The Relationship Between ESG and Financial Performance in Global Firms: A Multidimensional Study Across Sectors and Regions for the Period 2015–2025

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Multidimensional analysis reveals dynamic relationships between ESG and financial performance across sectors, suggesting varied effects.

Environmental performance shows stable positive associations with financial indicators, while social and governance dimensions vary.
Analysis involved 287 global firms, utilizing metrics like return on assets and return on equity across multiple sectors.
Cluster analysis identified ESG performance patterns, and Granger causality tests revealed time-lagged relationships.
Strategic relevance of ESG integration varies by sector, indicating a need for tailored approaches rather than a uniform method.

Tutar et al. (2025) studied this question.

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