{"id":"https://openalex.org/W7162240342","doi":"https://doi.org/10.1016/j.finr.2026.100132","title":"Decoding the financial determinants of ESG outcomes: Evidence from Machine Learning Analysis","display_name":"Decoding the financial determinants of ESG outcomes: Evidence from Machine Learning Analysis","publication_year":2026,"publication_date":"2026-05-24","ids":{"openalex":"https://openalex.org/W7162240342","doi":"https://doi.org/10.1016/j.finr.2026.100132"},"language":"en","primary_location":{"id":"doi:10.1016/j.finr.2026.100132","doi":"https://doi.org/10.1016/j.finr.2026.100132","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.finr.2026.100132","pdf_url":null,"source":{"id":"https://openalex.org/S5407047458","display_name":"Finance Research Open","issn_l":"3050-7006","issn":["3050-7006"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Finance Research Open","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://doi.org/10.1016/j.finr.2026.100132","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5091754647","display_name":"Pei\u2010Yu Chi","orcid":"https://orcid.org/0000-0002-1492-6512","observed_orcids":["https://orcid.org/0000-0002-1492-6512"]},"institutions":[{"id":"https://openalex.org/I4880106","display_name":"Feng Chia University","ror":"https://ror.org/05vhczg54","country_code":"TW","type":"education","lineage":["https://openalex.org/I4880106"]}],"countries":["TW"],"is_corresponding":false,"raw_author_name":"Pei-Yu Chi","raw_affiliation_strings":["Department of Economics, Feng Chia University, No. 100, Wenhua Rd. Xitun Dist., Taichung 407102, Taiwan"],"raw_orcid":"https://orcid.org/0000-0002-1492-6512","affiliations":[{"raw_affiliation_string":"Department of Economics, Feng Chia University, No. 100, Wenhua Rd. Xitun Dist., Taichung 407102, Taiwan","institution_ids":["https://openalex.org/I4880106"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5081179597","display_name":"Man\u2010Keun Kim","orcid":"https://orcid.org/0000-0002-0205-9618","observed_orcids":["https://orcid.org/0000-0002-0205-9618"]},"institutions":[{"id":"https://openalex.org/I121980950","display_name":"Utah State University","ror":"https://ror.org/00h6set76","country_code":"US","type":"education","lineage":["https://openalex.org/I121980950"]},{"id":"https://openalex.org/I162838928","display_name":"National Chung Hsing University","ror":"https://ror.org/05vn3ca78","country_code":"TW","type":"education","lineage":["https://openalex.org/I162838928"]}],"countries":["TW","US"],"is_corresponding":false,"raw_author_name":"Man-Keun Kim","raw_affiliation_strings":["Department of Applied Economics, Utah State University, 4835 Old Main Hill, Logan, UT 84322, USA","International Bachelor Program of Agribusiness, National Chung Hsing University, No. 145, Xingda Rd., Dist., Taichung 402, Taiwan"],"raw_orcid":"https://orcid.org/0000-0002-0205-9618","affiliations":[{"raw_affiliation_string":"Department of Applied Economics, Utah State University, 4835 Old Main Hill, Logan, UT 84322, USA","institution_ids":["https://openalex.org/I121980950"]},{"raw_affiliation_string":"International Bachelor Program of Agribusiness, National Chung Hsing University, No. 145, Xingda Rd., Dist., Taichung 402, Taiwan","institution_ids":["https://openalex.org/I162838928"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5136890147","display_name":"Chun-Fu Hsu","orcid":"https://orcid.org/0009-0001-4091-9762","observed_orcids":["https://orcid.org/0009-0001-4091-9762"]},"institutions":[{"id":"https://openalex.org/I4880106","display_name":"Feng Chia University","ror":"https://ror.org/05vhczg54","country_code":"TW","type":"education","lineage":["https://openalex.org/I4880106"]}],"countries":["TW"],"is_corresponding":true,"raw_author_name":"Chun-Fu Hsu","raw_affiliation_strings":["Department of Economics, Feng Chia University, No. 100, Wenhua Rd. Xitun Dist., Taichung 407102, Taiwan"],"raw_orcid":"https://orcid.org/0009-0001-4091-9762","affiliations":[{"raw_affiliation_string":"Department of Economics, Feng Chia University, No. 100, Wenhua Rd. Xitun Dist., Taichung 407102, Taiwan","institution_ids":["https://openalex.org/I4880106"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5136890147"],"corresponding_institution_ids":["https://openalex.org/I4880106"],"apc_list":{"value":1000,"currency":"USD","value_usd":1000},"apc_paid":{"value":1000,"currency":"USD","value_usd":1000},"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"2","issue":"3","first_page":"100132","last_page":"100132"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10115","display_name":"Corporate Social Responsibility Reporting","score":0.9937000274658203,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10115","display_name":"Corporate Social Responsibility Reporting","score":0.9937000274658203,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13957","display_name":"Corporate Governance and Financial Management","score":0.0017000000225380063,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13146","display_name":"Sustainable