Rethinking ESG‐Financial Performance Nexus Beyond Linearity: A Configurational Analysis
采用模糊集定性比较分析（fsQCA），研究伊斯坦布尔证券交易所非金融企业2019-2021年数据，发现ESG各维度与企业规模对财务绩效存在条件性和非对称性的四种组态路径，为资源分配提供战略参考。
ABSTRACT Pressures to reconcile both sustainability commitments and financial targets exert inherent trade‐offs for firms, especially under financial constraints. The environmental, social, and governance performance (ESGP) and financial performance (FP) link is multifaceted and cannot be sufficiently captured by unidirectional and linear models. To explore how the overall ESG scores and individual ESG scores, alongside firm size, impact FP, we employ the Fuzzy‐Set Qualitative Comparative Analysis (fsQCA), a structured methodology designed to uncover conjunctural pathways and causal relationships between ESGP and FP. Based on a sample consisting of nonfinancial firms listed in Borsa Istanbul over 2019–2021, our outcomes reveal four distinct configurations that commonly demonstrate that each ESG pillar and firm size have conditional and asymmetric effects. We contribute a holistic approach for understanding ESGP–FP dynamics and offer strategic insights for several stakeholders to allocate resources more effectively.