ESG表现与企业价值复杂关系的元分析

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中图分类号：F275；X322 文献标志码：A 文章编号：1008-391X（2025）04-0266-08

WANGMinghua，WANGJiahui，YUSuchan.Ameta-analysisof thecomplexrelationshipbetweenESGperformanceandfirm value[J].JoualofogcalUeitiaice4）6Os. 20240278

A meta-analysis of the complex relationship between ESG performanceand firmvalue

WANGMinghua，WANGJiahui，YUSuchan （School ofBusiness Administration，Liaoning Technical University，Huludao 1251o5，China）

Abstract： To explore the relationship between ESG performance and firm value，this study employs a metaanalysis approach，conducting a meta-analysis of 147 empirical studies basedona random-effects model to reveal the true relationship between ESG performance and firm value.The research findings indicate that there is a weak but significant positive correlation between ESG performance and firm value.The research conclusions clarify the true relationship between ESG performance and firm value，providing a methodological basis for further research.

Keywords： ESG performance; firm value; meta-analysis; random effects model; corporate governance

0 引言

ESG理念和可持续发展理念，被许多国家纳入发展战略。（剩余10448字）