Student or educator? Sign up with your school email and get 6 months of Pro free.
CoChat
Sign Up
Cited by 4,631

The DOI matches its Crossref record; 19 of the 19 references it cites were found in a registry or an index.

ESG and financial performance: aggregated evidence from more than 2000 empirical studies

Open access
Friede, Gunnar, Busch, Timo, Bassen, Alexander·2015·Journal of Sustainable Finance & Investment
DOI 10.1080/20430795.2015.1118917
Open this paper in CoChat — free account

Abstract

The search for a relation between environmental, social, and governance (ESG) criteria and corporate financial performance (CFP) can be traced back to the beginning of the 1970s. Scholars and investors have published more than 2000 empirical studies and several review studies on this relation since then. The largest previous review study analyzes just a fraction of existing primary studies, making findings difficult to generalize. Thus, knowledge on the financial effects of ESG criteria remains fragmented. To overcome this shortcoming, this study extracts all provided primary and secondary data of previous academic review studies. Through doing this, the study combines the findings of about 2200 individual studies. Hence, this study is by far the most exhaustive overview of academic research on this topic and allows for generalizable statements. The results show that the business case for ESG investing is empirically very well founded. Roughly 90% of studies find a nonnegative ESG–CFP relation. More importantly, the large majority of studies reports positive findings. We highlight that the positive ESG impact on CFP appears stable over time. Promising results are obtained when differentiating for portfolio and nonportfolio studies, regions, and young asset classes for ESG investing such as emerging markets, corporate bonds, and green real estate.

Overview

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Integrity signals

Registry

Crossref · 10.1080/20430795.2015.1118917

Cites

19 of 19 references verified0 citation errors · 0 not checkable

Statistics

Verification

Claims the paper makes

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Self-check

Percentages, sums and reported differences re-computed from the paper’s own numbers.

The self-check needs the paper’s full text.

