Beyond compliance: evaluating the role of environmental, social and governance disclosures in enhancing firm value and performance

Tamasiga, Phemelo; Onyeaka, Helen; Bakwena, Malebogo; Ouassou, El houssin
A icle — Published Ve sion
Beyond compliance: e alua ing he ole o en i onmen al,
social and go e nance disclosu es in enhancing i m alue
and pe o mance
SN Business & Economics
P o ided in Coope a ion wi h:
Sp inge Na u e
Sugges ed Ci a ion: Tamasiga, Phemelo; Onyeaka, Helen; Bakwena, Malebogo; Ouassou, El
houssin (2024) : Beyond compliance: e alua ing he ole o en i onmen al, social and go e nance
disclosu es in enhancing i m alue and pe o mance, SN Business & Economics, ISSN 2662-9399,
Sp inge In e na ional Publishing, Cham, Vol. 4, Iss. 10,
h ps://doi.o g/10.1007/s43546-024-00714-6
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h ps://doi.o g/10.1007/s43546-024-00714-6
REVIEW
Beyond compliance: e alua ing he ole o en i onmen al,
social andgo e nance disclosu es inenhancing i m alue
andpe o mance
PhemeloTamasiga1 · HelenOnyeaka2· MalebogoBakwena3·
ElhoussinOuassou4
Recei ed: 3 Ap il 2024 / Accep ed: 26 Augus 2024 / Published online: 23 Sep embe 2024
© The Au ho (s) 2024
Abs ac
The g owing emphasis on sus ainabili y has unde sco ed he impo ance o en i on-
men al, social, and go e nance (ESG) ac o s in e alua ing co po a e pe o mance.
While esea ch explo es he connec ion be ween ESG sco es and inancial ou -
comes, he ole o ESG disclosu es in media ing his ela ionship emains unclea .
This s udy b idges his gap by sys ema ically e iewing he impac o ESG disclo-
su es on i m alue and p o i abili y ac oss a ious indus ies. We employed a igo -
ous selec ion p ocess based on he PRISMA amewo k, sea ching Scopus and Web
o Science da abases o ele an s udies. Ul ima ely, 52 s udies we e analyzed o
de e mine he ela ionship be ween ESG disclosu es and inancial pe o mance. The
esul s e eal a nuanced dynamic. Indus ies like ood and e ail showed posi i e
co ela ions be ween s ong ESG disclosu es and imp o ed inancial pe o mance.
The u ili y sec o displayed high accoun ing pe o mance linked o social me ics,
wi h less ocus on en i onmen al disclosu es. In e es ingly, he connec ion be ween
ESG and inancial pe o mance in de eloping economies was ei he nega i e o
insigni ican . The ag icul u e sec o p esen ed a unique case whe e go e nance dis-
closu es speci ically enhanced ma ke pe o mance. This mul i-indus y explo a ion
unde sco es he need o mo e beyond a one-size- i s-all app oach when analyzing
ESG pe o mance. We ecommend policy measu es ha conside speci ic indus y
cha ac e is ics and con ex ual ac o s o enhance he quali y and anspa ency o
ESG disclosu es.
Keywo ds En i onmen al social and go e nance (ESG)· ESG a ing· ESG
Disclosu e· Sus ainabili y· Sus ainable de elopmen goals (SDG)· Co po a e
social esponsibili y (CSR)
Ex ended au ho in o ma ion a ailable on he las page o he a icle
SN Bus Econ (2024) 4:118
118 Page 2 o 38
In oduc ion
In line wi h he UN Agenda 2030 and he emphasis on he Sus ainable De el-
opmen Goals (SDGs), go e nmen s, ins i u ions, and o ganiza ions ace g ow-
ing p essu e o in eg a e en i onmen al, social, and go e nance (ESG) measu es
in o hei disclosu e sys ems and sus ainable managemen p ac ices (Talien o
e al. 2019). The e has been an inc ease in s udies in es iga ing he ela ionship
be ween ESG sco es and a ious inancial ou comes, such as i m alue and p o -
i abili y (Abdi e al. 2022; Aboud and Diab 2018; Aydoğmuş e al. 2022; Pa ikh
e al. 2023). In es o s, egula o s, and o he s akeholde s a e inc easingly ecog-
nizing he signi icance o non- inancial me ics, which can be used o e alua e a
company’s in luence on he en i onmen , i s social ini ia i es, and he e iciency
o i s co po a e go e nance p ac ice (Li e al. 2021).
Resea ch a he in e sec ion o ESG sco es and i m alue unde sco es he
impo ance o p io i izing sus ainabili y when alloca ing esou ces, emphasizing
he endu ing alue o ESG conside a ions in co po a e decision-making. Simi-
la ly, (Ademi and Klungse h 2022) e ealed ha companies wi h high ESG pe -
o mance exhibi supe io inancial pe o mance and highe ma ke alua ion han
indus y pee s. ESG a ing sco es signi ican ly in luence bo h e u n-on-capi al-
employed and Tobin’s Q, e lec ing inancial and ma ke pe o mance. A no a-
ble esul o hei s udy is ha supe io ESG pe o mance led o posi i e impac s
amids he COVID-19 pandemic. This esul sugges s ha ESG pe o mance is
no only a de e minan o inancial and ma ke success bu also a c i ical ac o
enabling i ms o na iga e and h i e amids global c ises.
