Scholar

Huang, K., Sim, N., & Zhao, H. (2020). Corporate Social Responsibility, Corporate Financial Performance and the Confounding Effects of Economic Fuctuations: A Meta-Analysis. International Review of Financial Analysis, 101504. https://doi.org/10.1016/j.irfa.2020.101504 HuangK. SimN. ZhaoH. 2020 Corporate Social Responsibility, Corporate Financial Performance and the Confounding Effects of Economic Fuctuations: A Meta-Analysis International Review of Financial Analysis 101504 https://doi.org/10.1016/j.irfa.2020.101504 Search in Google Scholar

Jo, H., & Harjoto, M. A. (2011). Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility. Journal of Business Ethics, 103, 351–383. https://doi.org/10.1007/s10551-011-0869-y JoH. HarjotoM. A. 2011 Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility Journal of Business Ethics 103 351 383 https://doi.org/10.1007/s10551-011-0869-y Search in Google Scholar

Kapoor, S., & Shandhu, H. S. (2010). Does it Pay to be Socially Responsible? An Empirical Examination of Impact of Corporate Social Responsibility on Financial Performance. Global Business Review, 11(2), 185–208. https://doi.org/10.1177/097215091001100205 KapoorS. ShandhuH. S. 2010 Does it Pay to be Socially Responsible? An Empirical Examination of Impact of Corporate Social Responsibility on Financial Performance Global Business Review 11 2 185 208 https://doi.org/10.1177/097215091001100205 Search in Google Scholar

Kim, J., Chung, S., & Park, C. (2013). Corporate Social Responsibility and Financial Performance: The Impact of the MSCI ESG Ratings on Korean Firms. Journal of the Korea Academia-Industrial Cooperation Society. 14(11), 5586–5593. KimJ. ChungS. ParkC. 2013 Corporate Social Responsibility and Financial Performance: The Impact of the MSCI ESG Ratings on Korean Firms Journal of the Korea Academia-Industrial Cooperation Society 14 11 5586 5593 Search in Google Scholar

Landi, G., & Sciarelli, M. (2019). Towards a More Ethical Market: the Impact of ESG Rating on Corporate Financial Performance. Social Responsibility Journal, 15(1), 11–27. https://doi.org/10.1108/SRJ-11-2017-0254 LandiG. SciarelliM. 2019 Towards a More Ethical Market: the Impact of ESG Rating on Corporate Financial Performance Social Responsibility Journal 15 1 11 27 https://doi.org/10.1108/SRJ-11-2017-0254 Search in Google Scholar

Li, Y., Gong, M., Zhang, X. Y., & Koh, L. (2018). The Impact of Environmental, Social, and Governance Disclosure on Firm Value: The Role of CEO Power. British Accounting Review, 50(1), 60–75. https://doi.org/10.1016/j.bar.2017.09.007 LiY. GongM. ZhangX. Y. KohL. 2018 The Impact of Environmental, Social, and Governance Disclosure on Firm Value: The Role of CEO Power British Accounting Review 50 1 60 75 https://doi.org/10.1016/j.bar.2017.09.007 Search in Google Scholar

López-Arceiz, F. J., Bellostas, A. J., & Rivera, P. (2018). Twenty Years of Research on the Relationship Between Economic and Social Performance: A Meta-analysis Approach. Social Indicators Research, 140, 453–484. doi:10.1007/S11205-017-1791-1 López-ArceizF. J. BellostasA. J. RiveraP. 2018 Twenty Years of Research on the Relationship Between Economic and Social Performance: A Meta-analysis Approach Social Indicators Research 140 453 484 10.1007/S11205-017-1791-1 Open DOISearch in Google Scholar

Lu, W., & Taylor, M. E. (2016). Which Factors Moderate the Relationship between Sustainability Performance and Financial Performance? A Meta-Analysis Study. Journal of International Accounting Research, 15(1), 1–15. doi: 10.2308/jiar-51103 LuW. TaylorM. E. 2016 Which Factors Moderate the Relationship between Sustainability Performance and Financial Performance? A Meta-Analysis Study Journal of International Accounting Research 15 1 1 15 10.2308/jiar-51103 Open DOISearch in Google Scholar

