Summary of studies and their results
| Results | Frequency | % | Documents |
|---|---|---|---|
| ESG-INNOV (+) | 11 | 21.2 | Broadstock et al. (2020), Chen et al. (2023), Chouaibi et al. (2022), Jin & Lei (2023), Le et al. (2023), Li et al. (2023), Liu & Lyu (2022), Tan & Zhu (2022); Tang (2022), Xu et al. (2021), Zhang et al. (2020) |
| ESG-INNOV (no linear) | 2 | 3.8 | Yang et al. (2024a), Yin et al. (2023) |
| ESG-INNOV (−) | 1 | 1.9 | Jung et al. (2023) |
| INNOV-ESG (+) | 10 | 19.2 | Baek & Lee (2024), Fu et al. (2020), Ge et al. (2022), Jitmaneeroj (2023), Khalil et al. (2024), Lee (2023), Liu et al. (2024), Pinheiro et al. (2023), Yang et al. (2024b), Zheng et al. (2022) |
| INNOV-ESG(no sig) | 1 | 1.9 | Fahad & Nidheesh (2021) |
| ESG-FP (+) | 26 | 50.0 | Alkaraan et al. (2022), Baek & Lee (2024), Barros et al. (2023), Buallay (2022), Cho (2022), Chouaibi, Chouaibi et al. (2022), Chouaibi & Chouaibi (2021), De Lucia et al. (2020), Ge et al. (2022), Jin & Lei (2023), Jitmaneeroj (2023), Jung et al. (2023), Jung & Yoo (2023), Khalil et al. (2024), Khalil & Nimmanunta (2023), Le et al. (2023), Ma & Chen (2023), Naseem et al. (2020), Nirino et al. (2021), Pinheiro et al. (2023), Sandberg et al. (2023), Veeravel et al. (2024), Xie et al. (2023), Yin et al. (2023), Zhang et al. (2020), Zheng et al. (2022) |
| ESG-FP (no sig) | 6 | 11.5 | Baek & Lee (2024), Buallay (2022), Cho (2022), Doni & Fiameni (2024), Isaksson & Woodside (2016), Khanchel et al. (2023) |
| ESG-FP (−) | 6 | 11.5 | Baek & Lee (2024), Chung et al. (2024), Cupertino et al. (2021), Sun et al. (2023), Veeravel et al. (2024), Xie et al. (2023) |
| INNOV-FP (+) | 15 | 28.8 | Alkaraan et al. (2022), Chouaibi & Chouaibi (2021), Chung et al. (2024), Cupertino et al. (2021), De Lucia et al. (2020), Jung et al. (2023), Khalil et al. (2024), Khalil & Nimmanunta (2023), Khanchel et al. (2023), Le et al. (2023), Lee (2023), Meles et al. (2023), Xu et al. (2021), Zhang et al. (2020), Zheng et al. (2022) |
| INNOV-FP (no sig) | 2 | 3.8 | Baek & Lee (2024), Khanchel et al. (2023) |
| ESG-INNOV-FP | 17 | 32.7 | Baek & Lee (2024), Barros et al. (2023), Broadstock et al. (2020), Chouaibi et al. (2022), Chouaibi & Chouaibi (2021), Cupertino et al. (2021), De Lucia et al. (2020), Doni & Fiameni (2024), Eccles & Serafeim (2013), Ge et al. (2022), Jin & Lei (2023), Jung et al. (2023), Khalil et al. (2024), Khanchel et al. (2023), Kong et al. (2023), J. Liu et al. (2024), Sandberg et al. (2023), Teplova et al. (2023), Yin et al. (2023), Zhang et al. (2020) |
| INNOV-ESG-FP | 5 | 9.6 | Alkaraan et al. (2022), Barros et al. (2023), Lee (2023), Pinheiro et al. (2023), Zheng et al. (2022) |
| LEV-ESG (+) | 1 | 1.9 | Fahad & Nidheesh (2021) |
| LEV-INNOV (+) | 1 | 1.9 | Meles et al. (2023) |
| LEV-ESG (−) | 1 | 1.9 | Yang et al. (2024a) |
| LEV-FP (−) | 3 | 5.8 | Jung & Yoo (2023), Sun et al. (2023), Yin et al. (2023) |
| BETA-ESG (−) | 2 | 3.8 | Baek & Lee (2024), Meles et al. (2023) |
| BETA-FP (−) | 1 | 1.9 | Alkaraan et al. (2022) |
| BETA-FP (+) | 1 | 1.9 | (Jung et al., 2023) |
| FINANCIAL SLACK-ESG (+) | 3 | 5.8 | Chen et al. (2023), Tang (2022), Uyar et al. (2023) |
| FINANCIAL SLACK-FP (+) | 2 | 3.8 | Alkaraan et al. (2022), Nirino et al. (2021) |
| AGE-ESG (+) | 1 | 1.9 | Fahad & Nidheesh (2021) |
| AGE-FP (+) | 1 | 1.9 | Yin et al. (2023) |
| SIZE-ESG(+) | 3 | 5.8 | Fahad & Nidheesh (2021), Ma & Chen (2023), Xu et al. (2021) |
| SIZE-FP(+) | 2 | 3.8 | Alkaraan et al. (2022), Jung & Yoo (2023) |
| SIZE-INNOV(+) | 1 | 1.9 | Xu et al. (2021) |
| Results | Frequency | % | Documents |
|---|---|---|---|
| ESG-INNOV (+) | 11 | 21.2 | |
| ESG-INNOV (no linear) | 2 | 3.8 | |
| ESG-INNOV (−) | 1 | 1.9 | |
| INNOV-ESG (+) | 10 | 19.2 | |
| INNOV-ESG(no sig) | 1 | 1.9 | |
| ESG-FP (+) | 26 | 50.0 | |
| ESG-FP (no sig) | 6 | 11.5 | |
| ESG-FP (−) | 6 | 11.5 | |
| INNOV-FP (+) | 15 | 28.8 | |
| INNOV-FP (no sig) | 2 | 3.8 | |
| ESG-INNOV-FP | 17 | 32.7 | |
| INNOV-ESG-FP | 5 | 9.6 | |
| LEV-ESG (+) | 1 | 1.9 | |
| LEV-INNOV (+) | 1 | 1.9 | |
| LEV-ESG (−) | 1 | 1.9 | |
| LEV-FP (−) | 3 | 5.8 | |
| BETA-ESG (−) | 2 | 3.8 | |
| BETA-FP (−) | 1 | 1.9 | |
| BETA-FP (+) | 1 | 1.9 | ( |
| FINANCIAL SLACK-ESG (+) | 3 | 5.8 | |
| FINANCIAL SLACK-FP (+) | 2 | 3.8 | |
| AGE-ESG (+) | 1 | 1.9 | |
| AGE-FP (+) | 1 | 1.9 | |
| SIZE-ESG(+) | 3 | 5.8 | |
| SIZE-FP(+) | 2 | 3.8 | |
| SIZE-INNOV(+) | 1 | 1.9 | Xu et al. (2021) |
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