What question did this study set out to answer?

This study aims to investigate the relationship between ESG metrics and financial performance across different sectors in U.S. firms, particularly in the context of COVID-19.

July 30, 2026Applied EconomicsOpen Access

ESG Value in US firms: sectoral dynamics with a COVID-19 perspective

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Authors

TBTanvir BhuiyanMurdoch University AHAriful HoqueMurdoch University DGDominic GasbarroMurdoch University

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Implication

Randomized trial evaluates ESG impact on financial performance in US firms, suggesting industry-specific implications.

Key Points

This study aims to investigate the relationship between ESG metrics and financial performance across different sectors in U.S. firms, particularly in the context of COVID-19.
Utilized 15,886 U.S. firm-year observations from 2017 to 2023
Employed Generalized Method of Moments (GMM) panel regression for endogeneity control
Evaluated multiple performance indicators including excess return, ROA, ROE, Altman Z-score, and KZ Index.
ESG performance significantly influences financial outcomes, with sector variations.
Positive association between ESG and financial flexibility (KZ Index) across most sectors, indicating better financial health.
Sectors like Energy and Utilities show strong ESG advantages, while Healthcare and Communication Services experience trade-offs.

Cite This Study

Bhuiyan et al. (2026) studied this question.

synapsesocial.com/papers/6a6af4ad60e2b924d3ea044c https://doi.org/10.1080/00036846.2026.2709058

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ESG Value in US firms: sectoral dynamics with a COVID-19 perspective

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Implication

Key Points

Cite This Study

ESG Value in US firms: sectoral dynamics with a COVID-19 perspective

Discussion

Member takes

Implication

Key Points

Cite This Study

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