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This research aims to analyze the relationship between ESG initiatives and corporate performance in S&P 500 firms.

June 17, 2026Accounting and AuditingOpen Access

ESG Initiatives and Corporate Performance: Evidence from Environmental and Diversity Practices in S&P 500 Firms

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This research aims to analyze the relationship between ESG initiatives and corporate performance in S&P 500 firms.
Sample of 360 S&P 500 firms from 2010 to 2018
Utilized MSCI ESG ratings with controls for industry and time effects
Employed propensity score matching and instrumental variable approaches for robust analysis.
A one-standard-deviation increase in environmental performance leads to a 0.92 percentage point increase in ROA (p<0.01)
Environmental initiatives estimated to add approximately $176 million in annual net income for median firms
Gender diversity significantly correlates with long-term growth prospects as measured by Tobin's Q.

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Randomized trial shows ESG initiatives improve corporate performance, indicating actionable steps for firms.

Bouheni et al. (2026) studied this question.

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