ESG, innovation, and economic growth: an empirical evidence

IF 2.3 Q2 BUSINESS, FINANCE

Studies in Economics and Finance Pub Date : 2024-05-28 DOI:10.1108/sef-11-2023-0692

Siti Nurazira Mohd Daud, Nur Syazwina Ghazali, Nur Hafizah Mohammad Ismail

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Abstract

Purpose

This paper aims to examine the relationships among environmental, social and governance (ESG) practices, innovation and economic growth in five Asian countries from 1990 to 2020.

Design/methodology/approach

The study innovatively constructed the ESG index at the country level by using frequency statistics on text mining and factor analysis for each country over time. In addition, this study used the autoregressive distributed lag method to establish a long-term relationship.

Findings

The authors discovered that ESG practices among corporate entities significantly impact economic growth in Malaysia, the Philippines and Singapore. Specifically, the environmental component positively affects the growth of Malaysia, Thailand and the Philippines, while the governance components of ESG contribute to Thailand’s economic growth. The authors also discovered that innovation improves countries’ economic growth, thus offering policy insights into promoting ESG practices and stimulating the ecosystem for innovation.

Originality/value

The paper fills the gap left in previous inconclusive findings on the association between ESG practices and country growth.

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环境、社会和治理、创新与经济增长：经验证据

本文旨在研究 1990 年至 2020 年期间五个亚洲国家的环境、社会和治理（ESG）实践、创新和经济增长之间的关系。本研究通过使用文本挖掘的频率统计和对每个国家随时间变化的因子分析，创新性地构建了国家层面的 ESG 指数。研究结果作者发现，企业实体的 ESG 实践对马来西亚、菲律宾和新加坡的经济增长有显著影响。具体而言，环境因素对马来西亚、泰国和菲律宾的经济增长产生了积极影响，而 ESG 的治理因素则促进了泰国的经济增长。作者还发现，创新能提高国家的经济增长，从而为促进环境、社会和治理实践以及激励创新生态系统提供了政策启示。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Studies in Economics and Finance BUSINESS, FINANCE-

CiteScore

4.30

自引率

10.50%

发文量

期刊介绍： Topics addressed in the journal include: ■corporate finance, ■financial markets, ■money and banking, ■international finance and economics, ■investments, ■risk management, ■theory of the firm, ■competition policy, ■corporate governance.

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