The Impact of Environmental, Social, and Governance on Corporate Financial Performance: A Cross-Industry Perspective
研究了环境、社会和治理（ESG）对企业财务绩效的影响，发现实际ESG绩效在化工行业比软件行业影响更大，而ESG披露即使不反映真实绩效也能为软件公司带来市场价值收益。
Environmental, social, and governance (ESG) influences corporate financial performance (CFP), though the effectiveness varies notably across industry sectors. Employing multiple linear regression and multi-period differences-in-differences (DID), this paper empirically examines the differential impacts by comparing European chemical and software industries. Our framework distinguishes between actual ESG performance metrics and voluntary ESG disclosure, and reveals distinct pathways through which sustainability practices and reporting affect CFP outcomes. We find that actual ESG performance impacts CFP more in the chemical industry than in software. Conversely, ESG disclosure, even when not reflecting true performance, provides immediate and sustained market value benefits to software companies. Despite earlier and more comprehensive non-financial reporting by chemical companies, no significant financial effects emerged in the immediate four years. Multiple robustness tests are employed to address the potential selection problem inherent in economic observational data, and the model results are interpreted with due caution. The empirical findings further advance the understanding of ESG–CFP mechanisms by revealing the complex balance between regulatory compliance, sustainability investments, and financial outcomes.