| Chouaibi et al. (2022a) | Environmental disclosure (ED) practiced by firms listed on the ESG index | Tobin’s Q | 2005–2019 | International | Positive significant |
| Chouaibi et al. (2022b) | Measure developed by ASSET4 to measure the degree of green innovation | market-to-book value (MTBV), return on assets (ROA), asset turnover (ATO), return on equity (ROE) and Tobin’s Q (TOBINQ) | 2005–2019 | UK and Germany | Positive significant |
| Abdi et al. (2022) | Participation in social, environmental and governance activities | Tobin’s Q | 2009–2019 | International | Positive significant |
| Rossi et. al. (2021) | CSR practices | Tobin’s Q (TOBINQ), return on assets (ROA), return on equity (ROE), and market-to-book value (MTBV) | 2015–2019 | Europe | Positive significant |
| Zhao et al. (2018) | ESG performance index | ROCE as financial performance indicator & Debt to Equity ratio | 2016 | China | Positive significant |
| Peris (2010) | ESGR criteria Domini 400 Social Index (DSI) | Market value | 1991–1996 | USA | Positive significant |
| Fatemi et al. (2017) | ESG disclosure | Tobin’s Q | 2006–2011 | USA | Positive significant |
| Yoon et al. (2018) | CSR activities | Stock price | 2005–2010 | Korea | Positive significant |
| Dalal and Thaker (2019) | Sustainability ratings by NSE 100 and indices | ROA | 2015–2017 | India | Positive significant |
| Giannopoulos et al. (2022) | ESG initiatives | Tobin’s Q | 2010–2019 | Norway | Positive significant |
| Xie et al. (2019) | Bloomberg ESG disclosure score | Corporate efficiency (Revenue earned, ROA) | 2015 | international | Positive significant |
| Bhaskaran, et al. (2020) | ESG activities | Tobin’s Q | 2014–2018 | international | Positive significant |
| Chairani and Siregar (2021) | ESG performance | Market value | 2014–2018 | Indonesia, Malaysia, Philippines, Singapore and Thailand | Positive significant |
| Naeem and Ullah (2022) | Thomson Reuters Asset4 ESG index | Tobin’s Q | 2010–2019 | Emerging countries | Positive significant |
| Li et al. (2018) | ESG disclosure | Tobin’s Q | 2002–2018 | UK | Positive significant |
| Ahmad et al. (2021) | ESG disclosure | Market value | 2002–2018 | UK | Positive significant |
| Bramer et al. (2005) | ESG indicators: environment, employment and community activities | Stock returns |
| UK | Negative significant |
| Marsat and Williams (2011) | MSCI ESGRs | Tobin’s Q | 2005–2009 | MSCI | Negative significant |
| Velte (2017) | ESG performance Asset4 database of Thomson Reuters | Tobin’s Q | 2010–2014 | Germany | Negative significant |
| Landi and Sciarelli (2019) | ESG assessment: Standard ethics agency on FTSE MIB’s companies | Stock returns | 2002–2015 | Italy | Negative significant |
| Garcia et al. (2020) | ESG performance Thomson Reuters ASSET4 | DCF | 2007–2014 | Emerging countries | Negative significant |
| Duque-Grisales and Aguilera-Caracuel (2019) | ESG score Asset4 database of Thomson Reuters | Tobin’s Q | 2011–2015 | Brazil, Chile, Colombia, Mexico and Peru | Negative significant |
| Nollet et al. (2016) | Bloomberg’s Environmental Social Governance (ESG) | Return on capital | 2007–2011 | USA | mixed |
| Atan et al. (2018) | ESG activities | Tobin’s Q | 2011–2013 | Malaysia | mixed |
| Lopez-de-Silanes et al. (2020) | Sustainalytics ESG | Tobin’s Q | 2015–2018 | international | mixed |
| Saygili et al. (2021) | ESG scores, according to Borsa Istanbul Corporate Governance Index | Tobin’s Q | 2007–2017 | Turkey | mixed |
| Behl et al. (2022) | ESG disclosure | Tobin’s Q | 2016–2019 | India | mixed |
| Dincă et al. (2022) | Sustainalytics’s ESGRs | Tobin’s Q | 2015–2020 | international | mixed |
| Aydoğmuş et al. (2022) | Refinitiv ESG | Tobin’s Q | 2013–2021 | International | mixed |
