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

Qi Wu, Rui Wang and Xin Fu
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Rui Wang: Graduate School of Business, Osaka Metropolitan University, JAPAN
Xin Fu: Faculty of Economics and Business Administration, Kyoto University of Advanced Science, JAPAN

No DP2023-10, Discussion Paper Series from Research Institute for Economics & Business Administration, Kobe University

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 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2023-03
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