A subs an ial body o li e a u e emphasizes he signi icance o ma ke alue
and p o i abili y me ics in gauging i m pe o mance (No y-Ma x 2013). Ma -
ke alue, cap u ed h ough measu es like Tobin’s Q and ma ke - o-book a io,
is widely ega ded as a e lec ion o he ma ke ’s assessmen o a company’s
o e all wo h and u u e g ow h p ospec s (Tambunan 2023). P o i abili y indica-
o s, such as e u n-on-capi al-employed (ROCE) and ne p o i ma gins, p o ide
insigh s in o a i m’s ope a ional e iciency and abili y o gene a e p o i s om i s
capi al and business ac i i ies (Hnyp and Kolomiie s 2023; Va ma 2023). These
con en ional inancial me ics ha e been he p ima y ocus o esea ch in es iga -
ing he de e minan s and consequences o co po a e pe o mance.
Howe e , he e has been a g owing ecogni ion o he impo ance o En i on-
men al, Social, and Go e nance (ESG) ac o s in e alua ing co po a e pe o mance
in ecen yea s. This shi has been d i en by inc easing s akeholde awa eness o
he po en ial isks and oppo uni ies associa ed wi h sus ainabili y issues, as well
as moun ing e idence ha ESG conside a ions can impac a company’s long- e m
inancial pe o mance (Alsayegh e  al. 2020a, b; Kim and Li 2021). As such, a
g owing body o esea ch has explo ed he ela ionship be ween ESG pe o mance,
measu ed by ESG a ings o sco es, and a ious inancial ou comes, including ma -
ke alue and p o i abili y (Aouadi and Ma sa 2018; Zhou e al. 2022).
While nume ous s udies indica e a a ou able link be ween ESG (en i onmen-
al, social, and go e nance) pe o mance and inancial esul s, he speci ic ways
SN Bus Econ (2024) 4:118 Page 3 o 38 118
ESG impac s hese esul s a e no ho oughly unde s ood. A mainly o e looked
a ea is he in luence o disclosu es in b idging he gap be ween ESG a ings and
a company’s inancial indica o s. These disclosu es a e he p ima y a enue o
companies o con ey hei ESG ac i i ies, po en ial isks, and achie emen s o
ou side pa ies. Del ing in o he ole o disclosu es can o e a c ucial unde -
s anding o how openness and communica ion ac ics shape he pe cei ed wo h
and inancial bene i s o ESG endea ou s (E ans and Pei is 2010) ound ha ESG
disclosu es had a signi ican posi i e e ec on companies’ inancial and ma ke
pe o mance. Addi ionally, (Chauhan and Kuma 2019) showed a p e e ence o
companies ha p o ided ESG (En i onmen al, Social, and Go e nance) in o ma-
ion in hei disclosu es. This unde sco es he signi icance o anspa ency and
accoun abili y in ESG epo ing. Fu he mo e, Bha acha ya and Sha ma, (2019)
obse ed a co ela ion be ween ESG sco es and c edi a ings, implying ha busi-
nesses wi h highe ESG sco es a e pe cei ed as mo e c edi wo hy. These s udies
sugges ha ESG disclosu es media e he ela ionship be ween ESG sco es, i m
alue, and p o i abili y. The indings om hese s udies highligh he impo ance
o ha ing high ESG sco es and e ec i ely communica ing and disclosing sus ain-
abili y p ac ices o s akeholde s.
Fu he mo e, disclosu es a e pi o al in enhancing co po a e anspa ency, se ing
as a condui h ough which companies dissemina e pe inen in o ma ion ega ding
hei ESG p ac ices, isks, and pe o mance me ics. T anspa en disclosu es acili-
a e in o med decision-making among s akeholde s, enabling hem o gauge a i m’s
sus ainabili y commi men s, ope a ional esilience, and long- e m iabili y (Hel aya
e al. 2023; Tsang e al. 2023). By p o iding cla i y on ESG ini ia i es and pe o -
mance, disclosu es os e a cul u e o accoun abili y and us , s eng hening he
bond be ween companies and hei s akeholde s. Beyond anspa ency, disclosu es
ac as dynamic mechanisms o s akeholde engagemen . Companies u ilize ESG
disclosu es o communica e wi h di e se s akeholde s, including in es o s, employ-
ees, cus ome s, and communi ies (Lokuwaduge and Heene igala 2017; Mani a e al.
2018; Scia elli e al. 2021). This communica ion os e s a sense o inclusion, allow-
ing s akeholde s o unde s and how hei in e es s align wi h he company’s sus ain-
abili y agenda. E ec i e engagemen h ough disclosu es enhances ela ionships
and enables companies o add ess conce ns and inco po a e aluable eedback (U z
2019).
Despi e he p e ailing na a i e o a posi i e ela ionship be ween ESG sco es
and i m alue, some s udies ha e p esen ed con adic o y indings. Fo exam-
ple, a s udy by Yoon e al. (2018) sugges ed ha co po a e go e nance p ac ice
nega i ely in luences he i m alue o en i onmen ally sensi i e i ms. Simila ly,
Behl e al. (2022) obse ed ha in ce ain sec o s, such as he ene gy indus y in
India, ESG disclosu es and he i m alue nega i ely co ela ed in he las lag.
These con lic ing indings unde sco e he complexi y o he ESG- i m alue ela-
ionship and highligh he need o u he esea ch o elucida e he unde lying
mechanisms and con ex ual ac o s in luencing his ela ionship. By disclosing
hei ESG p ac ices, companies can demons a e hei commi men o sus ainabil-
i y and co po a e esponsibili y, leading o inc eased s akeholde us and sup-
po . (Alsayegh e al. 2020a, b; Chouaibi and A es 2021). E idence suppo s he
SN Bus Econ (2024) 4:118
118 Page 4 o 38
no ion ha highe ESG sco es a e associa ed wi h be e economic esul s (Sila
and Cek 2017; Talien o e al. 2019). These indings emphasize he impo ance o
ESG disclosu es in d i ing he posi i e impac o ESG sco es on i m alue and
p o i abili y. The e o e, he media ing ole o ESG disclosu es is c ucial in ans-
la ing high ESG sco es in o imp o ed company alue and p o i abili y.
