Global Pathways to Sustainability ESG Practices Driving SDG Achievement

Global Pathways to Sustainability ESG Practices Driving SDG Achievement | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Global Pathways to Sustainability ESG Practices Driving SDG Achievement Raisa Aman, Anwar Hussain, Ploypailin Kijkasiwat, Long Yang, Maria Sultana, and 1 more This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-7415927/v1 This work is licensed under a CC BY 4.0 License Status: Under Review Version 1 posted 10 You are reading this latest preprint version Abstract The role of the environmental governance, social governance, and corporate governance (ESG) toward achieving SDGs within the 2030 agenda is investigated using a sample of data from 167 countries for the period covering from 2000 to 2023, employing econometric techniques such as unit root tests, descriptive analysis, correlation analysis, and Granger causality tests in the study. This study found ESG are bidirectional relationship with SDGs in Asia and recommended to improve environmental protection along-with multi-sector policies to enhance the SDGs in Asia continent. In addition, social governance is strongest significant with SDGs in Africa continent. Therefore, need to focus to social reforms, consistent economic policies and strategic level development in social governance along-with economic growth. ESG are key drivers along-with economic growth to accelerate SDGs in Europe and America continents. A balanced approach and consistent policy would be helpful to promote SDGs in Europe and America continents. All these evidences are recommended to put attention toward health, education, business and protecting the environment to achieve the SDGs. This study contributes to the global conversation about sustainability by stating that ESG factors are essential for sustainable development and need to be strategically aligned to achieve the UN SDG targets. Environmental Social and Governance (ESG) Sustainable Development Goals (SDGs) UN 2030 Agenda Cross-Country Panel Data Analysis Figures Figure 1 Figure 2 Figure 3 1. INTRODUCTION Indeed, the increasing growth of the business sector and its gravity have resulted in social, ecological and governance challenges (Schroeder et al., 2019 ). Investigators have noted that ecological safety and social expansion are essential factors in achieving the SDGs (Rasoolimanesh et al., 2020 ). In this respect, the UN 2030 Agenda is being established to achieve the SDGs, with a focus on environmental safety and social development (Rasoolimanesh et al., 2020 ). For this reason, communal consciousness is rapidly growing in the management and business world, focusing on the protection of the ecology, promoting social development, and ensuring effective governance to achieve the SDGs. (Rasoolimanesh et al., 2020 ). Ultimately, the UN General Assembly adopted the agenda 2030, outlining how we can achieve the SDGs through ecological integration, social, and administrative measures. The UN 2030 Agenda comprises 17 Sustainable Development Goals and 169 specific targets (Suryanto et al., 2021 ; Carlsen & Bruggemann, 2022 ). These seventeen broad purposes include abolishing hunger and poverty, ensuring access to healthcare and wellbeing, as well as the highest quality of education, potable water, innovation, and the elimination of disparities. Moreover, these 17 goals are divided into three parts: environmental, social, and governance, founded on the five Ps: planet, peace, prosperity, partnership, and people (Mpabanga & Sesa, 2020). The SDGs aim is to promote an innovative workplace and foster friendly and sustainable economic and corporate growth to achieve high-quality living standards. That is why SDG ingredients focus on humanity, an innovative workplace, and the prosperity of everyone, with governance that boosts economic and corporate growth (Trung et al., 2021 ). Achieving 17 goals plays a crucial role in improving the well-being of the entire world (Dabbous & Tarhini, 2021 ; Dimian et al., 2021 ). Environmental, social, and governance (ESG) has put a value on business organizations to assess the SDGs. ESG is the set of rules that businesses use to reduce environmental pollution, enhance social welfare, and promote good governance, thereby achieving the SDGs (Escrig Olmedo et al., 2019). Hereby, we need to apply the rules of ESG to reduce harmful environmental pollution by maintaining pure water, creating neat and clean workplace, and controlling climate changes, providing good health facility to all stakeholders, and managing natural resources with precautionary measure (Nurwani et al, 2020 ).These problems arise from the excessive use of energy resources, the release of hazardous gases, the unnecessary use of smog-producing vehicles, the use of caustic chemicals, and outdated processes (Miceikiene et al., 2021). Social issues are a