Table 1 Distribution of sample firms by...

Table 1

Distribution of sample firms by country, market classification, and industry sector

Country	MSCI (2025)	FTSE Russell (Apr, 2025)	Recommended classification	Consumer-facing and Retail	Environmentally Intensive and extractive	Finance and Real estate	Industrial and manufacturing	Technology, healthcare, and utilities	No. of firms	% Of total sample
Australia	Developed	Developed	Developed	26	65	34	18	20	163	13.87%
China	Emerging	Secondary Emerging	Emerging	7	28	19	18	10	82	6.98%
Hong Kong	Developed	Developed	Developed	37	18	36	18	22	131	11.15%
India	Emerging	Secondary Emerging	Emerging	8	17	18	9	19	71	6.04%
Indonesia	Emerging	Secondary Emerging	Emerging	5	9	5	1	5	25	2.13%
Japan	Developed	Developed	Developed	81	61	49	108	71	370	31.49%
Malaysia	Emerging	Advanced Emerging	Emerging	10	7	11	3	8	39	3.32%
New Zealand	Developed	Developed	Developed	3	1	1	1	4	10	0.85%
Philippines	Emerging	Secondary Emerging	Emerging	3	0	6	5	5	19	1.62%
Singapore	Developed	Developed	Developed	7	0	13	10	7	37	3.15%
South Korea	Emerging	Advanced Emerging	Emerging	13	18	16	25	20	92	7.83%
Sri Lanka^a	Frontier	Frontier	Emerging	0	0	0	1	0	1	0.09%
Taiwan	Emerging	Advanced Emerging	Emerging	12	15	19	33	38	117	9.96%
Thailand	Emerging	Secondary Emerging	Emerging	4	6	5	2	1	18	1.53%
Total				216	245	232	252	230	1,175	100.00%

Country	MSCI (2025)	FTSE Russell (Apr, 2025)	Recommended classification	Consumer-facing and Retail	Environmentally Intensive and extractive	Finance and Real estate	Industrial and manufacturing	Technology, healthcare, and utilities	No. of firms	% Of total sample
Australia	Developed	Developed	Developed	26	65	34	18	20	163	13.87%
China	Emerging	Secondary Emerging	Emerging	7	28	19	18	10	82	6.98%
Hong Kong	Developed	Developed	Developed	37	18	36	18	22	131	11.15%
India	Emerging	Secondary Emerging	Emerging	8	17	18	9	19	71	6.04%
Indonesia	Emerging	Secondary Emerging	Emerging	5	9	5	1	5	25	2.13%
Japan	Developed	Developed	Developed	81	61	49	108	71	370	31.49%
Malaysia	Emerging	Advanced Emerging	Emerging	10	7	11	3	8	39	3.32%
New Zealand	Developed	Developed	Developed	3	1	1	1	4	10	0.85%
Philippines	Emerging	Secondary Emerging	Emerging	3	0	6	5	5	19	1.62%
Singapore	Developed	Developed	Developed	7	0	13	10	7	37	3.15%
South Korea	Emerging	Advanced Emerging	Emerging	13	18	16	25	20	92	7.83%
Sri Lanka^a	Frontier	Frontier	Emerging	0	0	0	1	0	1	0.09%
Taiwan	Emerging	Advanced Emerging	Emerging	12	15	19	33	38	117	9.96%
Thailand	Emerging	Secondary Emerging	Emerging	4	6	5	2	1	18	1.53%
Total				216	245	232	252	230	1,175	100.00%

Note(s)

Sri Lanka is classified as a Frontier market by both MSCI and FTSE Russell. For analytical consistency and comparability, it is included in the Emerging market group, in line with common ESG research practices

b “Recommended Classification” reflects the harmonised market grouping adopted in the study, based on capital market development, institutional quality, and data accessibility

c Industry sector allocations are based on primary business activities as reported in Refinitiv Eikon, categorised into five clusters to reflect differences in ESG exposure and reporting practices

Source(s): Calculated by authors

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