Mahmut Aydoğmuş M., Gülay G, & Ergun K.. (2022). Impact of ESG Performance on Firm Value and Profitability. Borsa Istanbul Review, 22(2), S119–S127. https://doi.org/10.1016/j.bir.2022.11.006. Mahmut AydoğmuşM. GülayG ErgunK. 2022 Impact of ESG Performance on Firm Value and Profitability Borsa Istanbul Review 22 2 S119 S127 https://doi.org/10.1016/j.bir.2022.11.006. Search in Google Scholar

Dinca, M. S, Vezeteu, C-D., & Dinca, D. (2022). The Relationship between ESG and Frm Value. Case Study of the Automotive Industry. Frontiers in Environmental Science, 10. https://doi.org/10.3389/fenvs.2022.1059906 DincaM. S VezeteuC-D. DincaD. 2022 The Relationship between ESG and Frm Value. Case Study of the Automotive Industry Frontiers in Environmental Science 10 https://doi.org/10.3389/fenvs.2022.1059906 Search in Google Scholar

Marsat, S., & Williams, B. (2011). CSR and Market Valuation: International Evidence. SSRN Electronic Journal. http://dx.doi.org/10.2139/ssrn.1833581 MarsatS. WilliamsB. 2011 CSR and Market Valuation: International Evidence SSRN Electronic Journal http://dx.doi.org/10.2139/ssrn.1833581 Search in Google Scholar

Naeem M., Ullah H., Shahid J., & Kakakhel S. J. (2022). The Impact of ESG Practices on Firm Performance: Evidence from Emerging countries. Indian Journal of Economics and Business, 20, 1. NaeemM. UllahH. ShahidJ. KakakhelS. J. 2022 The Impact of ESG Practices on Firm Performance: Evidence from Emerging countries Indian Journal of Economics and Business 20 1 Search in Google Scholar

Nollet, J., Filis, G., & Mitrokostas, E. (2016). Corporate Social Responsibility and Financial Performance: A Non-Linear and Disaggregated Approach. Economic Modelling, 52, 400–407. doi:10.1016/J.ECONMOD.2015.09.019 NolletJ. FilisG. MitrokostasE. 2016 Corporate Social Responsibility and Financial Performance: A Non-Linear and Disaggregated Approach Economic Modelling 52 400 407 10.1016/J.ECONMOD.2015.09.019 Open DOISearch in Google Scholar

PwC. (2022). Asset and wealth management revolution 2022: Exponential expectations for ESG. https://www.pwc.com/gx/en/financial-services/assets/pdf/pwc-awm-revolution-2022.pdf PwC 2022 Asset and wealth management revolution 2022: Exponential expectations for ESG https://www.pwc.com/gx/en/financial-services/assets/pdf/pwc-awm-revolution-2022.pdf Search in Google Scholar

Rodrigo, P., Duran, I. J., & Arenas, D. (2016). Does it Really Pay to be Good, Everywhere? A First Step to Understand the Corporate Social and Financial Performance Link in Latin American Controversial Industries. Business Ethics: A European Review, 25(3), 286–309. https://doi.org/10.1111/beer.12119 RodrigoP. DuranI. J. ArenasD. 2016 Does it Really Pay to be Good, Everywhere? A First Step to Understand the Corporate Social and Financial Performance Link in Latin American Controversial Industries Business Ethics: A European Review 25 3 286 309 https://doi.org/10.1111/beer.12119 Search in Google Scholar

Rossi, M., Chouaibi, J., Chouaibi, S., Jilani, W., & Chouaibi, Y. (2021). Does a Board Characteristic Moderate the Relationship between CSR Practices and Financial Performance? Evidence from European ESG Firms. Journal of Risk and Financial Management, 14(8), 354. https://doi.org/10.3390/jrfm14080354 RossiM. ChouaibiJ. ChouaibiS. JilaniW. ChouaibiY. 2021 Does a Board Characteristic Moderate the Relationship between CSR Practices and Financial Performance? Evidence from European ESG Firms Journal of Risk and Financial Management 14 8 354 https://doi.org/10.3390/jrfm14080354 Search in Google Scholar

