September 5, 2025Open Access

ESG Performance and Firm Financial Outcomes: A Cross-Country Analysis of Developed and Emerging Markets

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A positive association exists between esg performance and firm financial performance, especially in developed markets.
Using a panel dataset of 2,200 firms, analysis through two-stage least squares indicates significant financial returns.
Disaggregated findings reveal environmental factors dominate in emerging markets, while governance plays a key role in developed ones.
Insights are crucial for aligning esg strategies with financial outcomes, benefiting managers and investors alike.

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Analysis shows a positive relationship between esg performance and financial outcomes in firms, indicating varying impacts by market type.

Soumya Guha Deb (2025) studied this question.

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Analysis shows a positive relationship between esg performance and financial outcomes in firms, indicating varying impacts by market type.