Despi e mixed indings on he ela ionship be ween ESG sco es and i m alue,
a sys ema ic e iew is wa an ed o unde s and how ESG disclosu es impac i m
pe o mance (ma ke alue and p o i abili y). The e o e, his esea ch is guided
by he ollowing ques ions:
1. When conside ing he media ing e ec o disclosu es, is he e a quan i iable
ela ionship be ween ESG sco es and i m p o i abili y?
2. How do ESG disclosu e quali y and anspa ency a ia ions impac s akeholde
pe cep ions and us in a company’s sus ainabili y e o s?
3. To wha ex en do egula o y amewo ks a ec he quali y and impac o ESG
disclosu es, and how do hese egula ions shape he ela ionship be ween ESG
sco es and i m alue/p o i abili y?
A sys ema ic e iew is sui able o examining he ela ionship be ween ESG
sco es, disclosu es, and i m alue/p o i abili y due o he opic’s complexi y and
exis ing esea ch. Wi h an expanding body o li e a u e on ESG’s impac on inan-
cial ou comes, a sys ema ic e iew can colla e, syn hesize, and econcile di e se
indings in a s uc u ed manne . This app oach is c ucial gi en he con adic o y
esul s in some s udies, highligh ing he need o cla i y and unde s anding o
con ex ual in luences. A sys ema ic e iew o e s insigh s in o how anspa ency
shapes s akeholde pe cep ions and inancial esul s by emphasizing he pi o al
ole o disclosu es. Analysing mul iple s udies p o ides a holis ic unde s anding
o ESG’s in e play wi h i m pe o mance, aiding policymake s, egula o s, and
companies in enhancing ESG epo ing p ac ices.
The decision o conduc a sys ema ic e iew is hough ul, gi en he complexi-
ies and nuances su ounding he ela ionship be ween ESG disclosu es and co -
po a e pe o mance. A sys ema ic e iew o e s a igo ous and comp ehensi e
app oach o syn hesizing he exis ing body o knowledge, enabling a holis ic
unde s anding o he cu en s a e o esea ch on his mul i ace ed opic. Unlike
adi ional na a i e e iews, which may be p one o bias and subjec i i y, a sys-
ema ic e iew ollows a p ede ined p o ocol, ensu ing a me hodical and eplica-
ble p ocess o iden i ying, e alua ing, and syn hesizing ele an s udies (Smi h
2011; T an ield e al. 2003).
The sys ema ic na u e o his e iew is pa icula ly ad an ageous in na iga -
ing he di e se and in e disciplina y landscape o ESG disclosu es, which span
mul iple domains, including inance, accoun ing, managemen , and sus ainabili y.
This e iew cap u es a comp ehensi e se o s udies by sys ema ically sea ching
a ious da abases and employing s uc u ed sea ch s a egies, minimizing he isk
o o e looking c ucial e idence. Fu he mo e, he igo ous sc eening and quali y
assessmen p ocedu es inhe en in sys ema ic e iews enhance he alidi y and

SN Bus Econ (2024) 4:118 Page 5 o 38 118
eliabili y o he indings, ensu ing ha he conclusions d awn a e based on he
mos ele an and me hodologically sound s udies (Pollock and Be ge 2018a, b).
A sys ema ic e iew allows o iden i ying pa e ns, consis encies, and con adic-
ions ac oss he exis ing li e a u e, p o iding a solid ounda ion o econciling
con lic ing indings and elucida ing po en ial mode a ing o media ing ac o s.
This syn hesis is pa icula ly aluable in ESG disclosu es, whe e he he e oge-
nei y o epo ing p ac ices, indus y con ex s, and egula o y en i onmen s may
con ibu e o a ying ou comes.
Me hodology
This sys ema ic li e a u e e iew examines he media ing ole o disclosu es in he
co ela ion be ween ESG sco es and i m alue and p o i abili y. A sys ema ic li -
e a u e e iew is app op ia e o his s udy as i selec s and e alua es all ele an
empi ical in o ma ion on a speci ic subjec (Bea man e al. 2012; K nic Ma inic
e al. 2019; Pollock and Be ge 2018a, b).
The sys ema ic li e a u e e iew (SLR) adhe ed o he PRISMA p o ocol, es ab-
lishing c i e ia o iden i ying, sc eening, and inco po a ing pe inen eco ds.
PRISMA, an e idence-based amewo k, ensu es he comple eness, anspa ency,
and scien i ic in eg i y o sys ema ic e iews and me a-analyses (Mohe e al. 2015).
The PRISMA low diag am guided he sea ch p ocedu e, and he subsequen sec-
ions de ail he s eps o ganized unde da a collec ion and analysis ( e e o Fig.1).
So wa e applica ions used in hesys ema ic e iew.
Biblioshiny (A ia and Cuccu ullo 2017), an online use in e ace o R so wa e,
me ged da ase s e ie ed om Scopus and WoS. Desc ip i e s a is ics we e hen
gene a ed om he me ged da a.
Li e a u e sea ch s a egy
We conduc ed sys ema ic li e a u e using Scopus and Web o Science da abases.
