RIEB Discussion Paper Series No.2023-10

Title

Impact of ESG Activities on Corporate Financial Performance: A Meta-analytical Approach

Abstract

In recent years, interest in sustainability issues has increased, and discussions on environmental, social and governance (ESG) have expanded. Under this context, many studies have examined the relationship between ESG activities and corporate financial performance (CFP). However, the results still need to be consistent and still need to be integrated. Therefore, based on stakeholder theory and the natural resource-based view theory, this study aims to estimate the relationship between ESG activities and CFP through meta-analysis by collecting the published empirical studies from 2011 to 2020. Consequently, the result shows a positive relationship between ESG activities and CFP.

Keywords

ESG activities; Financial performance; Stakeholder theory; NRBV; Meta-analysis

Inquiries

Qi WU
Research Institute for Economics and Business Administration
Kobe University
Rokkodai-cho, Nada-ku, Kobe
657-8501 Japan
Phone: +81-78-803-7036
FAX: +81-78-803-7059
Institute of International Academic Research, Kyoto University of Advanced Science
Institute for Integrated Management of Material Fluxes and of Resources, United Nations University

Rui WANG
Graduate School of Business, Osaka Metropolitan University

Xin FU
Faculty of Economics and Business Administration, Kyoto University of Advanced Science