{"id":"https://openalex.org/W7117580523","doi":"https://doi.org/10.1109/tem.2025.3649696","title":"The Impact of Environmental, Social, and Governance on Corporate Financial Performance: A Cross-Industry Perspective","display_name":"The Impact of Environmental, Social, and Governance on Corporate Financial Performance: A Cross-Industry Perspective","publication_year":2025,"publication_date":"2025-12-30","ids":{"openalex":"https://openalex.org/W7117580523","doi":"https://doi.org/10.1109/tem.2025.3649696"},"language":"en","primary_location":{"id":"doi:10.1109/tem.2025.3649696","is_oa":false,"landing_page_url":"https://doi.org/10.1109/tem.2025.3649696","pdf_url":null,"source":{"id":"https://openalex.org/S154533451","display_name":"IEEE Transactions on Engineering Management","issn_l":"0018-9391","issn":["0018-9391","1558-0040"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310319808","host_organization_name":"Institute of Electrical and Electronics Engineers","host_organization_lineage":["https://openalex.org/P4310319808"],"host_organization_lineage_names":["Institute of Electrical and Electronics Engineers"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"IEEE Transactions on Engineering Management","raw_type":"journal-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://eprints.soton.ac.uk/509691/1/TEM_highlight_version_20251228.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5121577183","display_name":"Wei Liu","orcid":null},"institutions":[{"id":"https://openalex.org/I43439940","display_name":"University of Southampton","ror":"https://ror.org/01ryk1543","country_code":"GB","type":"education","lineage":["https://openalex.org/I43439940"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Wei Liu","raw_affiliation_strings":["Department of Decision Analytics and Risk, Southampton Business School, University of Southampton, Southampton, U.K"],"raw_orcid":"https://orcid.org/0009-0008-3527-9773","affiliations":[{"raw_affiliation_string":"Department of Decision Analytics and Risk, Southampton Business School, University of Southampton, Southampton, U.K","institution_ids":["https://openalex.org/I43439940"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5006870368","display_name":"Nicholas Dacre","orcid":"https://orcid.org/0000-0002-9667-9331"},"institutions":[{"id":"https://openalex.org/I43439940","display_name":"University of Southampton","ror":"https://ror.org/01ryk1543","country_code":"GB","type":"education","lineage":["https://openalex.org/I43439940"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Nicholas Dacre","raw_affiliation_strings":["Department of Decision Analytics and Risk, Southampton Business School, University of Southampton, Southampton, U.K"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Decision Analytics and Risk, Southampton Business School, University of Southampton, Southampton, U.K","institution_ids":["https://openalex.org/I43439940"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5103605215","display_name":"H. L. Dong","orcid":null},"institutions":[{"id":"https://openalex.org/I43439940","display_name":"University of Southampton","ror":"https://ror.org/01ryk1543","country_code":"GB","type":"education","lineage":["https://openalex.org/I43439940"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Hao Dong","raw_affiliation_strings":["Department of Decision Analytics and Risk, Southampton Business School, University of Southampton, Southampton, U.K"],"raw_orcid":"https://orcid.org/0000-0002-3458-4986","affiliations":[{"raw_affiliation_string":"Department of Decision Analytics and Risk, Southampton Business School, University of Southampton, Southampton, U.K","institution_ids":["https://openalex.org/I43439940"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5081014214","display_name":"Sheu Jiuh-Biing","orcid":null},"institutions":[{"id":"https://openalex.org/I16733864","display_name":"National Taiwan University","ror":"https://ror.org/05bqach95","country_code":"TW","type":"education","lineage":["https://openalex.org/I16733864"]}],"countries":["TW"],"is_corresponding":false,"raw_author_name":"Jiuh-Biing Sheu","raw_affiliation_strings":["Department