The da a was e ie ed on 15.12.2023. The sea ch u ilized a combina ion o key-
wo ds and ph ases, such as “ESG sco es”, “En i onmen al, Social, and Go e nance
sco es”, “ i m alue”, “ inancial pe o mance”, “p o i abili y”, “s ock pe o mance”,
“co po a e alua ion”, “disclosu es”, “ epo ing”, “ anspa ency” The sea ch was
u he e ined by applying inclusion and exclusion c i e ia o ensu e he ele ance
and quali y o he selec ed s udies (see Table1).
Fo his sys ema ic e iew, we used a wo-phase sc eening app oach. In he ini ial
phase, i les, keywo ds, and abs ac s we e e alua ed o de e mine compa ibili y wi h
he eligibili y c i e ia. In he second phase, ull- ex a icles deemed po en ially el-
e an we e ca e ully examined, and i ele an a icles we e excluded om he sea ch
esul s.
SN Bus Econ (2024) 4:118
118 Page 6 o 38
Inclusion andexclusion c i e ia
This sys ema ic e iew adhe es o he mos ecen upda e o he P e e ed Repo -
ing I ems o Sys ema ic Re iews and Me a-Analyses (PRISMA) s a emen ,
PRISMA 2020 (Page e  al. 2021), o ensu e anspa ency and me hodological
igo h oughou he selec ion p ocess. This emphasis on anspa ency aligns
wi h he app oach aken in a ecen pape by Shahid e al. (2024). Building upon
exis ing knowledge, we employ a sys ema ic e iew me hodology o explo e
he impac o ESG disclosu es on i m alue and p o i abili y ac oss a ious
Fig. 1 PRÍSMA low cha o he sys ema ic e iew
SN Bus Econ (2024) 4:118 Page 7 o 38 118
indus ies. This app oach allows o a comp ehensi e assessmen by conside ing
quan i a i e and quali a i e esea ch designs.
We implemen ed a igo ous sea ch s a egy based on PRISMA guidelines o
iden i y ele an s udies. We included pee - e iewed a icles and con e ence pape s
published in English ha in es iga e he ela ionship be ween ESG disclosu es and
i m inancial pe o mance. We excluded g ey li e a u e (e.g., epo s, disse a ions,
book chap e s no pa o edi ed olumes) and documen s no published in English
o main ain a ocus on published, schola ly esea ch di ec ly ele an o ou esea ch
ques ion. Table 1 u he de ails he speci ic eligibili y c i e ia used o s udy
selec ion.
Da a ex ac ion
Da a ex ac ion in ol ed an examina ion o he selec ed s udies o ex ac ele an
in o ma ion. Key da a poin s included sec o , me hodology, geog aphical con ex
(loca ion) and key indings. The me ged da ase ini ially comp ised 133 documen s,
su passing Scopus (66) and WoS (67), indica ing a mo e comp ehensi e collec-
ion o publica ions in he combined da a. A e elimina ing duplica es, 105 eco ds
emained, o which nine we e inaccessible, esul ing in 96 eco ds o u he
Table 1 Inclusion and Exclusion C i e ia
C i e ia
Logical S a emen Scopus TITLE-ABS-KEY ((“ESG sco es” OR “En i onmen al, Social, and Go e n-
ance sco es” OR “sus ainabili y me ics” OR “sus ainable inance” OR
“social esponsibili y me ics” OR “e hical in es men ”) AND (“ i m
alue” OR “ inancial pe o mance” OR “p o i abili y” OR “s ock pe o -
mance” OR “co po a e alua ion”) AND (“disclosu es” OR “ epo ing”
OR “ anspa ency” OR “co po a e go e nance” OR “sus ainabili y epo -
ing”)) AND (LIMIT-TO (LANGUAGE, “English”)) AND (LIMIT-TO
(PUBSTAGE, “ inal”)) AND (LIMIT-TO (DOCTYPE, “a ”))
Logical S a emen WoS TS = ( (“ESG sco es” OR “En i onmen al, Social, and Go e nance sco es”
OR “sus ainabili y me ics” OR “sus ainable inance” OR “social
esponsibili y me ics” OR “e hical in es men ”) AND (“ i m alue” OR
“ inancial pe o mance" OR "p o i abili y" OR "s ock pe o mance” OR
“co po a e alua ion”) AND (“disclosu es” OR “ epo ing” OR “ anspa -
ency” OR “co po a e go e nance” OR “sus ainabili y epo ing”))
Inclusion 1. Published in English language (LIMIT-TO (LANGUAGE, “English”))
2. Documen Type: A icles (LIMIT-TO ( DOCTYPE, “a ”))
3. Publica ion S a us: Final publica ions (LIMIT-TO ( PUBSTAGE, “ inal”))
Exclusion 1. Documen s no w i en in English
2. No ele an o he esea ch opic, based on he absence o he ollowing
keywo ds: [ESG sco es, En i onmen al, Social, and Go e nance sco es,
sus ainabili y me ics, sus ainable inance, social esponsibili y me ics,
e hical in es men , i m alue, inancial pe o mance, p o i abili y, s ock
pe o mance, co po a e alua ion, disclosu es, epo ing, anspa ency,
co po a e go e nance, sus ainabili y epo ing]
SN Bus Econ (2024) 4:118
118 Page 8 o 38
sc eening. Subsequen ly, 44 eco ds we e deemed ou o scope and emo ed, lea ing
52 eco ds o subsequen analysis.
