ESG performance and economic growth: a panel co-integration analysis

Marc-Arthur Diaye (), Sy-Hoa Ho and Rim Oueghlissi ()
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Marc-Arthur Diaye: University Paris 1 Pantheon-Sorbonne
Rim Oueghlissi: University of Jendouba

Empirica, 2022, vol. 49, issue 1, No 5, 99-122

Abstract: Abstract How important a good ESG performance is for GDP per capita? In this paper we examine the economic effect of environmental, social and governance (ESG) performance in 29 OECD countries over the 1996–2014 period, using panel cointegration techniques. The application of cointegration methodology allows distinguishing between long run and short run effects. We find that, while there is a positive relationship between ESG and GDP per capita in the long run, such relationship does not exist in the short run. However when allowing for heterogeneity in the short term dynamics (Pooled Mean Group), two countries (Iceland and South Korea) benefit in the short run (w.r.t. GDP per capita) from their ESG performance.

Keywords: ESG; GDP per capita; Panel cointegration estimation (search for similar items in EconPapers)
JEL-codes: C22 C23 E02 O40 Q01 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (11)

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Working Paper: ESG performance and economic growth: a panel co-integration analysis (2022)
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DOI: 10.1007/s10663-021-09508-7

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