This paper investigates whether the micro-firm level of environmental, social and governance (ESG) development affects national economic growth and whether this micro-ESG effect performs differently for developed countries and emerging markets. Using dynamic panel techniques – difference GMM and system GMM estimators, we find that an increase of micro-ESG performance can result in the improvement of living standards, and environmental and social practices are positively associated with national overall economic growth at a global scale. When we test this link by market, it is suggested that firm-level social performance in a country is positively associated with both GDP per capita and GDP growth in developed and emerging markets. In contrast, albeit micro-environmental performance affects macro-economic performance in emerging countries, this effect remains insignificant in developed countries.
各種検索
サポート
ヘルプ