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<p>This study examines the impact of five Environmental, Social, and Governance (ESG) dimensions: government policy stringency, public environmental spending, corporate ESG adoption, renewable energy adoption, and regulatory quality on national environmental performance across 15 Organisation for Economic Co-operation and Development (OECD) countries over the period 2002–2022. Using second-generation panel unit root tests, the Westerlund cointegration test, and the System Generalized Method of Moments (GMM) estimator to address endogeneity and dynamic panel bias, the study finds that government policy stringency, public environmental spending, corporate ESG adoption, and regulatory quality each exert statistically significant positive effects on the Environmental Performance Index (EPI), with corporate ESG adoption emerging as the most influential driver. Renewable energy adoption, however, displays a significant negative short-run coefficient, attributed to transitional inefficiencies including construction-phase emissions, grid integration delays, and upfront infrastructure costs that precede the realization of long-run environmental gains. Granger causality tests confirm unidirectional short-run causality from all five ESG dimensions to environmental performance. At the same time, a two-stage least squares reverse-causality analysis reveals bidirectional structural feedback, indicating that improvements in environmental performance also reinforce ESG governance, institutional quality, and public investment. These findings underscore the importance of integrated ESG frameworks that simultaneously promote private-sector accountability, regulatory effectiveness, and targeted investment in the renewable energy transition to achieve sustainable development goals across advanced economies.</p>

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The impact of Environmental, Social, and Governance (ESG) policies on national environmental performance in OECD countries

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2026年5月20日

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  • Muhammad Rizwanullah,
  • Muhammad Nasrullah,
  • Xuhui Peng,
  • Suliman Almojel

摘要

This study examines the impact of five Environmental, Social, and Governance (ESG) dimensions: government policy stringency, public environmental spending, corporate ESG adoption, renewable energy adoption, and regulatory quality on national environmental performance across 15 Organisation for Economic Co-operation and Development (OECD) countries over the period 2002–2022. Using second-generation panel unit root tests, the Westerlund cointegration test, and the System Generalized Method of Moments (GMM) estimator to address endogeneity and dynamic panel bias, the study finds that government policy stringency, public environmental spending, corporate ESG adoption, and regulatory quality each exert statistically significant positive effects on the Environmental Performance Index (EPI), with corporate ESG adoption emerging as the most influential driver. Renewable energy adoption, however, displays a significant negative short-run coefficient, attributed to transitional inefficiencies including construction-phase emissions, grid integration delays, and upfront infrastructure costs that precede the realization of long-run environmental gains. Granger causality tests confirm unidirectional short-run causality from all five ESG dimensions to environmental performance. At the same time, a two-stage least squares reverse-causality analysis reveals bidirectional structural feedback, indicating that improvements in environmental performance also reinforce ESG governance, institutional quality, and public investment. These findings underscore the importance of integrated ESG frameworks that simultaneously promote private-sector accountability, regulatory effectiveness, and targeted investment in the renewable energy transition to achieve sustainable development goals across advanced economies.