GX & Decarbonization Research

Madina Tuychiyeva

This paper examines how global challenges like climate change and geopolitical shifts expand banks' risk spectrum and how ESG principles are integrated into risk management. Drawing on frameworks such as TCFD and UN SDGs, it maps ESG risks …

Mohd Shazwan Mohd Ariffin, Kathleen Kho Lee Ping, Intan Nur Natasya Ahmad Rizaudin

This study examines the relationship between ESG performance and executive pay structures in Malaysian listed companies from 2023 to 2025 using panel data regression. Findings show that ESG-linked pay is not widely adopted, but firms with s…

M. Szymański

This paper investigates how ESG performance affects corporate leverage using a panel of 9,560 firms across 32 countries from 2017-2022. It finds a significant negative relationship between ESG scores and book leverage overall, but with cros…

Jan Porenta, Iza Matko, Riste Ichev

This study examines the relationship between ESG performance and credit risk in EU banks using panel data from 87 banks (2014-2023). Results show a significant negative association, driven by social and governance pillars, particularly for …

Haodong Chang, Tianchi Feng, Xuehui Zhang +1

Using Chinese listed firms from 2010-2023, this study confirms a U-shaped relationship between ESG performance and corporate risk-taking. It finds that while moderate ESG enhances risk-taking, excessive ESG commitments can reduce it, mediat…

Tran Thi Hai Yen

This paper analyzes the impact of ESG integration on credit risk (NPL ratio) using panel data from 20 Vietnamese commercial banks (2017-2023). Results show that higher ESG performance is associated with lower NPL ratios, with Governance hav…

Amina Hamdouni, Nesrine Gafsi

Using a multi-period DID on Saudi listed firms (2015–2024), this study finds that ESG ratings causally enhance green technology innovation in quantity, quality, and efficiency. The effect strengthens over time, mediated by reduced financial…

Messaoude Nebie, Alamgir Muhammad, Ming-Chang Cheng

This study examines the relationship between ESG ratings and financial performance (ROA, ROE, WACC) using panel data from over 10,000 firms across 80+ countries (2015-2022). OLS models show positive associations, but fixed effects reveal ne…

Cinzia Baldan, Francesco Zen, Margherita Targhetta

This study examines the relationship between ESG performance and corporate credit risk (Altman Z-score) using a panel of European firms from 2020-2024. Fixed-effects regressions show that ESG scores have limited statistical significance, wh…

M. Alsayegh, H. Al‐Shaer, Maha Alandejani +1

This study examines 101 Saudi-listed firms (2016-2022) to investigate how family and foreign ownership affect ESG performance. Results show family ownership positively impacts ESG, while foreign ownership has a negative effect, with board s…

Jing Huang, Zhuoran Zhang

Using panel data from Chinese listed firms (2010-2023), this study finds that ESG performance does not significantly affect institutional ownership in baseline regressions, though robustness tests provide limited evidence. It concludes that…

Dr. Ashish Prafulkumar Bhuva Dr. Ashish Prafulkumar Bhuva, Vaidhya Uday Narendrabhai Vaidhya Uday Narendrabhai

This study examines the impact of green marketing strategy (GMS) on financial performance for five NSE-listed Indian companies (Adani Green Energy, Tata Power, M&M, ITC, HUL) using a 7Ps framework. Panel data regression (N=25) finds no stat…

P. Puspitasari, Eni Wuryani

This study analyzes the effect of ESG disclosure (Bloomberg ESG Scores) on financial performance (Tobin's Q) for 71 Indonesian listed firms from 2020-2024. Composite ESG, Environmental, and Governance pillars have positive significant effec…

A. Laskin, Vilma Luoma-aho, Alina Arti

This paper conceptualizes corporate washing in ESG discourse within financial communication and investor relations. It defines washing by three conditions: claims perceived as removed from reality, merely symbolic, and reliant on emotional …

Hotma Glorya Ika Sari, Lady Karlinah, L. Sugondo +1

This study examines the effect of ESG performance on cost of capital and the moderation of audit committee independence in an emerging market. Using 95 Indonesian listed firms (2016-2023), panel regression shows a one-point ESG score increa…

Burcu Ozcan Turkkan, Sibel Fettahoğlu, Aycan Uludag

This study uses a fuzzy FMEA approach to identify and prioritize 20 ESG-related risks in digital transformation within the textile industry. 'Security Weaknesses' is the top ESG governance risk, leading to data breaches, regulatory sanction…

Hassan Ali Alqahtani, Mohammed Ali Alghamadi, Hiba Awad Alla Ali Hussin +2

This study examines the influence of ESG factors on financial performance (ROA, ROE) for Saudi-listed firms using panel data from 2018–2023. Fixed effects regression shows that social factors have significant positive effects, while environ…

J. Dossa, Aamir Ali Gopang, Tony Osborn Kapola +3

This study examines the non-linear relationship between ESG performance and firm value in Chinese A-share listed firms (2009-2023). It finds an inverted U-shaped relationship: moderate ESG engagement enhances firm performance, while excessi…

O. Tawfik, Waqas Mehmood, H. Elmaasrawy

This study examines how corporate environmental disclosure affects dividend policy using 2579 European firms. It finds that environmental controversies moderate this relationship positively. It uniquely combines multiple disclosure scores (…

Asna Syakirah Sahabuddin, N. Che-Yahya

This paper examines the impact of ESG practices on financial performance (ROA/ROI) in distressed Malaysian companies under Bursa Malaysia's PN17/GN3 frameworks, using panel data from 2015-2024. Fixed effects, pooled OLS, and random effects …