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Sustainable Development Goals (SDGs) and Firm Performance: Evidence from Multinational Enterprises (MNEs) Operating in Emerging Asia
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DOI：10.1007/s13132-026-03411-x.png)
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Abstract
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This study examines whether firm-level engagement with the SDGs is associated with the performance of multinational enterprises (MNEs) operating in Emerging Asia. Using 442 MNEs (3,992 firm-year observations) from 2015 to 2022, it develops a disclosure-based SDG engagement score from annual and other related corporate reports. A matched control group of local firms is included to improve the comparative design. Firm performance is measured through return on assets (ROA) and Tobin’s Q. The results show that SDG engagement is positively associated with firm performance, although this relationship is conditional and operates partly through strategic intangible resources rather than through disclosure alone. When the SDG score is decomposed, the positive effect is stronger for engagement linked to positive externalities, whereas the effect of engagement aimed at reducing negative externalities is weaker. The analysis further shows that human capital and firm reputation mediate the relationship between SDG engagement and firm performance, indicating that SDG engagement creates value when translated into strategic intangible resources. In addition, market competitiveness and lower corruption strengthen this relationship. The findings remain robust across alternative specifications, instrumentalvariable estimation, and alternative performance measures.
Keywords:
Sustainable development goals
Multinational enterprises
Emerging Asia
Investment policies
Market competitiveness
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