Table 1.

Overview of studies investigating the environment, social and governance–financial performance relationship

Author and yearSample size − no. of firmsGeographical contextTime period studiedPerformance testConclusionComment
Fauzi et al. (2007) 383Indonesia2002–2003Social–financialNon-significantConfirms the research gap
López et al. (2007) 110Europe1998–2004CSR–financialNegative linkConfirms the research gap
Brammer and Millington (2008) 537UK1990–1999Social–financialNon-significantConfirms the research gap
Gillan et al. (2010) 2,247Multiple countries1992–2007ESG–financial–marketPositive linkSupports our hypothesis
Humphrey et al. (2012) 256UK2002–2010Corporate social responsibility (CSR)–financialNon-significantConfirms the research gap
Servaes and Tamayo (2013) 400–2,000USA1991–2000ESG/CSR–marketPositive link – contingent on advertising, otherwise negative linkConfirms the research gap
Siew et al. (2013) 17Australia2008–2010ESG–financialNon-significantConfirms the research gap
Borghesi et al. (2014) 780USA1992–2006ESG–financial–marketPositive linkSupports our hypothesis
Di Giuli and Kostovetsky (2014) 3,000USA2003–2009ESG/CSR–financial–marketNo significant and negative linkConfirms the research gap
Dhaliwal et al. (2014) 1,093Multiple countries1995–2007CSR and cost of capitalNegative linkSupports our hypothesis
Gao and Zhang (2015) 2,022USA1993–2010ESG/CSR–marketPositive linkSupports our hypothesis
Lin et al. (2015) 500USA1998–2008CSR–financialMixed resultsConfirms the research gap
Masulis and Reza (2015) 406USA1996–2006ESG (philanthropic activity)–marketNegative linkConfirms research gap
Plumlee et al. (2015)79USA2000–2005Environmental–marketPositive linkSupports our hypothesis
Bajic and Yurtoglu (2016) 1,700Multiple countries2003–2016CSR–financialPositive linkSupports our hypothesis
Chelawat and Trivedi (2016) 93India2008–2013ESG–financialPositive linkSupports our hypothesis
Rose (2016)155Denmark2010/2011Corporate governance–financialPositive linkSupports our hypothesis
Agyemang and Ansong (2017) 423Ghana2013CSR–financialPositive linkSupports our hypothesis
Garcia et al. (2017) 365Brazil, Russia, India, China and South Africa (BRICS)2010–2012ESG–financialPositive linkSupports our hypothesis
Limkriangkrai et al. (2017) 444Australia2009–2014ESG and stock returnsNon-significantConfirms the research gap
Velte (2017) 110Germany2010–2014ESG–financial–marketMixed resultsConfirms the research gap
Atan et al. (2018) 54Malaysia2010–2013ESG–financial–marketNon-significantConfirms the research gap
Buchanan et al. (2018) 3,000USA2006–2010CSR–marketNegative linkConfirms the research gap
Fatemi et al. (2018)403USA2006–2011ESG–marketPositive linkSupports our hypothesis
Li et al. (2018)350UK2004–2013ESG–marketPositive linkSupports our hypothesis
Yoon et al. (2018) 705South Korea2010–2015ESG–marketPositive linkSupports our hypothesis
Zhao et al. (2018) 20China2007–2016ESG–financialPositive linkSupports our hypothesis
Aboud and Diab (2019) 100Egypt2012–2016ESG–financial–marketPositive linkSupports our hypothesis
Chang et al. (2019) 2,441USA1991–2011ESG/CSR–marketPositive linkSupports our hypothesis
Dalal and Thaker (2019) 65India2015–2017ESG–financial–marketPositive significant linkSupports our hypothesis
Ikram et al. (2019) 240Pakistan2017CSR–financialPositive linkSupports our hypothesis
Landi and Sciarelli (2019) 40Italy2007–2015ESG–market returnsNon-significantConfirms the research gap
Alareeni and Hamdan (2020) 505USA2009–2018ESG–financial–marketPositive linkSupports our hypothesis
Shahbaz et al. (2020) 414Multiple countries2011–2018ESG–financialNo linkConfirms the research gap
Abrams et al. (2021) 345USA2014–2016Environmental–management–marketPositive linkSupports our hypothesis
Behl et al. (2021) 62India2016–2019ESG–marketMixed resultsConfirms the research gap
Bansal et al. (2021) 210India2010–2019ESG–financialLimited positive linkConfirms the research gap
Hwang et al. (2021) 137South Korea2018–2020ESG–financialPositive linkSupports our hypothesis
Wong et al. (2021) 62Malaysia2005–2018ESG–marketPositive linkSupports our hypothesis
Brooks and Oikonomou (2018)     Inspired this study because they argue that the ESG contradictions can change over time
Velte (2019)     Inspired this study because they argue that there are contradictions

Note:

Studies are presented in chronological order by publication year

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