significant concern in the workplace, hindering the global promotion of the SDGs. Social concerns include a careless environment, poor health facilities, gender bias, education discrepancies, unemployment, social dissatisfaction, stress, and unequal facilities for women (UNDP, 2021 ; World Bank, 2022 ). The third component of ESG is governance, which is based on management (planning, leading, organizing, and controlling). However, inappropriate planning, favouritism in leader selection, structural issues within the organization, and weaker implementation are real causes of poor governance (Scherer et al., 2018 ). According to the authors, corporate risk processing and management could perform better if environmental, social, and governance (ESG) factors are effectively managed (Wang & Sarkis, 2017 ). Due to these reasons, authors found that ESG is a fundamental driver in determining the SDGs globally (Paradis & Schiehll, 2021 ). It is observed that most countries are not aligned with the SDGs, which is the primary reason for their failure to achieve the SDGs (Sadiq et al., 2022 ). The authors are seeking possible solutions in collaboration with the SDGs. For this purpose, this study is conducted to analyze the role of ESG in achieving the SDGs. This study provides valuable research for several reasons. One is that the SDGs are a subject of debate worldwide, with the names SDG-2030 and SDG-2060 being proposed as alternatives. Therefore, there is a need in the current era to investigate the SDGs for sustainable development and corporate growth. Second is that scholars and academicians are mostly focuses on the area of research which is SDGs and exploring three dimensions of SDG which are, one is environmental governance, second is social governance and third is corporate governance. Third, while most academicians focus on the role of environmental factors in achieving the SDGs, some are working on the role of social governance in achieving the SDGs. However, this study aims to clarify the impact of ESG on achieving the SDGs. Fourth, researchers have explored the role of ESG in the SDGs in one or two countries; however, this study is conducted across 167 countries to investigate the relationship between ESG and the SDGs. This study is given broad extension in the literature by analyzing the role of ESG (Environmental, social and governance) in achieving the SDGs. This study defines the role of ESG in achieving the SDGs by analyzing data from 167 countries over the period from 2000 to 2023 and estimating the results using Co-integration, impulse response, Vector error correction model for defined investigation. This study concludes with a discussion and a consideration of possible future outcomes. Secondly, ESG is a relatively new development concept that has led scholars and researchers to address it as a comprehensive framework for achieving the SDGs. This study makes a significant contribution to the literature by evaluating the three dimensions of ESG in relation to achieving the SDGs. Although many of the study factors have been drawn from past studies, this study makes a significant contribution to the literature for several reasons. First, the achievement of the SDGs, as outlined in the 2030 Agenda, has been a recent and prominent topic of research and discussion among scholars, local and foreign investors, the corporate sector, researchers, governments, and academics. Second, this study aims to address the SDGs from all possible aspects. Third, the research study aims to achieve the SDGs, focusing on both social and environmental indicators. Finally, the relationship between the three dimensions, along with the achievement of the SDGs, has been addressed all over the world. This literature examines the relationship between ESG dimensions and economic development, highlighting a strong connection to achieving the SDGs. Moreover, the research responds to the growing global demand for studies that establish a connection between environmental protection, societal well-being, and institutional management on the one hand and sustainable development on the other. Earlier research has primarily focused on separate ESG dimensions or local regional contexts. This investigation represents a synthesis of environmental, social, and governance (ESG) issues worldwide. It is a 23-year period (from 2000 to 2023) of continuous record-keeping on the situation in 167 nations. To be more specific, the study extends the yardstick that previous works likely could not cover by examining a diverse sample of countries worldwide. This broad range not only opens the door for drawing global conclusions but also makes finding solutions and making decisions a lot easier for international policymakers and corporate governance leaders. The study is innovative because it is based on the empirical application of sociological factors, utilizing complex econometric technology to investigate the interactive and causal relationships between these factors and the advancement of the SDGs. Therefore, it not only fills gaps in the existing research areas but also becomes a significant influencer in the field of sustainability literature significant these actions. The conceptual framework illustrates hypothesized relationships between environmental governance, social governance, and corporate governance and the Sustainable Development Goals (SDGs) (Trung et al., 2021 ). 