Finance and Green Bonds","score":0.001500000013038516,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/esg-performance","display_name":"ESG performance","score":0.9829999804496765},{"id":"https://openalex.org/keywords/corporate-financial-performance","display_name":"corporate financial performance","score":0.7440000176429749},{"id":"https://openalex.org/keywords/listed-companies","display_name":"listed companies","score":0.7820000052452087},{"id":"https://openalex.org/keywords/taiwan","display_name":"Taiwan","score":0.4429999887943268},{"id":"https://openalex.org/keywords/industry-specific-determinants","display_name":"industry-specific determinants","score":0.7300000190734863},{"id":"https://openalex.org/keywords/financial-robustness","display_name":"financial robustness","score":0.8209999799728394},{"id":"https://openalex.org/keywords/managerial-skills","display_name":"management skills","score":0.9800000190734863},{"id":"https://openalex.org/keywords/workforce-stability","display_name":"workforce stability","score":0.9929999709129333},{"id":"https://openalex.org/keywords/profitability","display_name":"profitability","score":0.7739999890327454},{"id":"https://openalex.org/keywords/operational-efficiency","display_name":"operational efficiency","score":0.7820000052452087},{"id":"https://openalex.org/keywords/human-resource-structure","display_name":"human resource structure","score":0.9440000057220459},{"id":"https://openalex.org/keywords/sustainability-strategy","display_name":"sustainability strategy","score":0.4429999887943268},{"id":"https://openalex.org/keywords/latent-variables","display_name":"latent variables","score":0.6320000290870667}],"concepts":[{"id":"https://openalex.org/C2778139618","wikidata":"https://www.wikidata.org/wiki/Q13440398","display_name":"Workforce","level":2,"score":0.6132000088691711},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.6043000221252441},{"id":"https://openalex.org/C37616216","wikidata":"https://www.wikidata.org/wiki/Q3218363","display_name":"Lasso (programming language)","level":2,"score":0.5989999771118164},{"id":"https://openalex.org/C63479239","wikidata":"https://www.wikidata.org/wiki/Q7353546","display_name":"Robustness (evolution)","level":3,"score":0.5697000026702881},{"id":"https://openalex.org/C129361004","wikidata":"https://www.wikidata.org/wiki/Q2470236","display_name":"Profitability index","level":2,"score":0.5067999958992004},{"id":"https://openalex.org/C66204764","wikidata":"https://www.wikidata.org/wiki/Q219416","display_name":"Sustainability","level":2,"score":0.49939998984336853},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4361000061035156},{"id":"https://openalex.org/C196083921","wikidata":"https://www.wikidata.org/wiki/Q7915758","display_name":"Variance (accounting)","level":2,"score":0.4302999973297119},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.39149999618530273},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.3889999985694885},{"id":"https://openalex.org/C120936955","wikidata":"https://www.wikidata.org/wiki/Q2155640","display_name":"Empirical research","level":2,"score":0.38850000500679016},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.35850000381469727},{"id":"https://openalex.org/C112972136","wikidata":"https://www.wikidata.org/wiki/Q7595718","display_name":"Stability (learning theory)","level":2,"score":0.3562999963760376},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.34540000557899475},{"id":"https://openalex.org/C192209626","wikidata":"https://www.wikidata.org/wiki/Q190909","display_name":"Focus (optics)","level":2,"score":0.3188999891281128},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.3082999885082245},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3077000081539154},{"id":"https://openalex.org/C107645774","wikidata":"https://www.wikidata.org/wiki/Q5467169","display_name":"Human resources","level":2,"score":0.30309998989105225},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.301800012588501},{"id":"https://openalex.org/C2992337254","wikidata":"https://www.wikidata.org/wiki/Q31275820","display_name":"Financial stability","level":2,"score":0.30070000886917114},{"id":"https://openalex.org/C148483581","wikidata":"https://www.wikidata.org/wiki/Q446488","display_name":"Feature selection","level":2,"score":0.30000001192092896},{"id":"https://openalex.org/C45804977","wikidata":"https://www.wikidata.org/wiki/Q7239673","display_name":"Predictive modelling","level":2,"score":0.28220000863075256},{"id":"https://openalex.org/C166052673","wikidata":"https://www.wikidata.org/wiki/Q83021","display_name":"Empirical evidence","level":2,"score":0.2777000069618225},{"id":"https://openalex.org/C51167844","wikidata":"https://www.wikidata.org/wiki/Q4422623","display_name":"Latent variable","level":2,"score":0.2759000062942505},{"id":"https://openalex.org/C2779968149","wikidata":"https://www.wikidata.org/wiki/Q8034851","display_name":"Workforce