This dissertation was written as part of the MSc in Banking & Finance at the International
Hellenic University.
This paper presents the impact of ESG (environmental, social, and governance) criteria on the
financial performance of the large-capitalization companies listed in the S&P500. ESG scores
are derived from Yahoo Finance for the years 2017 to 2020, while the financial performance
is measured by the year-over-year change in revenues. The results show that there is a
positive correlation only between the governance pillar and the financial performance. It is
proved that there is a negative correlation between the financial performance and both ESG
criteria and the Environmental Factor, while there is no relation at all between the financial
performance and the social pillar.
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