2. Literature Review The development of the UN 2030 Agenda on SDGs has gained attention among researchers, academicians, stakeholders, and scholars worldwide. For this purpose, ESGs are factors that are subject to debate among researchers regarding their contribution to achieving the SDGs (Gondek, 2021 ). Hence, this study is focused on the role of ESG to determine UN-2030 and UN-2060 agenda of SDGs. Researches argued about the role of ESG to determine the SDGs and found that ESG are the hurdles in order to achieve the SDGs in BRICS countries (Ainou et al. ( 2022 ). Therefore, another study discussed the important of environmental governance is really key to achieve the SDGs in China (Huang et al., 2021 ). Sustainable investment is based on the regulations of environmental governance, social governance and corporate governance in order to achieve the SDGs in Chinese electricity corporations. Dong et al., ( 2023 ). This myth is need to be explore across the world to sustain the countries toward achievement of their goals. For this purpose, SDGs are classified into three components, the one is environmental governance, the second is social governance and the third is corporate governance. (Halkos, & Gkampoura, 2021 ). After the review of comprehensive literature review, this study crafted various issues, such as, limited resources, IT revaluations, poverty, workplace issues, and harmony are major concerns in order to achieve the SDGs (Yousaf et al., 2021). Consequently, in order to manage these issues, this study found some solutions, such as, green financing, innovative artificial intelligence, increase employment opportunities, hybrid workplace and quality governance could be helpful to sustain and achieve the SDGs (Allen et al., 2018 ). Sachs, & Sachs, ( 2021 ) investigated the ESG to meet the challenges of the economic growth with the help of sustainability in order to achieve the business goals. For this purpose, researchers, explored that, the one is business production, the second is impact of environment and social governance on production, the third is role of economic growth on the production and the fifth is engagement of business with communities (Sachs & Sachs 2021 ). In this regard, environmental governce and social governance are major concerns along-with other factors to achieve the business growth. After the investigation of the literature review about the role of ESG to achieve the SDGs is myth and need to be explored more in the world. For this purpose, our study is examined the role of the environmental governance, the social governance and the corporate governce in order to achieve the SDGs across five continents which consist 167 countries. Hence, following three hypotheses are discussed with the help of literature review in detail. The environmental governance is getting more attention, because, this is a global issue due to natural and human resource scarcity, environmental destruction, water issues, CO2, wastage of industrial pollution and managerial dimension toward manage the environmental issues (Bennett & Satterfield 2018 ). This is possible to manage the environmental issues ith consistent and sustainable policies along-with good governance (Armitage & Plummer, 2012). It is hereby, to formulate the rules and regulations about environmental issues and its implementation for efficient uses of the natural resources (Sadiq et al., 2023 ). With proper implementation of environmental governance, then, the corporate sector and the economic targets would be achieved (Jänicke & Jörgens 2020 ). It is noticed by researchers, that polluted environmental and wastage of natural resources are basics problems of environmental destruction. (Awan, 2013 ). By managing the environmental governance, we can save the human life and with proper implementation of SDGs. The Environmental governance one of an important SDGs component, indeed, countries mission and vision could be achieved by managing environmental governance (Mawonde & Togo, 2019 ). On the basis of above discussion, it is hypothesized that environmental governance is a relationship with SDGs. H1: There is a relationship between Environmental Governance with SDGs. The researchers argued about the social governance is basic components of 2030 Agenda of SDGs (Jianhua et al., 2022). The social governance is categorized into, no poverty, living