ESG採用と企業財務パフォーマンス

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🔬研究者:因果デザインでESG・財務の相関研究の限界を補う実証例として、セクター別異質性の理論的説明を探る出発点になる。

🏢実務担当者:ESG対応の投資対効果を短期的財務指標だけで説明せず、セクター特性に応じた開示・説明責任の組み立てに使える。

🏛政策担当者:ESG規制を一律に課さず、セクター別に設計し、財務便益以外の根拠で正当化する際の論拠を提供する。

A debate on the correlation between ESG adoption and financial performance of firms still exists in the frontier markets, as previous Pakistani studies have used correlational designs which do not allow for causal relationships. I filled this gap by testing, using a pre-post quasi-experimental design, the causal relationship between ESG and financial performance, whether firm size moderates this relationship, and whether the effect is sector specific. The sample comprises 20 companies listed on the PSX across seven sectors, providing a total of 120 firm year observations over three years pre and three years post ESG adoption, analyzed using firm fixed effects panel regression and complementary statistical tests. The results demonstrate that there is no statistically significant direct effect of ESG adoption on the variables ROA, ROE and PM and no significant moderating effect of firm size. On the sectoral level, there is a strong positive significance for Cement, and a strong negative significance for IT & Technology and Pharmaceuticals, a pattern that is surprising from a theoretical perspective. The results indicate that policymakers should justify ESG based guidelines on the grounds of stakeholder and environment instead of short-term financial gains and should not have a uniform policy for ESG regulation across different sectors. References Abdi, Y., Li, X., & Câmara-Turull, X. (2022). Exploring the impact of sustainability (ESG) disclosure on firm value and financial performance (FP) in airline industry: The moderating role of size and age. Environment, Development and Sustainability, 24(4), 5052–5079. https://doi.org/10.1007/s10668-021-01649-w Ahmad, N., Mobarek, A., & Roni, N. N. (2021). Revisiting the impact of ESG on financial performance of FTSE350 UK firms: Static and dynamic panel data analysis. 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