How important a good ESG performance is for GDP per capita? In this paper we examine the economic effect of environmental, social and governance (ESG) performance in 29 OECD countries over the 1996–2014 period, using panel cointegration techniques. The application of cointegration methodology allows distinguishing between long run and short run effects. We find that, while there is a positive relationship between ESG and GDP per capita in the long run, such relationship does not exist in the short run. However when allowing for heterogeneity in the short term dynamics (Pooled Mean Group), two countries (Iceland and South Korea) benefit in the short run (w.r.t. GDP per capita) from their ESG performance.

ESG的良好表现对人均GDP有多重要？在本文中，我们使用面板协整技术研究了29个经合组织国家在1996-2014年期间环境，社会和治理（ESG）绩效的经济效应。协整方法的应用可以区分长期效果和短期效果。我们发现，从长远来看，ESG与人均GDP之间存在正相关关系，但从短期来看，这种关系并不存在。但是，在短期动态中考虑异质性时（Pooled Mean Group），两个国家（冰岛和韩国）从其ESG绩效中短期受益（人均GDP损失）。