WHEN GREEN MEANS GROWTH: ESG INTEGRATION, SOCIAL VALUE CREATION, AND FINANCIAL OUTCOMES IN SMES WORLDWIDE
Autor:
Raquel PÉREZ ESTÉBANEZ y Daniela ALMAGUER GONZÁLEZ
Palabras clave:
PYMES, ESG, ECONOMÍA SOCIAL, DESEMPEÑO FINANCIERO, DESARROLLO SOSTENIBLE, GOBERNANZA CORPORATIVA, CREACIÓN DE VALOR SOCIAL
Claves ECONLIT:
F30, B55, G30, Q01
Revista:
Publicado en línea - Publicado en línea
Resumen:
In an increasingly globalized economy, small and medium-sized enterprises (SMEs) play a pivotal role not only in value creation but also in social cohesion, employment generation, and sustainable territorial development. Within this context, the integration of environmental, social, and governance (ESG) criteria has emerged as a strategic mechanism through which firms align economic performance with broader social and environmental objectives, without necessarily sacrificing financial viability. This study examines the relationship between ESG practices and financial outcomes in SMEs, emphasizing their contribution to socially responsible and sustainable economic models.
Using firm-level data from the Eikon database for the year 2024, the analysis focuses on SMEs operating across six major regions: North America, Europe, Latin America, Africa, Asia, and Oceania. Financial performance is assessed through four key indicators—Return on Equity, Return on Assets, Working Capital, and Revenue—while ESG dimensions capture firms’ engagement with responsible governance, social responsibility, and environmental stewardship. A continent-segmented multivariate regression approach is employed to account for regional differences in institutional frameworks, market development, and sustainability-related norms.
The results reveal heterogeneous effects of ESG integration on financial performance, highlighting notable regional disparities. Importantly, the findings suggest that ESG adoption can strengthen the financial resilience of SMEs while simultaneously supporting socially-oriented business practices aligned with the principles of the social economy. By demonstrating that sustainability strategies reinforce both economic performance and social value creation, this study contributes to the literature on the social economy and responsible entrepreneurship, underscoring the need for context-sensitive policies that foster inclusive, sustainable, and socially embedded SME development.
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Revesco. Revista de Estudios Cooperativos ISSN: 1885-8031 Dirección de correo electrónico:
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