The symbiosis of ESG principles and financial performance
A longitudinal analysis of emerging markets through education policy
Bibliographic Data
| ID | 21780598 |
|---|---|
| Authors | Zulfiya Makhmudova (0009-0001-1097-1287, Tashkent State Technical University named after Islam Karimov), Gulrux Tillabayeva (0009-0002-7901-6031, Kurgan State University), Dilorom Khudaynazarova (0009-0004-9551-6188, Tashkent University of Information Technology), Zebiniso Akhmedova (0000-0003-3994-8950, Bukhara State Medical Institute named after Abu Ali ibn Sino), Maftuna Ilkxamovna Nurmatova (Kokand State Pedagogical Institute named after Mukimi), Dilfuza Samarovna Khamzaeva (Termez State University), Maftuna Nurmatova (0009-0004-6905-5461), Dilfuza Khamzaeva (0009-0003-8091-3503) |
| Year | 2025 |
| Volume | 215 |
| Issue | 5-6 |
| Pages | 28-34 |
| Publication date | 2025-06-27 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Economic Annals-ХХI (JOURNAL) |
| Journal identifiers | ISSN: 1728-6220 • E-ISSN: 1728-6239 |
| Publisher | Institute of Society Transformation sp. z o.o. (PUBLISHER) |
| DOI | 10.21003/ea.v215-05 |
| OpenAlex | W7130896067 |
| Language | EN |
The aim of this study is to explore the long-term relationship between ESG principle compliance and financial performance of firms in the emerging market of Uzbekistan over a span of eleven years (2014-2024). According to panel data of 80 companies traded on the Tashkent Stock Exchange and employing regression models, the findings indicated that improving the composite ESG score has a statistically significant and positive influence on financial performance metrics. Specifically, one unit increase in the ESG score was associated with a 0.058-point improvement in return on assets (ROA). Further, the greatest impact of the three dimensions was «corporate governance», and sub-sample analyses also showed that there was greater effect of ESG on small and medium-sized firm performance compared to large firms. In conclusion, the findings suggest that in the context of Uzbekistanʼs emerging economy, using sustainable practices is not just an ethical imperative but a sound business decision
Emerging markets · Financial market · Panel data · Return on assets · Stock exchange · Governance, Compliance, and Sustainability · Sustainability and Innovation in Business · Sustainable Finance and Green Bonds
| Highly cited | No |
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