Resul s andanalysis
In his sec ion, he s udy indings a e o ganized in o h ee sub opics. Fi s , a sum-
ma y o he ele an s udies is p esen ed, showing he sec o s, loca ions, me hodol-
ogy, and esul s (see Table2). This is ollowed by examining publica ion ends,
leading jou nals, he dis ibu ion o indus ies, and implica ions o ESG.
Summa y o  ele an s udies
This sys ema ic e iew analyzed and syn hesized 52 s udies ac oss a ious sec o s:
banking and inance, ai lines, ene gy, cons uc ion, manu ac u ing, ag icul u e, el-
ecommunica ions, and e ail. The s udies spanned coun ies om all con inen s,
encompassing de eloped, eme ging, and de eloping economies, o p o ide a com-
p ehensi e and ep esen a i e analysis (see Table2).
Publica ion T ends
As shown in Fig.2, he publica ion ends wi hin he con ex o ESG esea ch high-
ligh he dynamic na u e o sus ainable inance. The no able inc ease in publica ions
om 2018 o 2022 e lec s heigh ened in e es and awa eness su ounding ESG-
ela ed issues.
The decline in publica ions and o al ci a ions in 2023 is likely due o a empo a y
lag o adjus men pe iod in schola ly ou pu , a he han a waning in e es in ESG
opics. This is because he e is moun ing p essu e om egula o s and go e nmen s
o i ms o ansi ion o en i onmen ally, socially, and economically sus ainable
p ac ices on he back all o UN Agenda 2030. The signi ican o al ci a ions o 219
in 2022 unde sco e he impac and ele ance o ESG esea ch, solidi ying i s impo -
ance in bo h academic and policy se ings.
Dis ibu ion o indus ies inESG based onincluded s udies
Figu e3 shows he dis ibu ion o indus ies included in he s udy. The la ges pe -
cen age (52%) o s udies come om he ca ego y “Mixed (Lis ed Fi ms)”. This
could indica e a ocus on companies lis ed on s ock exchanges ac oss a ious sec-
o s. Banking and Finance (13%), Ene gy (11%), and Re ail (4%) a e he o he sec-
o s wi h a ela i ely high ep esen a ion in he s udy. The banking and inance sec o
plays an impo an ole in inancing a ious businesses and has signi ican exposu e
o en i onmen al and social isks. Sus ainable inance p ac ices and esponsible
in es men conside a ions a e also gaining ac ion, making ESG disclosu es pa -
icula ly ele an o his sec o . On he o he hand, he ene gy sec o is unde going
a signi ican ans o ma ion due o conce ns abou clima e change and he need o
SN Bus Econ (2024) 4:118 Page 15 o 38 118
Table 2 (con inued)
Indus y S udies Coun y Me hodology Key Findings No
(Białkowski and Sławik 2022) New Zealand O dina y Leas Squa es (OLS)
eg ession
The s udy in es iga es he asso-
cia ion be ween ESG sco es o
New Zealand-lis ed companies
and hei s ock pe o mance
du ing he COVID-19 pan-
demic. I e eals no e idence o
a posi i e co ela ion be ween
ESG sco es and s ock e u ns
du ing he pandemic, despi e
he common accep ance o
socially esponsible in es ing in
New Zealand
23
(Alduais 2023) China Two-S age Leas Squa es (2SLS)
eg ession analysis
Findings e eal ha en i on-
men al and social disclosu es
inc ease capi al equi y cos
(COE), while go e nance
disclosu es don’ signi ican ly
impac i . Financially sound
companies exhibi a s onge
ESG-COE link, wi h s ong
ESG p ac ices associa ed wi h
lowe capi al cos s, indica ing
ising in es o app ecia ion o
ESG
24

SN Bus Econ (2024) 4:118
118 Page 16 o 38
Table 2 (con inued)
Indus y S udies Coun y Me hodology Key Findings No
(Conway 2019) Sou h A ica O dina y leas squa es eg essions Since manda o y epo ing incep-
ion, Sou h A ican i ms ha e
expe ienced dec eased inancial
pe o mance and isk, alongside
inc eased ins i u ional sha e-
holding. Be e quali y epo s
co ela e wi h educed inancial
pe o mance and isk, highe
ins i u ional sha eholding, and
ele a ed ESG sco es
25
(Sha ma e al. 2024) 34 s ock ma ke s Machine lea ning Fi ms wi h highe ESG sco es
demons a e enhanced inancial
pe o mance, yielding a 14%
inc ease in e u n on equi y.
