ESG Disclosure and Financial Performance: Evidence from Early-Stage Public U.S. Companies.

Several studies have examined the relationship between ESG indicators and the financial performance of companies, especially as ESG investing has grown in importance. In larger companies, positive correlations between key financial indicators, such as ROE or ROA, and ESG performance have been found. However, the effect of ESG indicators on public companies, especially in the early stages of listing, appears to be less pronounced. The purpose of the analysis is to understand how such investments can contribute to the financial performance of startups, particularly in the American market, by observing every single dimension.