The Impact of ESG on Firm Financial Performance: Empirical Evidence from Companies in the UK FTSE350
ESGが企業の財務パフォーマンスに与える影響：英国FTSE350企業の実証分析 (AI 翻訳)
George Giannopoulos, H. Vu, F. Mahmood, Ioannis Salmon, Rebecca Salti
🤖 gxceed AI 要約
日本語
本研究は、英国FTSE350企業の2020〜2024年のデータを用いて、ESGスコア（LSEG開示スコア）と財務パフォーマンス（ROA、ROE）の関係をパネル回帰で分析。結果は混合的で、ROAとは有意な正の関係が見られたが、ROEとは有意でなかった。ESGは株主利益よりも業務効率に影響する可能性を示唆。
English
This study examines the ESG-financial performance link using FTSE350 firms from 2020-2024, employing panel regression on LSEG disclosure scores. Results are mixed: a significant positive relationship with ROA but not with ROE, suggesting ESG affects operational performance rather than shareholder returns. Caution is warranted due to disclosure-based measures.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
英国市場の実証結果だが、日本企業のESG開示と財務指標の関係を考える参考になる。特にSSBJへの対応や有報でのESG情報開示の効果を検討する際に、開示スコアと業績の関連性を示す知見は有用。
In the global GX context
This paper provides UK evidence on ESG disclosure scores and financial performance, relevant to global debates on the materiality of ESG. For ISSB or SEC climate disclosure context, the mixed results highlight the importance of choosing appropriate performance metrics.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG-financial performance relationship using UK data, contributing to the mixed findings literature.
🏢実務担当者:Offers insight that ESG disclosure scores may correlate with operational efficiency (ROA) but not shareholder returns (ROE), useful for firms communicating ESG value.
🏛政策担当者:Highlights that disclosure-based ESG scores have a modest but significant link to operational performance, supporting the case for standardized disclosure but cautioning against overinterpreting.
📄 Abstract（原文）
This study examines the relationship between Environmental, Social, and Governance (ESG) and financial performance in the United Kingdom context, an area of increasing importance in both academic and practical domains. ESG is measured using the London Stock Exchange Group (LSEG) disclosure score. Using a dataset of firms in the FTSE 350 index over a 5-year period from 2020 to 2024, a panel regression model is employed to analyse the relationship between ESG and financial performance. The results of this study are mixed. When using ROA as a proxy for financial performance, the results suggest a statistically significant and positive relationship between ESG and financial performance, although the ESG coefficient indicates a relatively modest effect. However, when ROE is used as a proxy, the results are insignificant, suggesting that the impact of ESG may vary depending on the financial performance measure used. These findings contribute to the literature by providing evidence from the UK during a period of economic disruption, highlighting ESG’s role in operational performance rather than shareholder returns. However, the results should be interpreted with caution due to the use of disclosure-based ESG measures and a limited set of control variables.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/su18115254first seen 2026-07-18 07:44:20
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