Addi ionally, he in eg a ion o
ESG da a in o machine lea ning
models enhances p edic ion
accu acy
26
(Pa ikh e al. 2023) India linea eg ession model Posi i e impac o go e nance
(G) on equi y e u ns, while
en i onmen al (E) ac o s nega-
i ely a ec e u ns, wi h social
(S) ac o s showing insigni i-
can impac
27
(Sinha Ray and Goel 2023) India dynamic panel eg ession While ESG sco es in luence
inancial me ics wi h ime lags,
a posi i e associa ion exis s
be ween ESG disclosu e and
sha e p ices in he long e m
28
SN Bus Econ (2024) 4:118 Page 17 o 38 118
Table 2 (con inued)
Indus y S udies Coun y Me hodology Key Findings No
(Vinodkuma and Ala i i 2022) Kingdom o Saudi A abia ESG analysis compa es i s cu en
pe o mance o he his o ical
pe o mance
Analyzing ESG sco es in he Tad-
awul All Sha e Index (TASI),
unde sco es he impo ance o
ESG epo ing o s akeholde s,
indica ing i s po en ial o isk-
e u n ade-o s and sus ainable
de elopmen in Saudi A abia
29
(Bi ulco e al. 2023) Eu ope Panel eg ession The s udy examines ESG sco es’
impac on ma ke alues, i
e eals a nega i e ESG-s ock
p ice link, wi h CSR commi -
ees showing no signi ican
in luence on ESG sco es’
ma ke pe o mance
30
(Ce ciello e al. 2023) Eu ope Dynamic panel model The Eu o S oxx, 300 index
esul s, sugges ha sus ainabil-
i y p ac ices educe p o i abil-
i y, indica ing po en ial s a egic
ESG disclosu e in ol ing
o e s a ed posi i e beha io s
31
SN Bus Econ (2024) 4:118
118 Page 18 o 38
Table 2 (con inued)
Indus y S udies Coun y Me hodology Key Findings No
(Fe nando e al. 2022) Asian Coun ies Mul iple linea eg ession This s udy in es iga es he impac
o ESG Disclosu e on Fi m Pe -
o mance in ASEAN coun ies,
be o e and a e he in oduc-
ion o in eg a ed epo ing
(IR). The indings e eal an
insigni ican e ec o ESG Dis-
closu e on Fi m Pe o mance,
bu a posi i e ela ionship wi h
IR, sugges ing po en ial bene i s
o i ms implemen ing IR
32
(Yen-Yen 2019) Malysia Panel eg ession Posi i e associa ion be ween
ESG disclosu e pe o mance
and i m alue. Addi ionally,
he s udy sugges s ha ESG
disclosu e enhances supe io
in es o s’ anspa ency and
in o ma ion p ocessing abili-
ies, impac ing equi y ma ke
alua ion and educing in es -
men isk
33
SN Bus Econ (2024) 4:118 Page 19 o 38 118
Table 2 (con inued)
Indus y S udies Coun y Me hodology Key Findings No
(Minu olo e al. 2019) Global Panel eg ession ESG sco es a e indica o s o
i ms’ s a egic anspa ency
choices, impac ing pe o mance
measu ed by Tobin’s Q and
e u n on asse s. esul s show
signi ican pe o mance di e -
ences mode a ed by i m size,
e ealing a ying ESG in lu-
ences on inancial pe o mance
me ics
34
(Cheng e al. 2023) China panel eg ession The COVID-19 pandemic
accele a ed ESG in es ing, and
he esul s show ha disclosing
ESG da a boos s i m alue,
especially pos -pandemic.
En i onmen al sco es no ably
a ec alues, while social and
go e nance sco es do no
Food Indus y (Buallay 2022c) 31 di e en coun ies Linea Reg ession The e is a signi ican ela ionship
be ween ESG and inancial
pe o mance (ROE). How-
e e , he e is no signi ican
ela ionship be ween ESG and
ope a ional pe o mance (ROA)
and ma ke pe o mance (TQ)
35
SN Bus Econ (2024) 4:118
118 Page 20 o 38
Table 2 (con inued)
Indus y S udies Coun y Me hodology Key Findings No
U ili ies Sec o (Remo-Diez e al. 2023) Wo ldwide longi udinal uzzy se quali a i e
compa a i e analysis ( sQCA)
S ong social pe o mance and a
lack o emphasis on en i on-
men al ac o s lead o high
accoun ing-based me ics. In
con as , ma ke -based indica-
o s emphasize he impo ance
o en i onmen al and social
dimensions o achie ing high
inancial pe o mance
36
Re ail (Buallay 2022b) 38 di e en coun ies eg ession analysis ESG has a signi ican co ela ion
wi h inancial pe o mance
(ROE), bu no wi h ope a ional
pe o mance (ROA) o ma ke
pe o mance (TQ)
37
(Lee e al. 2018) Ko ea o dina y leas squa e Highe ESG sco es we e associ-
a ed wi h lowe e u n on equi y
(ROE). The en i onmen al
sco e was ound o ha e a
nega i e impac on bo h ROE
and Re u n on Asse s (ROA).
