Department of Management, Faculty of Management in Production and Transportation, Politehnica University of Timisoara, Timisoara, Romania.
Academy of Romanian Scientists, Ilfov 3, Bucharest, 050044, Romania.
Environ Sci Pollut Res Int. 2022 Nov;29(55):82827-82843. doi: 10.1007/s11356-022-21642-8. Epub 2022 Jun 27.
The paper examines how environmental, social, and governance (ESG), including management incentives, influence a firm's financial performance. The study method is based on an empirical analysis of data describing firm-level information about corporate financial performance and corporate sustainability performance between 2001 and 2020, summing up 6291 observations related to 422 analyzed firms from the European Union (EU). The study findings emphasize that firm size is highly influenced by sustainable economic development and significantly conditioned by a CSR strategy and a capable management team. We also prove a long-term relationship between the measures of corporate financial performance and the scores reflecting corporate ESG performance. Our results show a co-integration relationship between corporate financial performance metrics and corporate sustainability performance scores. ESG corporate performance is highly conditioned by the level of resources affected for this purpose, directly impacting firms' cash flow.
本文探讨了环境、社会和治理（ESG）因素，包括管理激励，如何影响企业的财务绩效。研究方法基于对 2001 年至 2020 年期间描述企业财务绩效和企业可持续性绩效的公司层面信息的实证分析，总结了与 422 家来自欧盟（EU）的分析公司相关的 6291 个观测值。研究结果强调，企业规模受可持续经济发展的影响很大，受到企业社会责任战略和有能力的管理团队的显著影响。我们还证明了企业财务绩效衡量指标和反映企业 ESG 绩效的分数之间存在长期关系。我们的结果表明，企业财务绩效指标和企业可持续性绩效分数之间存在协整关系。ESG 企业绩效受到为此目的而受影响的资源水平的高度制约，直接影响企业的现金流。
