Current issue
Modern Management Systems
Topics of next issues
Current issue
Archive
About the Journal
Editorial office
International editorial board
Reviewers
Open Access policy
Indexation
Publisher
Journal revenues
For authors
Procedure securing the originality of the publication
Principles of developing a scientific publication
Review procedure
Rules for submitting articles
Fees
For reviewers
Ethical standards
REVIEW PAPER
Environmental, Social and Corporate Governance and firms’ financial performance: A semi-structured literature review, through the lens of sustainable development
1
National University for Political Sciences and Public Administration (SNSPA), Bucharest, Romania
Online publication date: 2022-12-16
Publication date: 2022-12-16
NSZ 2022;17(4):13-36
KEYWORDS
EnvironmentalSocial and Corporate Governancefinancial performancesustainable developmentsocially responsible companies
ABSTRACT
The object of this article is to present a concise study of the state of scientific literature regarding the relationship between the Environmental, Social and Corporate Governance (ESG) factors and the financial performance at a company-based level, taking into account the sustainable paradigm. According to scientific literature, we expect that the more socially responsible companies are interested in the well-being of the stakeholders (customers, employees, members of the supply chain, and the community) as much as in that of their shareholders.
REFERENCES (65)
1.
ABDELKAFI, N., TÄUSCHER, K., 2016. Business models for sustainability from a system dynamics perspective, Organization & Environment, No. 29(1), pp. 74-96.
2.
ABDI, Y., LI, X., CAMARA-TURULL, X., 2021. Exploring the impact of sustainability (ESG) disclosure on firm value and financial performance (FP) in airline industry: the moderating role of size and age, Environment, Development and Sustainability, No. 24, pp. 5052-5079.
3.
AGUINIS, H., GLAVAS, A., 2012. What We Know and Don’t Know About Corporate Social Responsibility, Journal of Management, No. 38, pp. 932-968.
4.
ARCE, E., 2014. La Huella Social de las empresas. Una métrica para valora la reputación corporativa. La comunicación empresarial y la gestión de los intangibles en España y Latinoamérica, Gedisa, pp. 189-213.
5.
BARAN, M.D., KUŹNIARSKA, A., MAKIEŁA, Z.J., SŁAWIK, A., STUSS, M.M., 2022. Does ESG Reporting Relate to Corporate Financial Performance in the Context of the Energy Sector Transformation? Evidence from Poland, Energies, No. 15(2).
6.
BELL, J., STELLING, J., 2012. Sustainable Entrepreneurship: The Motivations & Challenges of Sustainable Entrepreneurs in the Renewable Energy Industry, Jonkoping International Business School Master Thesis in Business Administration, Sweden.
7.
BÉNABOU, R., TIROLE, J., 2010. Individual and Corporate Social Responsibility, https://papers.ssrn.com/sol3/p... (15.08.2022).
8.
BERG, F., KÖLBEL, J.F., RIGOBÓN, R., 2019. Aggregate Confusion: The Divergence of ESG Ratings, https://papers.ssrn.com/sol3/p... (12.06.2022).
9.
BEURDEN, P., GÖSSLING, T., 2008. The Worth of Values – A Literature Review on the Relation Between Corporate Social and Financial Performance, Journal of Business Ethics, No. 82, pp. 407-424.
10.
BOSSEL, H., 1998. Earth at a Crossroads: Paths to a Sustainable Future, Cambridge: Cambridge University Press.
11.
BUSCH, T., FRIEDE, G., 2018. The Robustness of the Corporate Social and Financial Performance Relation: A Second‐Order Meta‐Analysis, Corporate Social Responsibility and Environmental Management, No. 25, pp. 583-608.
12.
CARROLL, A.B., 2008. A history of corporate social responsibility: Concepts and practices, The Oxford handbook of corporate social responsibility, No. 1.
13.
CARROLL, A.B., SHABANA, K.M., 2010. The Business Case for Corporate Social Responsibility: A Review of Concepts, Research and Practice, CGN: Corporate Social Responsibility/Corporate Citizenship (Topic).
14.
CHEN, L., FELDMANN, A., TANG, O., 2015. The relationship between disclosures of corporate social performance and financial performance: Evidences from GRI reports in manufacturing industry, International Journal of Production Economics, No. 170, pp. 445-456.
15.
CRANE, A., MCWILLIAMS, A., MATTEN, D., MOON, J., SIEGEL, D.S., 2009. The corporate social responsibility agenda, [in:] A., Crane, D., Matten, A., McWilliams, J., Moon, D., Siegal (Eds.), The Oxford Handbook of Corporate Social Responsibility, Oxford University Press.
16.
DAVIDSON, W.N., WORRELL, D., 1990. A Comparison and Test of the Use of Accounting and Stock Market Data in Relating Corporate Social Responsibility and Financial Performance, https://www.semanticscholar.or... (15.07.2022).
17.
ELKINGTON, J., 2012. The Zeronauts: Breaking the Sustainability Barrier, London, New York: Routledge.
18.