The e ec o he social sco e
was no conclusi e, and he
go e nance sco e was ound
o nega i ely in luence Tobin’s
Q, (measu e o a i m’s ma ke
alua ion)
38

SN Bus Econ (2024) 4:118 Page 21 o 38 118
Table 2 (con inued)
Indus y S udies Coun y Me hodology Key Findings No
Ai line (Abdi e al. 2022) Wo ldwide Panel eg ession The s udy in es iga es he impac
o ESG ini ia i es on inancial
pe o mance (FP) and i m
alue in he ai line indus y. I
e eals ha ESG e o s a ec
ma ke - o-book a io and FP
di e en ly, wi h signi ican
mode a ion e ec s o i m size
39
Heal h (Kalia and Agga wal 2023) Wo ldwide Mul i a ia e eg ession While ESG ac i i ies posi i ely
in luence FP in de eloped
heal hca e companies, he
ela ionship is ei he nega i e
o insigni ican in de eloping
economies, emphasizing he
con ex ual nuances in ESG
impac
40
Ag icul u e (Buallay 2022a) Wo ldwide eg ession analysis The e is no no able co ela ion
be ween ESG and ope a ional,
inancial, o ma ke pe o -
mance indica o s. Su p is-
ingly, when indi idual ESG
componen s a e examined sepa-
a ely, go e nance disclosu e
posi i ely in luences ma ke
pe o mance
41
SN Bus Econ (2024) 4:118
118 Page 22 o 38
Table 2 (con inued)
Indus y S udies Coun y Me hodology Key Findings No
Ene gy (Ba an e al. 2022) Poland Compa a i e analysis o ESG
pe o mance agains accoun ing
measu es: ROE, ROA, and ROS
p o i abili y indica o s
The s udy inds no consis en pa -
e n in he impac o ESG ac-
o s on inancial pe o mance
ac oss en e p ises. Al hough
some co ela ions exis be ween
ESG sco es and CFP, indi idual
case s udies a y signi ican ly,
possibly due o unique sec o -
speci ic cha ac e is ics
42
(Zehi e al. 2023) Is anbul, Tu key Panel eg ession Resul s indica e la ge boa ds
co ela e wi h highe ROI and
ROA, sugges ing di e se, expe-
ienced boa ds imp o e inan-
cial pe o mance. Howe e ,
combining CEO and Chai man
oles may lead o un a ou able
inancing p e e ences
43
(Wieczo ek-Kosmala e al. 2021) Eu opean coun ies Weighed leas squa e (WLS)
eg ession
Empi ical e idence sugges s a
posi i e link be ween sus ain-
able pe o mance, measu ed
by ESG sco es, and inancial
e u ns, highligh ing he
signi icance o sus ainabili y
epo ing in d i ing sus ain-
able pe o mance in he ene gy
sec o
44
SN Bus Econ (2024) 4:118 Page 23 o 38 118
Table 2 (con inued)
Indus y S udies Coun y Me hodology Key Findings No
(Wanday and Ajou El Zein
2022)
Eu ope SARIMA (seasonal au o eg es-
si e in eg a ed mo ing a e age)
model
A posi i e co ela ion exis s
be ween a company’s ESG
ac i i ies and in es o e u ns,
as i ms in es ing in ESG
ac i i ies o en demons a e
highe inancial pe o mance
45
(Behl e al. 2022) India Panel s uc u al equa ion mod-
eling
Assesses bidi ec ional causal-
i y and au o eg ession e ec s
be ween ESG disclosu es and
i m alue in Indian ene gy
sec o companies. Nega i e
associa ions a e obse ed in he
i s wo lags, wi h a posi i e
associa ion in he inal lag
46
(Alhawaj e al. 2023) De eloped and Eme ging
coun ies
Reg ession analysis ESG co ela es signi ican ly
wi h ope a ional pe o mance
(ope a ion a io) bu no wi h
inancial pe o mance ( e u n
on equi y) o ma ke pe o -
mance (Tobin’s Q)
47
Non- inancial i ms (Öze e al. 2023)Tu key Panel eg ession Resul s indica e a posi i e ela-
ionship be ween ESG sco es
and pe o mance indica o s,
wi h en i onmen al ac o s
showing consis en posi i e
e ec s while some social and
go e nance sub-componen s
lack s a is ical signi icance
48
SN Bus Econ (2024) 4:118
118 Page 24 o 38
Table 2 (con inued)
Indus y S udies Coun y Me hodology Key Findings No
Cons uc ion (Siew e al. 2013) Aus alia Reg ession analysis Mos publicly lis ed cons uc-
ion companies exhibi low
epo ing le els. Those issuing
non- inancial epo s gene ally
ou pe o m hei coun e pa s
in a ious inancial a ios,
al hough he co ela ion wi h
ESG sco es is weak
49
Telecommunica ions (Buallay and Al Ma i 2022) Wo ldwide Reg ession analysis Resul s show an in e se ela ion-
ship be ween ESG and ma ke
pe o mance (TQ), ye no
signi ican impac o ESG on
ope a ional (ROA) and inancial
pe o mance (ROE) was ound.
A s onge link be ween ESG
and ROA was epo ed in
eme ging economies han in
de eloped ones
51
Tou ism (Buallay e al. 2022) 37 di e en coun ies Panel eg ession The e is a signi ican link
be ween ESG and ope a ional
and ma ke pe o mance bu
no wi h inancial pe o mance.
Nonlinea models indica e an
in e ed U-shaped ela ion-
ship be ween sus ainabili y
pe o mance and p o i abili y
and alua ion, highligh ing
complexi ies in he ESG-p o i -
abili y nexus
52
SN Bus Econ (2024) 4:118 Page 31 o 38 118
Las ly, a compa a i e egula o y analysis e eals he nuanced na u e o he
ela ionships be ween egula o y amewo ks and i m pe o mance in eme ging
ma ke s. This sugges s ha in hese ma ke s, he impac o egula ions is con ex -
dependen , acknowledging bo h posi i e and nega i e in luences on a ious aspec s
o co po a e pe o mance (Buallay 2022d; Conway 2019; Dzingai and Fakoya 2017;
Lee e al. 2018; Mans-Kemp and an de Lug 2020; Vinodkuma and Ala i i 2022;
Yoon e al. 2018).
The indings unde sco e he pi o al ole o egula o y amewo ks in shaping
he dynamics be ween ESG disclosu es and i m alue/p o i abili y, wi h nuances
obse ed based on egional con ex s and s ingency le els. These insigh s con ibu e
o he ongoing discou se on he e ec i eness o ESG egula ions in p omo ing sus-
ainable p ac ices and inancial success.
Conclusion
On he global s age o in e na ional business, he in e play among ESG sco es, dis-
closu es, and co po a e pe o mance has eme ged as a p essing conce n. This s udy
conduc s a sys ema ic e iew o examine he ole o ESG disclosu e in mode a ing
he connec ion be ween ESG a ings and he alue and p o i abili y o i ms. Ou
analysis e eals a mul i ace ed ela ionship highly in luenced by indus y dynamics
and geog aphical conside a ions. Ou indings suppo he p oposi ion ha go e n-
ance disclosu es posi i ely co ela e wi h ma ke pe o mance, hus highligh ing
hei signi icance as a c ucial de e minan o anspa en and e ec i e co po a e
go e nance p ac ices, ul ima ely con ibu ing o i m alue enhancemen .