of Business Administration, National Taiwan University, Taipei, Taiwan"],"raw_orcid":"https://orcid.org/0000-0002-8007-619X","affiliations":[{"raw_affiliation_string":"Department of Business Administration, National Taiwan University, Taipei, Taiwan","institution_ids":["https://openalex.org/I16733864"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5121564069","display_name":"Qin Zhou","orcid":null},"institutions":[{"id":"https://openalex.org/I43439940","display_name":"University of Southampton","ror":"https://ror.org/01ryk1543","country_code":"GB","type":"education","lineage":["https://openalex.org/I43439940"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Qin Zhou","raw_affiliation_strings":["Department of Decision Analytics and Risk, Southampton Business School, University of Southampton, Southampton, U.K"],"raw_orcid":"https://orcid.org/0000-0002-0273-6295","affiliations":[{"raw_affiliation_string":"Department of Decision Analytics and Risk, Southampton Business School, University of Southampton, Southampton, U.K","institution_ids":["https://openalex.org/I43439940"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":1.2699,"has_fulltext":true,"cited_by_count":1,"citation_normalized_percentile":{"value":0.8820343,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":94,"max":97},"biblio":{"volume":"73","issue":null,"first_page":"1162","last_page":"1175"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10115","display_name":"Corporate Social Responsibility Reporting","score":0.7644000053405762,"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":0.7644000053405762,"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/T10880","display_name":"Environmental Sustainability in Business","score":0.06459999829530716,"subfield":{"id":"https://openalex.org/subfields/1406","display_name":"Marketing"},"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/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.022199999541044235,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/corporate-governance","display_name":"Corporate governance","score":0.7930999994277954},{"id":"https://openalex.org/keywords/robustness","display_name":"Robustness (evolution)","score":0.6438999772071838},{"id":"https://openalex.org/keywords/sustainability","display_name":"Sustainability","score":0.5676000118255615},{"id":"https://openalex.org/keywords/empirical-research","display_name":"Empirical research","score":0.41449999809265137},{"id":"https://openalex.org/keywords/balance-sheet","display_name":"Balance sheet","score":0.4120999872684479},{"id":"https://openalex.org/keywords/corporate-sustainability","display_name":"Corporate sustainability","score":0.4108999967575073},{"id":"https://openalex.org/keywords/perspective","display_name":"Perspective (graphical)","score":0.38690000772476196},{"id":"https://openalex.org/keywords/differential","display_name":"Differential (mechanical device)","score":0.3813000023365021}],"concepts":[{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.7930999994277954},{"id":"https://openalex.org/C63479239","wikidata":"https://www.wikidata.org/wiki/Q7353546","display_name":"Robustness (evolution)","level":3,"score":0.6438999772071838},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6233999729156494},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.5789999961853027},{"id":"https://openalex.org/C66204764","wikidata":"https://www.wikidata.org/wiki/Q219416","display_name":"Sustainability","level":2,"score":0.5676000118255615},{"id":"https://openalex.org/C120936955","wikidata":"https://www.wikidata.org/wiki/Q2155640","display_name":"Empirical research","level":2,"score":0.41449999809265137},{"id":"https://openalex.org/C183206440","wikidata":"https://www.wikidata.org/wiki/Q46834","display_name":"Balance sheet","level":2,"score":0.4120999872684479},{"id":"https://openalex.org/C2776667712","wikidata":"https://www.wikidata.org/wiki/Q5172498","display_name":"Corporate sustainability","level":3,"score":0.4108999967575073},{"id":"https://openalex.org/C12713177","wikidata":"https://www.wikidata.org/wiki/Q1900281","display_name":"Perspective (graphical)","level":2,"score":0.38690000772476196},{"id":"https://openalex.org/C93226319","wikidata":"https://www.wikidata.org/wiki/Q193137","display_name":"Differential (mechanical device)","level":2,"score":0.3813000023365021},{"id":"https://openalex.org/C166052673","wikidata":"https://www.wikidata.org/wiki/Q83021","display_name":"Empirical evidence","level":2,"score":0.3529999852180481},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.34860000014305115},{"id":"https://openalex.org/C168031717","wikidata":"https://www.wikidata.org/wiki/Q1530280","display_name":"Balance (ability)","level":2,"score":0.3424000144004822},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3395000100135803},{"id":"https://openalex.org/C2777904410","wikidata":"https://www.wikidata.org/wiki/Q7397","display_name":"Software","level":2,"score":0.3255999982357025},{"id":"https://openalex.org/C202552767","wikidata":"https://www.wikidata.org/wiki/Q1901350","display_name":"Market value","level":2,"score":0.30790001153945923},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.29820001125335693},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.288100004196167},{"id":"https://openalex.org/C2776035688","wikidata":"https://www.wikidata.org/wiki/Q1606558","display_name":"Affect (linguistics)","level":2,"score":0.26589998602867126},{"id":"https://openalex.org/C100001284","wikidata":"https://www.wikidata.org/wiki/Q2248246","display_name":"Public economics","level":1,"score":0.25929999351501465},{"id":"https://openalex.org/C25070020","wikidata":"https://www.wikidata.org/wiki/Q426971","display_name":"Economic Value Added","level":3,"score":0.2572999894618988},{"id":"https://openalex.org/C23032112","wikidata":"https://www.wikidata.org/wiki/Q1344727","display_name":"Enterprise value","level":2,"score":0.2547000050544739},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.25459998846054077},{"id":"https://openalex.org/C121087249","wikidata":"https://www.wikidata.org/wiki/Q546395","display_name":"Emerging markets","level":2,"score":0.25110000371932983}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1109/tem.2025.3649696","is_oa":false,"landing_page_url":"https://doi.org/10.1109/tem.2025.3649696","pdf_url":null,"source":{"id":"https://openalex.org/S154533451","display_name":"IEEE Transactions on Engineering Management","issn_l":"0018-9391","issn":["0018-9391","1558-0040"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310319808","host_organization_name":"Institute of Electrical and Electronics Engineers","host_organization_lineage":["https://openalex.org/P4310319808"],"host_organization_lineage_names":["Institute of Electrical and Electronics Engineers"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"IEEE Transactions on Engineering Management","raw_type":"journal-article"},{"id":"pmh:oai:eprints.soton.ac.uk:509691","is_oa":true,"landing_page_url":"http://doi.org/10.1109/TEM.2025.3649696>).","pdf_url":"https://eprints.soton.ac.uk/509691/1/TEM_highlight_version_20251228.pdf","source":{"id":"https://openalex.org/S4306401019","display_name":"ePrints Soton (University of Southampton)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I43439940","host_organization_name":"University of Southampton","host_organization_lineage":["https://openalex.org/I43439940"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Article"}],"best_oa_location":{"id":"pmh:oai:eprints.soton.ac.uk:509691","is_oa":true,"landing_page_url":"http://doi.org/10.1109/TEM.2025.3649696>).","pdf_url":"https://eprints.soton.ac.uk/509691/1/TEM_highlight_version_20251228.pdf","source":{"id":"https://openalex.org/S4306401019","display_name":"ePrints Soton (University of Southampton)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I43439940","host_organization_name":"University of