ENDRIKAT, J., GUENTHER, E., HOPPE, H., 2014. Making sense of conflicting empirical findings: A meta-analytic review of the relationship between corporate environmental and financial performance, European Management Journal, No. 32, pp. 735-751.
19.
EUROSTAT, 2020. Sustainable development in the European Union. Overview of progress towards the SDGs in an EU context.
20.
FERRELL, A., LIANG, H., RENNEBOOG, L., 2016. Socially responsible firms, Journal of Financial Economics, No. 122(3), 585-606.
21.
FRIEDE, G., BUSCH, T., BASSEN, A., 2015. ESG and financial performance: aggregated evidence from more than 2000 empirical studies, Journal of Sustainable Finance & Investment, No. 5, pp. 210-233.
22.
GAUTIER, A., PACHE, A., 2015. Research on Corporate Philanthropy: A Review and Assessment, Journal of Business Ethics, No. 126, pp. 343-369.
23.
GERLACH, A., 2003. Sustainable Entrepreneurship and Innovation, [in:] University of Leeds: The 2003 Corporate Social Responsibility and Environmental Management Conference, Leeds, UK: University of Leeds.
24.
GIANNARAKIS, G., KONTEOS, G., ZAFEIRIOU, E., PARTALIDOU, X., 2016. The impact of corporate social responsibility on financial performance, Investment Management & Financial Innovations, No. 13, pp. 171-182.
25.
GREWATSCH, S., KLEINDIENST, I., 2017. When Does It Pay to be Good? Moderators and Mediators in the Corporate Sustainability – Corporate Financial Performance Relationship: A Critical Review, Journal of Business Ethics, No. 145, pp. 383-416.
26.
GUTTERMAN, A., 2018. Entrepreneurship, Business Expert Press taken from Sustainable Business: A Handbook for Starting a Business, New Zealand Trade and Enterprise.
27.
GUTTERMAN, A., 2019. Technology Management and Transactions, Eagan MN: Thomson Reuters.
28.
HANG, M., GEYER‐KLINGEBERG, J., RATHGEBER, A., 2018. It is Merely a Matter of Time: A Meta-Analysis of the Causality between Environmental Performance and Financial Performance, https://onlinelibrary.wiley.co... (10.07.2022).
29.
HARNOSS, J., REVEES, M., 2017. The business of business is no longer just business. Companies must raise their economic and political game, The Boston Consulting Group, https://www.bcg.com/publicatio... (19.08.2022).
30.
HASAN, I., SINGH, S., KASHIRAMKA, S., 2021. Does corporate social responsibility disclosure impact firm performance? An industry-wise analysis of Indian firms, Environment, Development and Sustainability, No. 24(5-6), pp. 1-41.
31.
HUANG, D.Z., 2019. Environmental, social and governance (ESG) activity and firm performance: a review and consolidation, https://onlinelibrary.wiley.co... (10.07.2022).
33.
Intergovernmental Panel on Climate Change, 2014. Climate change 2014 – Impacts, adaptation and vulnerability: Regional aspects, Cambridge: Cambridge University Press.
34.
JACKSON, S., SCHULER, R., 2005. A Quarter-Century Review of Human Resource Management in the US, The Growth in the Importance of the International Perspective, No. 16(1).
35.
KIM, S.K., 2018. Sustainable Management and Future of Human Resource Management, http://docplayer.net/14543650-... (12.08.2022).
36.
KRAAIJENBRINK, J., 2019. What The 3Ps Of The Triple Bottom Line Really Mean, https://www.forbes.com/sites/j... (15.08.2022).
37.
KURUCZ, E.C., COLBERT, B.A., WHEELER, D., 2008. The Business Case for Corporate Social Responsibility, https://doi.org/10.1093/OXFORD... (10.08.2022).
38.
LELEUX, B., VAN DER KAAIJ, J., 2019. Winning Sustainability Strategies, London: Palgrave Macmillan.
39.
LI, Y., GONG, M., ZHANG, X., KOH, L.S., 2017. The impact of environmental, social, and governance disclosure on firm value: The role of CEO power, British Accounting Review, No. 50, pp. 60-75.
40.
LINDER, M., WILLIANDER, M., 2017. Circular business model innovation: Inherent uncertainties, Business Strategy and the Environment, No. 26(2), pp. 182-196.
41.
LÓPEZ-ARCEIZ, F.J., BELLOSTAS, A.J., RIVERA, P., 2018. Twenty Years of Research on the Relationship Between Economic and Social Performance: A Meta-analysis Approach, Social Indicators Research, No. 140, pp. 453-484.
42.
LU, W., TAYLOR, M.E., 2016. Which Factors Moderate the Relationship between Sustainability Performance and Financial Performance? A Meta-Analysis Study, Journal of International Accounting Research, No. 15, pp. 1-15.
43.
MANSARAY, A., YUANYUAN, L., BRIMA, S., 2017. The Impact of Corporate Social Responsibility Disclosure on Financial Performance of Firms in Africa, International Journal of Economics and Financial Issues, No. 7, pp. 137-146.
44.
MARGOLIS, J.D., ELFENBEIN, H.A., WALSH, J.P., 2007. Does it pay to be good? A meta-analysis and redirection of research on the relationship between corporate social and financial performance, https://www.scirp.org/(S(351jm... (15.06.2022).
