Measuring Sustainability Under Uncertainty: Introducing Net ESG (N-ESG) Performance

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dc.authorid0000-0003-0440-7468
dc.authorid0000-0002-3213-5431
dc.authorid0000-0001-9695-3188
dc.authorid0000-0001-5125-7648
dc.authorid0000-0002-7732-4148
dc.contributor.authorOngan, Serdar
dc.contributor.authorIsik, Cem
dc.contributor.authorAydin, Rahman
dc.contributor.authorImamoglu, Ilyas Kays
dc.contributor.authorAlvarado, Rafael
dc.contributor.authorAhmad, Munir
dc.date.accessioned2026-02-28T12:17:40Z
dc.date.available2026-02-28T12:17:40Z
dc.date.issued2025
dc.departmentBayburt Üniversitesi
dc.description.abstractThis study examines the reliability of environmental, social, and governance (ESG) scores in uncertain environments by introducing a new indicator, Net ESG (N-ESG), for the first time. This new index was calculated by subtracting a new ESG-based sustainability uncertainty index (ESGUI) from ESG scores. This study employed Pedroni (2004) and Westerlund (2007) tests, as well as the DOLS method, for 12 developed countries from 2002 to 2020. It analyzed the impact of economic, geopolitical, climate, and energy price-related uncertainties on both ESG and N-ESG through eight different models. Empirical findings indicate that a 1% change in CPU, GPR, EPU, and OPU indices increases ESG by 0.048, 0.355, 0.111, and 0.044 units, respectively, while the same rate of change decreases N-ESG by -6.501, -18.756, -8.972, and -8.193 units, respectively. These results can be interpreted as ESG scores may not fully reflect the true performance of companies in times of uncertainty, while N-ESG provides a more accurate representation of sustainability practices. These results suggest that policymakers should focus their sustainability policies not only on increasing ESG scores but also on preserving the true value of ESG by reducing uncertainty effects.
dc.identifier.doi10.1002/bse.70246
dc.identifier.issn0964-4733
dc.identifier.issn1099-0836
dc.identifier.scopus2-s2.0-105017997497
dc.identifier.scopusqualityQ1
dc.identifier.urihttps://doi.org/10.1002/bse.70246
dc.identifier.urihttps://hdl.handle.net/20.500.12403/5900
dc.identifier.wosWOS:001589133500001
dc.identifier.wosqualityQ1
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.language.isoen
dc.publisherWiley
dc.relation.ispartofBusiness Strategy And The Environment
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/closedAccess
dc.snmzKA_WoS_20260218
dc.subjectclimate policy uncertainty (CPU)
dc.subjecteconomic policy uncertainty (EPU)
dc.subjectESG
dc.subjectESGUI
dc.subjectgeopolitical risk (GPR)
dc.subjectN-ESG
dc.subjectoil price uncertainty (OPU)
dc.titleMeasuring Sustainability Under Uncertainty: Introducing Net ESG (N-ESG) Performance
dc.typeArticle

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