November 28, 2025Journal of risk and financial managementOpen Access

Impact of Environmental, Social, and Governance Parameters on Financial Performance of Firms: A Cross-Country Analysis

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ESG score positively impacts financial performance in developed countries, indicating a strong relationship.
Data from 1917 non-financial firms across 13 countries over 10 years supports this conclusion.
Impact varies by economic development status; emerging economies show negligible effects from ESG practices.
This analysis emphasizes the significance of a country's economic context on ESG and financial performance.

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Implication

Cross-country analysis shows ESG score positively impacts financial performance in developed countries, suggesting economic development influences this relationship.

Cite This Study

Banerjee et al. (2025) studied this question.

synapsesocial.com/papers/6928f11ba65b730b9ea7a208 https://doi.org/10.3390/jrfm18120666

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Implication

Cross-country analysis shows ESG score positively impacts financial performance in developed countries, suggesting economic development influences this relationship.

Impact of Environmental, Social, and Governance Parameters on Financial Performance of Firms: A Cross-Country Analysis

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Discussion

Implication

Cite This Study

Impact of Environmental, Social, and Governance Parameters on Financial Performance of Firms: A Cross-Country Analysis

Key Points

Discussion

Implication

Cite This Study

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