A Meta-Analysis of ESG Disclosure and Listed Companies’ Financial Performance
Table 2: Descriptive Statistics on Financial Performance Indicators
| Financial Performance Indicators | Number of studies | % of total studies |
| Return on Asset (ROA) | 17 | 53.1% |
| Return on Capital Employed (ROCE) | 4 | 12.5% |
| Stock return | 3 | 9.4% |
| Tobin’s Q | 2 | 6.3% |
| Value Added Intellectual Capital (VAIC) | 2 | 6.3% |
| Bonds’ rating | 2 | 6.3% |
| Firms’ growth rate | 2 | 6.3% |