Liu, P. D., Zhu, B. Y., Yang, M. Y. & Chu, X. (2022). ESG and Financial Performance: A Qualitative Comparative Analysis in China’s New Energy Companies. Journal of Cleaner Production, 379, Article ID: 134721.
https://doi.org/10.1016/j.jclepro.2022.134721

has been cited by the following article:

• TITLE: Comprehensive ESG Score and Financial Performance of Carbon-Neutral Concept Enterprises —Based on Entropy Weight-TOPSIS and Grey Relational Analysis

  AUTHORS: Zedong Cai, Mengyue Qian, Linjie Wang

  KEYWORDS: Entropy Weight-TOPSIS, Grey Correlation Analysis, Carbon Neutralization, Comprehensive ESG Score, Financial Performance

  JOURNAL NAME: Open Journal of Business and Management, Vol.11 No.1, January 16, 2023

  ABSTRACT: Based on entropy weight-TOPSIS and Grey Relational Analysis, the Bloomberg ESG indicator system is reconstructed, and the impact of the optimized ESG score on the financial performance of the carbon-neutral concept enterprise is studied. The results show as follows. 1) The relative importance of environment (E), society (S) and governance (G) will change with time and the objects being evaluated. Generally, society (S) has the highest importance. 2) There is a time-lag effect on the impact of ESG scores on financial performance. The latter worsens in the short term due to the high investment cost of ESG and improves in the long term due to the improvement of corporate image and reputation. 3) The results of heterogeneity analysis show that the impact of ESG score on the financial performance of an enterprise is related to the regional economic development level and the relative carbon emission intensity.