Environmental, Social, and Governance initiatives important for the economic performance of food and beverage companies in developed and emerging countries

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Authors: Rodolfo Nussio Lumasini, Vinícius Cambaúva, Eli Hadad júnior, Leonardo Fernando Cruz Basso, David Ferreira Lopes Santos
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Abstract

This study analyzes the impact of environmental, social, and governance (ESG) initiatives on the financial and economic performance of food and beverage companies operating in developed and emerging markets. The research seeks to clarify the role of ESG practices in corporate profitability and market valuation, addressing the gap in empirical studies that link firm-level ESG indicators to performance metrics. A panel data regression analysis was conducted on 159 companies from 30 countries between 2017 and 2021, using Bloomberg ESG scores and financial indicators. Results indicate that social and governance practices have a positive influence on financial performance, while environmental initiatives exhibit a negative impact. The study highlights the need for cautious evaluation of environmental investments due to their potential adverse financial effects. The research contributes to the ongoing ESG discourse by providing insights for businesses, policymakers, and investors regarding sustainable corporate practices. Future studies should explore sector-specific ESG impacts and broader datasets to refine these findings.

Fields of Study & Subjects

Corporate Social Responsibility Reporting Environmental Sustainability in Business Corporate Governance and Financial Management

Publication details

Journal / source
ECONOMIA AGRO-ALIMENTARE
Volume
27
Issue
3
Pages
453–481
Publication date
1 January 2026
Language
IT