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THE LINK BETWEEN FIRM LEVEL ESG AND MACROECONOMIC GROWTH: A PANEL ANALYSIS OF G20 COUNTRIES
This study analyzes the impact of Environmental, Social, and Governance (ESG) performance on GDP per capita in 19 G20 countries from 2005 to 2024. Using the Porter Hypothesis and Solow Growth Model as theoretical foundations, a Fixed Effect Model with macroeconomic controls is applied. Results indicate that environmental scores have positive effect towards GDP per capita, suggesting that environmentally responsible practices support innovation and long-term productivity. In contrast, social scores show a negative relationship, implying short-term trade-offs between social responsibility initiatives and economic output. Governance scores are statistically insignificant, indicating limited direct influence on GDP per capita during the study period. Results highlight ESG’s varied economic effects. Policy recommendations include fostering green innovation, aligning social initiatives with long-term growth objectives, and strengthening governance frameworks. Future research should explore causal relationships and sector-specific dynamics
FAKULTAS EKONOMI DAN BISNIS ISLAM, UIN SUNAN KALIJAGA YOGYAKARTA
THE LINK BETWEEN FIRM LEVEL ESG AND MACROECONOMIC GROWTH: A PANEL ANALYSIS OF G20 COUNTRIES (Text)
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