Southampton","host_organization_lineage":["https://openalex.org/I43439940"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Article"},"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":false},"content_urls":{"pdf":"https://content.openalex.org/works/W7117580523.pdf"},"referenced_works_count":55,"referenced_works":["https://openalex.org/W1890517194","https://openalex.org/W2025172290","https://openalex.org/W2164639462","https://openalex.org/W2286593088","https://openalex.org/W2593745552","https://openalex.org/W2785868673","https://openalex.org/W2810262932","https://openalex.org/W2953492091","https://openalex.org/W2964689802","https://openalex.org/W2965555554","https://openalex.org/W2990232364","https://openalex.org/W2995201812","https://openalex.org/W3013661454","https://openalex.org/W3034549779","https://openalex.org/W3084877435","https://openalex.org/W3092965249","https://openalex.org/W3123703439","https://openalex.org/W3124536214","https://openalex.org/W3144036963","https://openalex.org/W3169152130","https://openalex.org/W3172735755","https://openalex.org/W3181647291","https://openalex.org/W3194048573","https://openalex.org/W3203708791","https://openalex.org/W3203821007","https://openalex.org/W4200589997","https://openalex.org/W4210254214","https://openalex.org/W4213206730","https://openalex.org/W4225164564","https://openalex.org/W4225980184","https://openalex.org/W4230984203","https://openalex.org/W4281296357","https://openalex.org/W4284991101","https://openalex.org/W4309634383","https://openalex.org/W4312848512","https://openalex.org/W4313399278","https://openalex.org/W4318035307","https://openalex.org/W4319350729","https://openalex.org/W4319998092","https://openalex.org/W4323348570","https://openalex.org/W4327503228","https://openalex.org/W4382119049","https://openalex.org/W4384501611","https://openalex.org/W4387952268","https://openalex.org/W4389952141","https://openalex.org/W4390505537","https://openalex.org/W4392593440","https://openalex.org/W4396861403","https://openalex.org/W4399497446","https://openalex.org/W4401108139","https://openalex.org/W4404917631","https://openalex.org/W4405011035","https://openalex.org/W4405102775","https://openalex.org/W4405825402","https://openalex.org/W4407597411"],"related_works":[],"abstract_inverted_index":{"Environmental,":[0],"social,":[1],"and":[2,22,37,48,52,60,92,102,136,165],"governance":[3],"(ESG)":[4],"influences":[5],"corporate":[6],"financial":[7,112,166],"performance":[8,46,70],"(CFP),":[9],"though":[10],"the":[11,30,75,116,127,137,150,157],"effectiveness":[12],"varies":[13],"notably":[14],"across":[15],"industry":[16,77],"sectors.":[17],"Employing":[18],"multiple":[19],"linear":[20],"regression":[21],"multi-period":[23],"differences-in-differences":[24],"(DID),":[25],"this":[26],"paper":[27],"empirically":[28],"examines":[29],"differential":[31],"impacts":[32,71],"by":[33,107,155],"comparing":[34],"European":[35],"chemical":[36,76,108],"software":[38,98],"industries.":[39],"Our":[40],"framework":[41],"distinguishes":[42],"between":[43,160],"actual":[44,68],"ESG":[45,50,69,82],"metrics":[47],"voluntary":[49],"disclosure,":[51,83],"reveals":[53],"distinct":[54],"pathways":[55],"through":[56],"which":[57],"sustainability":[58,163],"practices":[59],"reporting":[61,106],"affect":[62],"CFP":[63,72],"outcomes.":[64,167],"We":[65],"find":[66],"that":[67],"more":[73,103],"in":[74,79,115,132],"than":[78],"software.":[80],"Conversely,":[81],"even":[84],"when":[85],"not":[86],"reflecting":[87],"true":[88],"performance,":[89],"provides":[90],"immediate":[91,117],"sustained":[93],"market":[94],"value":[95],"benefits":[96],"to":[97,125],"companies.":[99],"Despite":[100],"earlier":[101],"comprehensive":[104],"non-financial":[105],"companies,":[109],"no":[110],"significant":[111],"effects":[113],"emerged":[114],"four":[118],"years.":[119],"Multiple":[120],"robustness":[121],"tests":[122],"are":[123,140],"employed":[124],"address":[126],"potential":[128],"selection":[129],"problem":[130],"inherent":[131],"economic":[133],"observational":[134],"data,":[135],"model":[138],"results":[139],"interpreted":[141],"with":[142],"due":[143],"caution.":[144],"The":[145],"empirical":[146],"findings":[147],"further":[148],"advance":[149],"understanding":[151],"of":[152],"ESG\u2013CFP":[153],"mechanisms":[154],"revealing":[156],"complex":[158],"balance":[159],"regulatory":[161],"compliance,":[162],"investments,":[164]},"counts_by_year":[{"year":2026,"cited_by_count":1}],"updated_date":"2026-07-25T09:21:30.201066","created_date":"2025-12-30T00:00:00"}
