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This study aims to explore how environmental, social and governance (ESG) consistency impacts the firm performance, specifically, the relationship between ESG performance and economic performance (EP). This study posits that the company’s commitment and effectiveness towards the creation of consistent competitive advantage in environmental, social and governance dimensions constitutes an intangible value that leads improvements in corporate performance. This work uses a panel dataset for listed firms of the EU-15 countries during the period 2002 to 2011 and applies Generalized method of moments (GMM) estimator system in order to address the potential unobserved heterogeneity and dynamic endogeneity. The main results reveal that the global effect of ESG performance on EP for those firms that present interdimensional consistency is greater than the rest, except for higher levels of ESG performance.The authors wish acknowledge the financial support received from P1•1B2013-31 and P1•1B2013-48 projects through the Universitat Jaume I, and the Sustainability and Corporate Social Responsibility Master Degree (UJI–UNED). The authors thank the anonymous reviewers for their insightful comments and suggestions

The Effect of Environmental, Social and Governance Consistency on Economic Results