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The Impact of ESG Performance on Economic Growth: Global and Regional Cases

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  • Călin-Adrian Comes

    (George Emil Palade University of Medicine, Pharmacy, Science, and Technology of Târgu Mureș, Romania)

  • Petru Oneț

    (George Emil Palade University of Medicine, Pharmacy, Science, and Technology of Târgu Mureș, Romania)

Abstract

Sustainable development has become a key concern in modern economics as countries face challenges such as climate change, social inequality, and governance deficiencies. Within this context, the Environmental, Social, and Governance (ESG) framework provides an integrated approach to evaluating how sustainability factors influence economic performance. This study examines the relationship between ESG performance and economic growth using data from 180 countries over the period 2015-2023. The analysis shows that environmental and social dimensions have a positive impact on GDP per capita, while the governance indicator has a more moderate role. However, the results vary significantly across regions, highlighting that ESG factors interact differently depending on economic structure and institutional capacity. In Europe, increases in CO₂ emissions have a negative impact on economic growth, reflecting the ongoing transition toward sustainable economic models.

Suggested Citation

  • Călin-Adrian Comes & Petru Oneț, 2025. "The Impact of ESG Performance on Economic Growth: Global and Regional Cases," Acta Marisiensis. Series Oeconomica, "George Emil Palade" University of Medicine, Pharmacy, Sciences and Technology of Târgu-Mureș, România - Faculty of Economics and Law, vol. 1, pages 35-50, December.
    • Handle: RePEc:pmu:oecono:v:1:y:2025:p:35-50
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    JEL classification:

    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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