Citations

Cites

Show all 19 references

Research works printed but not linked: 96

  1. 10.1177/0149206310377113 · DOI · Paper page
  2. 10.1177/1086026613510301 · DOI · Paper page
  3. Aldag Ramon J., 1978, Research in Corporate Social Performance and Policy, 165
  4. Allouche José, 2005, Revue de Gestion Des Ressources Humaines, 57, 1
  5. 10.5465/AMR.1982.4285580 · DOI · Paper page
  6. 10.2307/256210 · DOI · Paper page
  7. 10.1086/497042 · DOI · Paper page
  8. 10.5465/AMR.2007.25275520 · DOI · Paper page
  9. 10.1162/105864001300122548 · DOI · Paper page
  10. 10.1016/j.jbankfin.2004.06.035 · DOI · Paper page
  11. 10.1007/s10551-008-9894-x · DOI
  12. 10.1086/344114 · DOI · Paper page
  13. 10.1111/j.1467–6419.2008.00569.x · DOI
  14. 10.1590/S1519-70772012000300008 · DOI
  15. 10.1016/j.jempfin.2013.04.003 · DOI
  16. 10.1177/0007650315570701 · DOI · Paper page
  17. 10.1037/0033-2909.117.3.530 · DOI
  18. 10.1111/0022-1082.00318 · DOI
  19. 10.1111/j.1468-036X.2012.00643.x · DOI
  20. 10.1287/mnsc.36.10.1143 · DOI
  21. 10.2307/2329556 · DOI
  22. 10.2139/ssrn.2508281 · DOI · Paper page
  23. 10.2469/faj.v58.n5.2468 · DOI · Paper page
  24. 10.5465/AMR.1995.9503271994 · DOI
  25. 10.2307/255956 · DOI
  26. Cohen Jacob, 1988, Statistical Power Analysis for the Behavioral Sciences
  27. 10.1037/0033-2909.112.1.155 · DOI · Paper page
  28. 10.2308/bria.2011.23.1.109 · DOI
  29. 10.1111/j.1744-6570.2006.00045.x · DOI · Paper page
  30. 10.1037/a0022147 · DOI · Paper page
  31. 10.2307/256988 · DOI · Paper page
  32. 10.3905/joi.1997.408434 · DOI
  33. 10.1111/j.1541-0072.2007.00255.x · DOI · Paper page
  34. 10.1016/j.jbankfin.2011.01.009 · DOI · Paper page
  35. 10.5465/AMP.2009.39985540 · DOI
  36. 10.1007/s10551-012-1268-8 · DOI · Paper page
  37. 10.1257/aer.100.5.2492 · DOI · Paper page
  38. 10.1016/j.emj.2013.12.004 · DOI
  39. 10.1111/j.1540-6261.1970.tb00518.x · DOI · Paper page
  40. 10.1177/000765039703600302 · DOI · Paper page
  41. 10.1111/j.1745-6622.2007.00125.x · DOI · Paper page
  42. 10.1111/jscm.12006 · DOI
  43. 10.1177/000765039703600102 · DOI · Paper page
  44. Grossman Sanford J., 1980, The American Economic Review, 70, 393
  45. Günther Edeltraud, 2011, Zeitschrift Für Umweltpolitik Und Umweltrecht, 34, 279
  46. 10.2469/faj.v49.n6.62 · DOI
  47. 10.1037/0033-2909.88.2.359 · DOI
  48. Hedges Larry V., 1985, Statistical Methods for Meta-Analysis
  49. 10.2139/ssrn.1454793 · DOI
  50. 10.1016/j.ecolecon.2010.04.004 · DOI
  51. 10.1007/s10551-013-1741-z · DOI
  52. 10.1162/105474603321640932 · DOI
  53. 10.1093/rfs/hhn042 · DOI
  54. 10.17763/haer.41.4.437714870334w144 · DOI
  55. 10.1093/wbro/lkp030 · DOI
  56. 10.2139/ssrn.1866371 · DOI
  57. 10.2307/3556659 · DOI · Paper page
  58. 10.2307/2329297 · DOI
  59. 10.1002/csr.1344 · DOI
  60. 10.1016/j.respol.2013.03.001 · DOI
  61. 10.2307/251140 · DOI
  62. 10.1108/00251740910978313 · DOI · Paper page
  63. 10.1023/A:1017516826427 · DOI
  64. 10.5840/beq201121325 · DOI
  65. 10.5465/amp.2012.0097 · DOI
  66. 10.1177/000765030104000402 · DOI
  67. 10.1177/1086026614555991 · DOI
  68. 10.1108/ASR-12-2014-0002 · DOI
  69. 10.1007/BF00382958 · DOI · Paper page
  70. 10.1177/0149206309335188 · DOI · Paper page
  71. 10.1007/s10551-012-1584-z · DOI
  72. 10.7202/1015403ar · DOI
  73. 10.1111/beer.12076 · DOI
  74. 10.1111/1468-2370.00003 · DOI
  75. 10.1177/000765039903800105 · DOI · Paper page
  76. 10.2307/1175262 · DOI
  77. 10.5465/AMBPP.2007.26530718 · DOI
  78. 10.1016/j.jbusvent.2009.12.002 · DOI · Paper page
  79. 10.1177/000765030003900404 · DOI · Paper page
  80. 10.1509/jm.10.0494 · DOI · Paper page
  81. 10.1037//1082-989X.7.2.147 · DOI · Paper page
  82. 10.1016/j.obhdp.2013.03.002 · DOI · Paper page
  83. 10.1080/20430795.2014.971096 · DOI
  84. 10.1007/s00187-011-0146-3 · DOI
  85. 10.2139/ssrn.1948169 · DOI
  86. 10.3102/0013189X015009005 · DOI · Paper page
  87. 10.1016/j.jbusvent.2013.01.002 · DOI · Paper page
  88. 10.1016/j.jom.2005.03.001 · DOI · Paper page
  89. 10.2307/258135 · DOI · Paper page
  90. 10.1016/j.jbusvent.2009.09.004 · DOI
  91. 10.5465/AMBPP.2010.54493634 · DOI
  92. Viviers S., 2012, South African Journal of Business Management, 43, 1, 10.4102/sajbm.v43i4.478 · DOI
  93. 10.1080/20430795.2014.887345 · DOI
  94. 10.1080/09654311003701431 · DOI
  95. 10.1111/j.1468-2370.2009.00274.x · DOI
  96. Wu Meng-Ling, 2006, The Journal of American Academy of Business, 8, 163

Cited by

Metadata

Authors
Friede, G., Busch, T., & Bassen, A.
Venue
Journal of Sustainable Finance & Investment
Publisher
Informa UK Limited
Published
2015-10-02
Volume
5
Issue
4
Pages
210-233
ISSN
  • 2043-0795 (ISSN-L)
  • 2043-0809
DOI
10.1080/20430795.2015.1118917
OpenAlex
W2211074832
Cited by
4,631
References
19
FWCI
101.07
Type
journal article
Language
en
Open access
hybrid

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

Are you an author, or do you see a problem with this page? Request a review

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.