School of Management, Ocean University of China, Qingdao, 266100, China.
School of Mathematics, Zhengzhou University, Zhengzhou, 450001, China.
Environ Sci Pollut Res Int. 2022 Dec;29(58):87680-87691. doi: 10.1007/s11356-022-20789-8. Epub 2022 Jul 11.
It is believed that sustainable practices like environmental, social, and governance mechanisms help in providing a sustainable outlook for both companies and the governments. Such practices have their long-term impact on the stock returns and sustainable performance dynamics. This research aims to investigate the dynamic relationship between ESG indicators, stock returns, and sustainable performance reflected through economic, environmental, and social dimensions during 2010-2018. Panel data has been collected from various listed companies working in EU member states and analyzed through advanced panel estimations. The study findings inferred a significant and positive impact of all three measures of sustainable practices as reflected by targeted firms in the EU region on economic, environmental, and social dimensions of performance. On the other hand, those firms reporting higher ESG disclosure in their annual reports confirm better stock returns. Finally, study findings reveal that ESG dynamics provide a valuable contribution in creating some sustainable edge under the theoretical foundation of different theories. The study findings would greatly support providing a meaningful model for the listed firms to focus on their ESG indicators for higher performance in EES and stock returns. Finally, the current study expects to stimulate more theoretical and empirical work on ESG and EES. Future studies are suggested to consider the relationship between the stated variables regarding pre- and post-pandemic duration.
人们相信，环境、社会和治理机制等可持续实践有助于为公司和政府提供可持续的前景。这些实践对股票回报和可持续绩效动态具有长期影响。本研究旨在调查 2010-2018 年间，ESG 指标、股票回报和可持续绩效之间的动态关系，可持续绩效通过经济、环境和社会维度来反映。从欧盟成员国的各上市公司收集了面板数据，并通过先进的面板估计进行了分析。研究结果推断，在欧盟地区，目标公司的所有三种可持续实践措施，即经济、环境和社会维度的绩效，都具有显著的积极影响。另一方面，那些在年度报告中报告更高 ESG 披露的公司，其股票回报也更好。最后，研究结果表明，ESG 动态在不同理论的理论基础下，为创造一些可持续优势提供了有价值的贡献。研究结果将极大地支持为上市公司提供一个有意义的模型，使它们能够关注自己的 ESG 指标，以实现 EES 和股票回报的更高绩效。最后，本研究期望激发更多关于 ESG 和 EES 的理论和实证工作。建议未来的研究考虑在大流行前后期间陈述变量之间的关系。
