This study develops a global meta-analysis to examine how Environmental, Social and Governance (ESG) performance relates to firm’s financial and non-financial outcomes across different industries and regions. The findings show a generally positive relationship, although its strength varies depending on contextual conditions. In particular, stronger associations are observed in environmentally intensive industries and among firms with higher-quality ESG disclosures, underscoring the importance of industry exposure and transparency. By simultaneously accounting for industry characteristics, regional differences, disclosure quality and methodological rigor, this study provides a more refined understanding of the contexts in which ESG is more closely linked to firm outcomes. Although a range of robustness checks supports the consistency of the results, the evidence remains correlational and potential endogeneity issues limit causal interpretation.
Mega Silvia (Wed,) studied this question.