development","level":3,"score":0.2619999945163727},{"id":"https://openalex.org/C151406439","wikidata":"https://www.wikidata.org/wiki/Q186588","display_name":"Time series","level":2,"score":0.2563999891281128},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.25290000438690186}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1016/j.finr.2026.100132","doi":"https://doi.org/10.1016/j.finr.2026.100132","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.finr.2026.100132","pdf_url":null,"source":{"id":"https://openalex.org/S5407047458","display_name":"Finance Research Open","issn_l":"3050-7006","issn":["3050-7006"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Finance Research Open","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.1016/j.finr.2026.100132","doi":"https://doi.org/10.1016/j.finr.2026.100132","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.finr.2026.100132","pdf_url":null,"source":{"id":"https://openalex.org/S5407047458","display_name":"Finance Research Open","issn_l":"3050-7006","issn":["3050-7006"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Finance Research Open","raw_type":"journal-article"},"sustainable_development_goals":[{"score":0.7825999855995178,"display_name":"Decent work and economic growth","id":"https://metadata.un.org/sdg/8"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":25,"referenced_works":["https://openalex.org/W2016481459","https://openalex.org/W2040519706","https://openalex.org/W2071128523","https://openalex.org/W2135046866","https://openalex.org/W2160172778","https://openalex.org/W2294798173","https://openalex.org/W2969376125","https://openalex.org/W2971904189","https://openalex.org/W3048498352","https://openalex.org/W3121550950","https://openalex.org/W3122934189","https://openalex.org/W3132505564","https://openalex.org/W3193433110","https://openalex.org/W4210606654","https://openalex.org/W4221020031","https://openalex.org/W4243468350","https://openalex.org/W4284991101","https://openalex.org/W4294001291","https://openalex.org/W4309634383","https://openalex.org/W4379741457","https://openalex.org/W4382192984","https://openalex.org/W4386535027","https://openalex.org/W4390886562","https://openalex.org/W4396622526","https://openalex.org/W4402659357"],"related_works":["https://openalex.org/W7131807969","https://openalex.org/W7124744160","https://openalex.org/W4409210759","https://openalex.org/W4407588179","https://openalex.org/W4414524610","https://openalex.org/W4416455858","https://openalex.org/W7197585987","https://openalex.org/W7163159388","https://openalex.org/W7166834461","https://openalex.org/W7134954161"],"abstract_inverted_index":{"This":[0],"study":[1],"investigates":[2],"the":[3,84,115,141],"determinants":[4],"of":[5,31,67,83,119],"Environmental,":[6],"Social,":[7],"and":[8,35,44,57,76,104,117,162],"Governance":[9],"(ESG)":[10],"outcomes":[11],"associated":[12,71],"with":[13,72,146],"financial":[14,100,148],"performance,":[15],"utilizing":[16],"data":[17],"on":[18,166],"publicly":[19],"listed":[20],"firms":[21,145],"in":[22,86,110,158],"Taiwan":[23],"from":[24],"2015":[25],"to":[26,53,132,153],"2023.":[27],"To":[28],"address":[29],"challenges":[30],"high":[32],"dimensionality,":[33],"multicollinearity,":[34],"variable":[36],"selection":[37],"bias,":[38],"two":[39],"machine":[40],"learning":[41],"methods,":[42],"PCA":[43,60],"LASSO,":[45],"are":[46,150],"integrated":[47,50],"into":[48],"an":[49],"empirical":[51],"framework":[52],"improve":[54],"model":[55],"robustness":[56],"interpretability.":[58],"The":[59,91],"results":[61],"indicate":[62],"that":[63,99,126,144],"a":[64,163],"limited":[65],"number":[66],"latent":[68],"factors,":[69],"primarily":[70],"profitability,":[73],"operational":[74],"efficiency,":[75],"human":[77],"resource":[78],"structure,":[79],"account":[80],"for":[81],"most":[82],"variance":[85],"ESG":[87,112,170],"performance":[88],"across":[89,123],"industries.":[90],"LASSO":[92],"analysis":[93],"further":[94],"identifies":[95],"industry-specific":[96],"determinants,":[97],"suggesting":[98],"robustness,":[101],"managerial":[102],"capability,":[103],"workforce":[105,160],"stability":[106],"play":[107],"crucial":[108],"roles":[109],"shaping":[111],"outcomes.":[113],"However,":[114],"magnitude":[116],"direction":[118],"these":[120],"effects":[121],"differ":[122],"industries,":[124],"indicating":[125],"sustainability":[127],"strategies":[128],"should":[129],"be":[130],"tailored":[131],"specific":[133],"industry":[134],"characteristics":[135],"rather":[136],"than":[137],"implemented":[138],"uniformly.":[139],"Overall,":[140],"findings":[142],"underscore":[143],"strong":[147],"foundations":[149],"better":[151],"positioned":[152],"implement":[154],"sustainable":[155],"practices":[156],"effectively;":[157],"contrast,":[159],"instability":[161],"short-term":[164],"focus":[165],"profitability":[167],"may":[168],"hinder":[169],"performance.":[171]},"counts_by_year":[],"updated_date":"2026-11-13T13:42:25.865203","created_date":"2026-05-25T00:00:00"}
