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This is a Panel Regression study.

ESG and Firm Value: The Moderating Role of Stock Returns and EPS

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This analysis reveals significant negative influence of ESG on firm value in 84 firms, suggesting stock returns amplify this effect.

ESG has a negative and significant influence on firm value, which raises concerns for businesses focusing on sustainability.
The interaction between ESG and stock returns shows a significant negative effect, meaning higher stock returns worsen the impact of ESG.
EPS does not moderate the relationship between ESG and firm value, indicating it lacks influence in this context.
Effective management strategies and investor communication are crucial for maximizing the benefits of ESG implementation.

Mandasari et al. (2025) studied this question.

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