The Impact of ESG Ratings on Financial Performance: Evidence From Developing Economies
研究了2012-2022年间中东和北非地区92家上市公司，发现ESG各维度对ROA和ROE有正向影响，但总ESG评分与两者负相关，且与托宾Q关系不显著，表明市场对ESG的认可可能滞后。
ABSTRACT Despite ongoing challenges, developing countries have made significant progress in addressing sustainability issues. This study examines the impact of ESG ratings on firm performance in nine Middle East and North Africa (MENA) countries. Based on a sample of 92 listed firms over the period 2012–2022 and using panel data regressions, the results show that the environmental, social and governance dimensions of ESG ratings have a positive and statistically significant impact on firm financial performance, as measured by ROA and ROE. Conversely, the total ESG score is negatively related to both ROA and ROE, suggesting that higher ESG ratings may have short‐term costs. However, the relationships with Tobin's Q are insignificant, implying that market recognition of ESG initiatives may be delayed, with the benefits becoming apparent over time. This study focuses on an underresearched region and provides valuable insights into the dynamics of ESG in this context.