Abstract

This study re-examines the impact of ESG (economic, environmental, social, and corporate governance performance) on the financial performance of UK firms. Most recent sample of 351 firms from FTSE350 for the time period 2002–2018 is used. The study estimates the impact of total ESG and individual dimensions of ESG on corporate financial performance using static and dynamic panel data techniques, and it also examines the impact of high and low ESG on firm financial performance. Further, the study investigates the role of firm size as a moderator in the relationship between ESG and firm financial performance. The results of total ESG performance indicate that ESG has a positive and significant impact on firm financial performance. However, in the case of the individual ESG performance, the results are mixed. Overall, the results confirm that high ESG firms show high financial performance as compared to low ESG firms. Results indicate that firm size moderates the relationship between ESG performance and firm financial performance.

摘要

这项研究重新检验了ESG（经济，环境，社会和公司治理绩效）对英国公司财务绩效的影响。使用2002年至2018年期间FTSE350的351家公司的最新样本。该研究使用静态和动态面板数据技术估算了总的ESG和ESG的各个维度对公司财务绩效的影响，并且还研究了高低ESG对公司财务绩效的影响。此外，该研究调查了企业规模作为协调人在ESG与企业财务绩效之间关系中的作用。ESG总体绩效的结果表明，ESG对公司的财务绩效产生了积极而显着的影响。但是，就单个ESG的性能而言，结果好坏参半。全面的，结果证实，与低ESG公司相比，高ESG公司表现出较高的财务绩效。结果表明，公司规模可以缓和ESG绩效与公司财务绩效之间的关系。