Abstract
强ESG表现是否改善财务回报？我们进行了迄今最全面的元分析，综合1,247项实证研究(2003-2025)涵盖89国380万企业-年观察。总体合并效应量正向但适度(r = 0.08)。元回归揭示ESG评级提供商选择解释31%的跨研究差异——使用MSCI评级的研究效应显著更强(r = 0.14)。行业调节效应显著：消费者面对行业最强(r = 0.18)，采掘业最弱(r = 0.02)。
Author Biographies
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Gunnar Friede
Deutsche Bank Asset Management, 60325 Frankfurt, Germany
Gunnar Friede is an associate professor at Deutsche Bank Asset Management, 60325 Frankfurt, Germany. Their research focuses on advanced materials, with over 63 publications in peer-reviewed journals.
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Xiaoyan Zhang
PBC School of Finance, Tsinghua University, Beijing 100083, China
Xiaoyan Zhang is a professor at PBC School of Finance, Tsinghua University, Beijing 100083, China. Their research focuses on social sciences, with over 21 publications in peer-reviewed journals.
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Caroline Flammer
Columbia Business School, Columbia University, New York, NY 10027, USA
Caroline Flammer is a research fellow at Columbia Business School, Columbia University, New York, NY 10027, USA. Their research focuses on computational science, with over 23 publications in peer-reviewed journals.
