Există o legătură între factorii de mediu, sociali și de guvernanță și performanța financiară? Evidențe empirice pe cazul companiilor din sectorul tehnologic listate în SUA
Is there a link between environmental, social and governance factors and financial performance? Empirical evidence on US listed technology companies

Summary/Abstract: Non-financial performance is currently viewed as a fresh global trend, with a significant impact on the financial decisions of the majority of investors. ESG reporting adds value and generates better sustainability of financial performance. The aim of this study is to investigate the influence of firm-specific and ESG factors on the financial performance of corporations belonging to the technology sector. The empirical analysis was carried out over a 10-year period (2011 – 2021) and was centered on a sample of 50 US companies listed on the NYSE and NASDAQ stock exchanges. The financial performance was measured through ROA, ROE and Tobin's Q. The outcomes of panel data fixed- and random-effects regression models, both linear and non-linear provide support for an opposite association between the ESG score and financial performance. Implementing ESG policies at the company level leads to an increase in marginal cost, and thus a decrease in performance, which explains the negative connection between ESG ratings and financial performance.

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