Saygili, E., Arslan, S., Birkan, A. O. (2021). ESG Practices and Corporate Financial Performance: Evidence from Borsa Istanbul. lBorsa İstanbul Review, 22(3), 525–533. https://doi.org/10.1016/j.bir.2021.07.001 SaygiliE. ArslanS. BirkanA. O. 2021 ESG Practices and Corporate Financial Performance: Evidence from Borsa Istanbul lBorsa İstanbul Review 22 3 525 533 https://doi.org/10.1016/j.bir.2021.07.001 Search in Google Scholar

Velte, P. (2017). Does ESG Performance Have an Impact on Financial Performance? Evidence from Germany. Journal of Global Responsibility, 8(210), 69–178. https://doi.org/10.1108/JGR-11-2016-0029 VelteP. 2017 Does ESG Performance Have an Impact on Financial Performance? Evidence from Germany Journal of Global Responsibility 8 210 69 178 https://doi.org/10.1108/JGR-11-2016-0029 Search in Google Scholar

Whelan, T., Atz, U., Holt, T. V., & Clark, C. (2021). ESG and financial performance: Uncovering the relationship by aggregating evidence from 1,000 plus studies published between 2015–2020. NYU Stern Center for Sustainable Business, Rockefeller Asset Management. WhelanT. AtzU. HoltT. V. ClarkC. 2021 ESG and financial performance: Uncovering the relationship by aggregating evidence from 1,000 plus studies published between 2015–2020 NYU Stern Center for Sustainable Business, Rockefeller Asset Management Search in Google Scholar

Wood, D. J. (2010). Measuring Corporate Social Performance: A Review. International Journal of Management Reviews, 12(1), 50–84. https://doi.org/10.1111/j.1468-2370.2009.00274.x WoodD. J. 2010 Measuring Corporate Social Performance: A Review International Journal of Management Reviews 12 1 50 84 https://doi.org/10.1111/j.1468-2370.2009.00274.x Search in Google Scholar

Xie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S. (2018). Do Environmental, Social, and Governance Activities Improve Corporate Financial Performance? Business Strategy and the Environment. https://doi.org/10.1002/bse.2224 XieJ. NozawaW. YagiM. FujiiH. ManagiS. 2018 Do Environmental, Social, and Governance Activities Improve Corporate Financial Performance? Business Strategy and the Environment https://doi.org/10.1002/bse.2224 Search in Google Scholar

Xie, J., Wataru, N., Michiyuki, Y., Hidemichi, F., & Shunsuke, M. (2019). Do Environmental, Social, and Governance Activities Improve Corporate Financial Performance? Business Strategy and the Environment, 28, 286–300. https://doi.org/10.1002/bse.2224 XieJ. WataruN. MichiyukiY. HidemichiF. ShunsukeM. 2019 Do Environmental, Social, and Governance Activities Improve Corporate Financial Performance? Business Strategy and the Environment 28 286 300 https://doi.org/10.1002/bse.2224 Search in Google Scholar

Yoon B., Lee J., & Byun R. (2018). Does ESG Performance Enhance Firm Value? Evidence from Korea. Sustainability, 10, 3635. https://doi.org/10.3390/su10103635 YoonB. LeeJ. ByunR. 2018 Does ESG Performance Enhance Firm Value? Evidence from Korea Sustainability 10 3635 https://doi.org/10.3390/su10103635 Search in Google Scholar

Zhao, C., Yu, G., Jiahai, Y., Mengya, W., Daiyu, L., Yiou, Z., & Jiangang, K. (2018). ESG and Corporate Financial Performance: Empirical Evidence from China’s Listed Power Generation Companies. Sustainability, 10. https://doi.org/10.3390/su10082607 ZhaoC. YuG. JiahaiY. MengyaW. DaiyuL. YiouZ. JiangangK. 2018 ESG and Corporate Financial Performance: Empirical Evidence from China’s Listed Power Generation Companies Sustainability 10 https://doi.org/10.3390/su10082607 Search in Google Scholar