Authors

Study sample

Research methods

Financial indicators

Bodhanwala and Bodhanwala (2018)

58 Indian firms included in Thomson Reuters Asset 4 ESG

An empirical multivariate panel data model

Return on invested capital;

Return on equity;

Return on assets;

Earnings per share.

Ahmad et al. (2021)

Panel data for 351 firms in the FTSE350 from 10 industries

Static analysis, dynamic analysis

The market value and earnings per share of the firm;

The ESG scores, ECO scores, ENV scores, SOC scores, CG scores, ESGH scores, ESGL scores;

Financial leverage, total revenues, capital expenditure as a percentage of sales.

Duque-Grisales and Aguilera-Caracuel (2021)

Four multinationals from Brazil, Chile, Colombia, Mexico and Peru

Regression

ESG dimensions;

Firms’ financial performance.

Aydoğmuş et al. (2022)

Sample includes 1720 companies and 39 countries

Regression

Tobin’s Q = (Equity Market Value + Liabilities Market Value)/(Equity Book Value + Liabilities Book Value)

ESG scores.

Giannopoulos et al. (2022)

Sample of 20 companies

Correlation/regression model

ROA and Tobin’s Q;

ESG disclosure scores.