Country environmental, social and governance performance and economic growth: The international evidence

Jiazhen Wang, Jing Yu and Rui Zhong

Accounting and Finance, 2023, vol. 63, issue 4, 3911-3941

Abstract: This study documents a significant and positive impact of country‐level environmental, social and governance (ESG) improvement on economic growth using an international sample of 109 countries through improving energy efficiency, promoting human‐capital accumulation and attracting foreign investments. The economic benefits of country‐level ESG improvement are robust after alleviating possible endogeneity concerns. Further analysis shows that the positive influence of country ESG performance on economic growth is most pronounced in high‐income countries and for high‐greenhouse gas emitters but weaker in countries whose national income relies on natural resources. Our findings provide policy implications for promoting sustainable economic growth.

Date: 2023
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