45.
MARKSCHEFFEL, B., SCHRÖTER, F., 2021. Comparison of two science mapping tools based on software technical evaluation and bibliometric case studies, COLLNET Journal of Scientometrics and Information Management, No. 15, pp. 365-396.
46.
MARTENS, M., CARVALHO, M., 2017. Key factors of sustainability in project management context: A survey exploring the project managers’ perspective, International Journal of Project Management, No. 35(6), pp. 1084-1102.
47.
MATTINGLY, J.E., 2017. Corporate Social Performance: A Review of Empirical Research Examining the Corporation – Society Relationship Using Kinder, Lydenberg, Domini Social Ratings Data, Business & Society, No. 56, pp. 796-839.
48.
MAZUR, B., 2014. Sustainable Human Resource Management in theory and practice, Economics and Management, January, pp. 158-159.
49.
MITCHELL, R.K., AGLE, B.R., WOOD, D.J., 1997. Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of who and What Really Counts, Academy of Management Review, No. 22, pp. 853-886.
50.
OKAFOR, A., ADELEYE, B.N., ADUSEI, M., 2021. Corporate social responsibility and financial performance: Evidence from US tech firms, Journal of Cleaner Production, No. 292.
51.
PAN, X., YAN, E., CUI, M., HUA, W., 2018. Examining the usage, citation, and diffusion patterns of bibliometric mapping software: A comparative study of three tools, Journal of Informetrics, No. 12(2), pp. 481-493.
52.
PELOZA, J., SHANG, J., 2011. How can corporate social responsibility activities create value for stakeholders? A systematic review, Journal of the Academy of Marketing Science, No. 39, pp. 117-135.
53.
PORTER, M.E., LINDE, C.V., 1995. Toward a New Conception of the Environment-Competitiveness Relationship, Journal of Economic Perspectives, Vol. 9, No. 4, pp. 97-118.
54.
POST, C., BYRON, K., 2014. Women on Boards and Firm Financial Performance: A Meta-Analysis, Academy of Management Journal, No. 58, pp. 1546-1571.
55.
PRI (Principles for Responsible Investment), 2021. Nearly 90 private equity firms representing $700 billion AUM have signed up to a global climate initiative ahead of COP26, https://www.unpri.org/news-and... (18.06.2022).
56.
RACELIS, A., 2014. Sustainable Entrepreneurship in Asia: A Proposed Theoretical Framework Based on Literature Review, Journal of Management for Global Sustainability, No. 2.
57.
REY, L., 2011. Sustainable Entrepreneurship and its Viability, Master Thesis for MS Entrepreneurship, Strategy and Organizations Economics from Erasmus School of Economics, Rotterdam, December.
58.
SCHALTEGGER, S., WAGNER, M., 2011. Sustainable Entrepreneurship and Sustainable Innovation: Categories and Interactions, Business Strategy and the Environment, No. 20(4), pp. 222-224.
59.
SCHULER, R.S., JACKSON, S.E., 2005. A Quarter-Century Review of Human Resource Management in the US: The Growth in Importance of the International Perspective, Management Revue, No. 16, pp. 1-25.
60.
TALIENTO, M., FAVINO, C., NETTI, A., 2019. Impact of Environmental, Social, and Governance Information on Economic Performance: Evidence of a Corporate ‘Sustainability Advantage’ from Europe, Sustainability, No. 11(6).
61.
VAN ECK, N.J., WALTMAN, L., 2010. Software survey: VOSviewer, a computer program for bibliometric mapping, Scientometrics, No. 84, pp. 523-538.
62.
VISSER, W., 2010. The Age of Responsibility: CSR 2.0 and the New DNA of Business, Journal of Business Systems, Governance and Ethics, No. 5(3).
63.
WOOD, D.J., 2010. Measuring Corporate Social Performance: A Review, ERN: Governance & Ownership (Topic).
64.
WORLD ECONOMIC FORUM, 2016. The New Plastics Economy: Rethinking the future of plastics, http://www3.weforum.org/docs/W... (17.05.2022).
65.
ZIOŁO, M., BRÓDKA, P., SPOZ, A., JANKOWSKI, J., 2022. Modeling the impact of external influence on green behaviour spreading in multilayer financial networks, IEEE DSAA 2022 The 9th IEEE International Conference on Data Science and Advanced Analytics, ArXiv, abs/2210.10420.
Share
RELATED ARTICLE
| eISSN: | 2719-860X |
| ISSN: | 1896-9380 |
We process personal data collected when visiting the website. The function of obtaining information about users and their behavior is carried out by voluntarily entered information in forms and saving cookies in end devices. Data, including cookies, are used to provide services, improve the user experience and to analyze the traffic in accordance with the Privacy policy. Data are also collected and processed by Google Analytics tool (more).
You can change cookies settings in your browser. Restricted use of cookies in the browser configuration may affect some functionalities of the website.
You can change cookies settings in your browser. Restricted use of cookies in the browser configuration may affect some functionalities of the website.
