Does Sustainability Generate Better Financial Performance? Review, Meta-analysis, and Propositions ArXiv ID: ssrn-3708495 “View on arXiv”
Authors: Unknown
Abstract Sustainability in business and ESG (environmental, social, and governance) in finance have exploded in popularity among researchers and practitioners. We survey
Keywords: ESG (Environmental, Social, and Governance), Sustainable Finance, Asset Pricing, Portfolio Management, Literature Review, Multi-Asset
Complexity vs Empirical Score Math Complexity: 3.5/10 Empirical Rigor: 8.0/10 Quadrant: Street Traders Why: The paper relies on large-scale meta-analysis of existing studies rather than novel mathematical modeling, yet demonstrates high empirical rigor through systematic review of 1,141 papers and providing public replication data and methodology. flowchart TD A["Research Goal:<br>Does Sustainability Improve Financial Performance?"] B["Methodology:<br>Systematic Review & Meta-Analysis"] C["Data Inputs:<br>Existing Studies on ESG & Returns"] D["Computational Process:<br>Aggregation & Bias Correction"] E["Outcome 1: Positive<br>ESG-Return Relationship"] F["Outcome 2: Risk-Based<br>Explanations Dominate"] G["Proposition:<br>ESG as Risk Factor in Asset Pricing"] A --> B B --> C C --> D D --> E D --> F E & F --> G