Based on he insigh s gained om he sys ema ic e iew, i ms should de elop
and inco po a e con ex -speci ic ESG s a egies aligned wi h hei co e business and
s akeholde expec a ions. Secondly, hey should ensu e compliance wi h exis ing
egula ions while explo ing p oac i e measu es o exceed minimum equi emen s
and enhance ope a ional sus ainabili y. Fu he mo e, i ms should inc ease anspa -
ency and co e age o ESG disclosu es by imp o ing he quali y o ESG epo ing
o enhance he company’s alue and build us among in es o s and s akeholde s.
Addi ionally, i ms could u ilize es ablished amewo ks such as he GRI and he
SASB o ensu e consis ency and compa abili y in epo ing p ac ices.
Policymake s can ake wo key s eps o es ablish a unc ioning and anspa en
ESG landscape. Fi s ly, hey can encou age high-quali y ESG epo ing by imple-
men ing egula ions ha equi e de ailed disclosu es on ma e ial ESG me ics ele-
an o speci ic indus ies. This app oach should conside and build upon he exis ing
in e na ional epo ing amewo k. Secondly, policymake s can p omo e uni o mi y
by suppo ing he de elopmen and adop ion o s anda dized ESG epo ing p ac-
ices. This os e s meaning ul compa isons ac oss i ms and indus ies, enhancing
us and cla i y o in es o s and s akeholde s. Finally, in es o s should ac i ely
in eg a e ESG disclosu es in o hei decision-making p ocesses. Recognizing he
link be ween s ong ESG pe o mance and long- e m alue, coupled wi h educed
isk, i ’s c ucial o pay close a en ion o hese disclosu es.

SN Bus Econ (2024) 4:118
118 Page 32 o 38
Howe e , se e al gaps emain ha wa an u he in es iga ion. Fu u e esea ch
should explo e he longi udinal e ec s o ESG disclosu es on i m pe o mance o
de e mine whe he he obse ed bene i s a e sus ained o e ime. Mo eo e , he e is
a need o examine he ole o egula o y amewo ks in di e en egions o unde -
s and how a ying en o cemen and guidelines impac he e icacy o ESG disclo-
su es. Ano he p omising a ea o u u e s udies is he explo a ion o he speci ic
mechanisms h ough which di e en componen s o ESG—en i onmen al, social,
and go e nance—indi idually and collec i ely in luence inancial ou comes. Las ly,
mo e g anula esea ch ocusing on small and medium-sized en e p ises (SMEs) and
hei ESG p ac ices could p o ide insigh s in o how smalle i ms can le e age ESG
disclosu es o enhance hei compe i i eness and inancial pe o mance.
By add essing hese gaps, u u e esea ch can p o ide a mo e comp ehensi e
unde s anding o he nuanced ela ionship be ween ESG p ac ices and i m pe o -
mance, guiding policymake s and co po a e leade s o p omo e sus ainable business
p ac ices. I is essen ial o acknowledge he limi a ions o his s udy, including he
dynamic na u e o me hodologies and sec o s, which may pose challenges o gene -
aliza ion. Fu u e esea ch endea o s should ocus on longi udinal s udies o es ablish
causali y be ween ESG p ac ices, disclosu es, and pe o mance while closely moni-
o ing he e ol ing egula o y landscape, as changes in ESG epo ing equi emen s
could signi ican ly in luence he dynamics unde examina ion.
Au ho con ibu ions Phemelo Tamasiga: concep ualiza ion, me hodology, sc eening o ele an s udies
o be included in he sys ema ic e iew, esul s analysis, and isualiza ion and submission o he manu-
sc ip . Helen Onyeaka: concep ualiza ion, sc eening o ele an s udies, in oduc ion, supe ision, and
w i ing and e ision o he i s d a and w i ing o he inal d a . Malebogo Bakwena: sc eening o
ele an s udies, discussion and conclusion. El houssin Ouassou: sc eening o ele an s udies, e e ence
ci a ions, w i ing and e ision o i s d a and inal e sion.
Funding This s udy did no ecei e any unding.
Da a a ailabili y All da a suppo ing he indings, discussions, and conclusions is con ained in he
manusc ip .
Decla a ions
Con lic o in e es The au ho s con i m he absence o compe ing in e es s.
E hical app o al This s udy does no equi e e hical app o al.
Consen o pa icipa e The au ho s con i m he accu acy o all da a and indings u ilized in his s udy, and
consen o pa icipa ion.
Consen o publish The au ho s consen o publishing pe sonally iden i iable in o ma ion in he jou nal.
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Au ho s and A ilia ions
PhemeloTamasiga1 · HelenOnyeaka2· MalebogoBakwena3·
ElhoussinOuassou4
* Helen Onyeaka
H.On[email p o ec ed]
Phemelo Tamasiga
[email p o ec ed]
1 Ge man Ins i u e o De elopmen andSus ainabili y, Bonn, Ge many
2 Bi mingham Ins i u e o Sus ainabili y andClima e Ac ion, Uni e si y o Bi mingham,
Bi mingham, UK
3 Depa men o Economics, Uni e si y o Bo swana, Gabo one, Bo swana
4 Labo a o y o Applied Economics (LAE), Mohammed V Uni e si y inRaba , Raba , Mo occo