| Abstract [eng] |
This study examines the relationship between SSCM practices and corporate financial performance, with particular attention to environmental sustainability, ESG performance, and GHG emissions. Grounded in the resource-based view, natural resource-based view, stakeholder theory, and institutional theory, the research assesses whether sustainability-related capabilities are associated with improved firm-level financial outcomes. Using a quantitative panel-data approach, the analysis covers ten large multinational firms in Europe and the United States over the period 2016-2024. Bloomberg data include accounting-based performance measures (return on assets, return on equity, and operating margin), overall ESG scores, ESG pillar scores (environmental, social, governance), and GHG emissions across Scope 1, Scope 2 (location-based), and Scope 3. Fixed-effects panel regressions with firm and year effects are employed to control for unobserved heterogeneity and time-specific shocks. The results show that while overall ESG performance and most ESG pillars are positively related to financial performance, these relationships are generally not statistically significant. The governance pillar is an exception, exhibiting a statistically significant negative association with return on equity, suggesting short-term costs related to governance investments or compliance. Analysis of GHG emissions indicates that Scope 2 emissions are positively and significantly associated with financial performance, whereas Scope 1 and Scope 3 emissions show no significant effects. Overall, the results indicate that the financial effects of SSCM and ESG initiatives are context-dependent and tend to materialize over longer time horizons rather than immediately. The findings highlight the importance of disaggregating ESG measures and incorporating temporal dynamics when assessing the relationships between sustainability and performance. |
