The relationship between ESG indicators and financial performance in the context of integrated reporting: ERG company (2013–2024)

This study aims to empirically assess the relationship between ESG indicators and financial performance within the framework of integrated reporting. The relevance of the study is due to the growing need for large industrial enterprises in Kazakhstan to take into account the impact of ESG factors on strategic development and financial performance. The empirical basis of the study was provided by data from the integrated sustainability reports and financial statements of Eurasian Resources Group (ERG) for 2013–2024. The research methodology includes descriptive statistics, Pearson’s correlation coefficients, multiple linear regression, and dynamic graphical analysis. CO 2 emissions, social investments, and the proportion of independent directors were used as ESG variables, while net profit was used as a financial result. The results demonstrate a strong negative correlation between CO2 emissions and net profit, while social investments and the proportion of independent directors have a positive impact on financial performance. The multiple regression model allowed us to quantify the contribution of ESG factors and showed that corporate governance is the most significant predictor of financial performance. The scientific novelty of the study lies in the first comprehensive and empirically grounded analysis of ESG financial interrelationships at the firm level in the Kazakh context within the framework of integrated reporting. The practical significance lies in the formation of scientifically sound and applied recommendations for integrating ESG metrics into strategic planning, risk management, and improving corporate sustainability.

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