GX & Decarbonization Research

Mouna Mrad, Rohail Hassan, Tebessi Mejda

This study examines the dynamic relationship between ESG controversies and firm performance for 82 French non-financial listed firms (2012-2021) using OLS and NARDL. Results show that ESG controversies negatively affect accounting performan…

Imen Mahfoudh, Sameh Kobbi-Fakhfakh, Molka Trigui

This study examines the effect of CEO facial masculinity (measured by facial width-to-height ratio) on ESG performance using Canadian non-financial firms from 2012 to 2022. Regression results show that CEOs with more masculine facial featur…

Surayya Jamal, A. Imran, K. Mustafa +2

This study examines the impact of ESG performance on investment efficiency for Chinese A-share listed firms from 2012-2023, using Bloomberg ESG scores and measuring investment efficiency as deviations from optimal levels. ESG performance si…

Chakshay Sharma, Priti Bakhshi, Suchismita Das

This paper examines ESG alpha by constructing best-in-class positive ESG-screened portfolios using Refinitiv ESG Scores. Analyzing 15 years of daily returns from seven European regions and the UK, it finds that high ESG portfolios can enhan…

Payam Rostamicheri, Virgil Popescu, Ramona Birǎu +1

This study analyzes approximately 24,500 firm-year observations to examine how ESG performance affects firm value, profitability, and cost of capital. It distinguishes Nordic and non-Nordic European firms. Results show a positive associatio…

Wan Shafizah Hussain, Enylina Nordin, Mohd Tarmizi Ibrahim +2

This systematic literature review of 571 studies examines the relationship between ESG assessment and stock performance. It finds that environmental factors have the most consistent positive financial impact, while effects vary by market ma…

Monika Agrawal, Prof. Swami Prasad Saxena, Devyani Mani

This paper conducts a bibliometric and thematic analysis of 152 articles linking ESG to investor sentiment. It identifies five conceptual themes—ESG impact on financial outcomes, rating disagreement and behavioral responses, risk management…

Gede Aditya Putra Utaman, Ketut Tanti Kustina

This study analyzes the influence of capital structure, independent board of commissioners, and ESG performance disclosure on firm value of food and beverage companies listed on the Indonesia Stock Exchange (2022-2023). Using multiple linea…

Saiful Anwar, Wiwiek Dianawati, Ega Rusanti +2

This study examines the effect of female directors from reputable universities on ESG performance using panel data from 1,781 firms across multiple regions (2016–2023). Fixed-effects regressions show a significant positive impact, strongest…

B. Maerdan, S. Zeinolla, L. Spankulova +2

This study analyzes the relationship between ESG maturity and market valuation (Tobin's Q) for 13 listed Kazakh firms from 2019-2024. Overall ESG score is not significantly related to valuation, but a positive significant association is fou…

D. Solomon, Ido Baum, Rimona Palas +1

This paper provides causal evidence that higher ESG scores lead to fewer financial restatements, using the 2019 BRT Statement as an exogenous shock on 2,386 U.S. firms. The findings suggest ESG metrics signal financial integrity, supporting…

M. S. Goktan, Ekin Alakent

This paper investigates the impact of ESG ratings on mutual fund financial performance using Lipper rankings. Using ordered logistic regression on cross-sectional data from 2022, it finds that higher ESG ratings are associated with lower op…

Reza Virly Alfriansyach, R. J. Arsjah

This study analyzes the impact of ESG scores and cash holdings on firm value using 91 Indonesian energy firms. Results show ESG scores do not significantly affect firm value, while cash holdings have a strong positive effect. Institutional …

Ahmed Alwadeai, Zain Ul Abideen

This study examines the relationship between sustainability performance and financial stability in Chinese listed firms. It finds that sustainability performance improves financial stability, but these benefits are weakened when firms face …

Samsinar, Haliah, Darmawati

This study examines how liquidity, green accounting (PROPER rating), and profitability influence CSR disclosure in Indonesian mining firms. Using panel data from 2019-2022, it finds profitability positively affects CSR disclosure, while liq…

Yulius Jogi Christiawan, Ghea Ariaristy Junio, Regita Manurung

Using panel data from Indonesian listed firms (2019-2023), this study examines the effects of ESG performance and PROPER ratings on firm value. ESG alone has no significant impact, but the interaction term is significantly negative, indicat…

Thanh Nguyen Minh, Linh Ba Nguyen, Tien Thuy Thi Le +2

Using panel data from 152 non-financial listed firms in Vietnam (2014-2023), this study analyzes how board diversity affects corporate disclosure quality, including ESG disclosure. Results show that diversity negatively impacts disclosure i…

K. Kapetanakis, Christos Floros

This study examines the relationship between U.S. commercial banks' environmental performance (ESG Environmental Pillar score) and profitability (ROE) from 2005 to 2024 using a sample of 72 banks. Integrating linear, nonlinear, and distribu…

Dongxing Jia, Ting-Ya Yang, Kai Wu

This review synthesizes ESG and corporate finance literature using a Value vs Values framework, finding that ESG's primary financial benefit is risk mitigation not alpha, while mandatory disclosure and stakeholder pressure are driving real …

Tilawatil Ciseta Yoda, Tafdil Husni, Elvira Luthan +1

This study examines how ESG performance affects stock returns using data from Indonesian non-financial firms (2014-2023). ESG does not directly boost returns, but improves total factor productivity and ROA, which in turn enhance stock retur…