In the context of the continuous promotion and implementation of ESG concepts around the world, this paper aims to study the correlation between ESG scores and the share prices of companies in different regions and industries. Based on the stock price data and ESG scores of the top 30 companies by market capitalization in the semiconductor industry, car manufacturing industry, and financial services industry, as well as the stock price data and ESG scores of the top 30 companies by market capitalization in the United States, China, and Japan, the linear fit model is constructed to analyze the correlation and intercept. It is found that the ESG score is positively correlated with company stock price in most situations, which means that the improvement of the ESG score often implies the improvement of the company’s share price. According to the economic environment of different industries and countries, the correlation and intercept are different. Usually, the correlation or intercept is more evident in high-end industries or regions with better economies, also the ESG level is better.
Research Article
Open Access