standards, human rights, consumer protection and diversity (Siakwah et al., 2020 ). It is observed by social scientist that SDGs could not be achieved without social governance. So, there is need of proper implementation of social governance components to achieve the SDGs as per United Nation agenda UN-2030 and 2050 (Krannich & Reiser 2021 ). For this purpose, pressure is increasing toward investigate the role of the social governance to achieve SDGs (Criado-Gomis et al., 2020 ). It is hereby, also focused on corporate sector policies which must be aligned with social governance (Jianhua eta l., 2022). On the basis of above discussions, social governance is a debatable issue and must be investigate about human rights, control the poverty, improve the living standards and protect the consumer rights (Xue et al., 2018 ). Finally, it is hypothesized that social governance is a relationship with SDGs. H2: There is a relationship between social governance and SDGs. Researchers evaluated the corporate governance and found that is an efficient corporate governance system could be helpful to achieve the SDGs as UN agenda 2030 and 2050 (Dabbous & Tarhini, 2021 ). For this purpose, the corporate governed system consist with the proper allocation of resources and its uses and along-with internal governance system (Claessens & Yurtoglu, 2013 ; Tricker, 2015 ; Malik & Makhdoom, 2016 ). Researchers focused on the relationship between internal corporate governance and the SDGs, in line with the UN's 2030 Agenda for Sustainability (Garcia-Meca, 2020). For this purpose, academicians categorized corporate governance into board composition, CEO independence, board size, and board attendance. Poor governance systems undermine strategies, lead to lower-quality production, and result in the misallocation of resources. For this purpose, academicians categorized corporate governance into board composition, CEP independence, board size, and board attendance. Raub and Martin-Rios's (2019) governance system could be improved with proper leadership, technological advancements, and recognition of performance, which are fundamental concerns for achieving the SDGs by 2030 and 2060, thereby promoting sustainability. Hence, the investment strategy should be aligned with the governance system to accomplish the 2030 and 2060 UN agenda of SDG (Raub and Martin-Rios ( 2019 ). Lastly, investment strategies that promote human engagement in the workplace help achieve ESG goals, and they assist in attaining the UN 2030 SDGs. Consequently, it can be hypothesized: H3: There is a relationship between Corporate Governance and SDGs. While the world's mass media and businesses have simultaneously focused on ESG and the Sustainable Development Goals (SDGs) issues, there are still many gaps in the literature on these topics. Firstly, many researchers are inattentive to the multi-directional relationships between ESG aspects and sustainable development, thereby narrowing the scope of their policy applications. Secondly, comparative studies that integrate the diverse socio-economic characteristics of multiple countries are lacking. Thirdly, the role of ESG to achieve the SDGs should be generalized in across the World to develop and formulate the policies which should align with UN-2030 and 2050. Through an investigation of bidirectional influences, the provision of cross-country data, and the inclusion of three ESG pillars within a single framework, this article addresses the emerging research gap. 3. RESEARCH METHODOLOGY This section outlines the methodology employed to examine the influence of ESG governance on achieving SDGs. ESG scores are categorized into three dimensions: one is the environmental governance score, the second is the social governance score, and the third one is the corporate governance score. SDG progress is measured through an SDG index. The research utilizes a collection of panel data that includes annual ESG and SDG scores from 167 countries. These scores were compiled from the World Development Indicators (WDI), the SDG Index Reports, and the ESG databases. The time period starting from 2000 to 2023. The Vector Error Correction Model (VECM) method is employed for co-integration testing to identify long-run equilibrium relationships. Impulse Response Functions (IRFs) are also used to track the gradual impacts of ESG shocks on SDG scores over time. The Granger causality tests decide the short-term directional relations. To guarantee the robustness of the results, control variables such as GDP per capita and inflation rate are used. E-views and STATA software are used for the statistical analysis. The Environmental Score variables include resource efficiency, pollution control, and climate initiatives. Social Score encompasses labor rights, community impacts, and social equity. Governance Score evaluates transparency, ethical governance, and shareholder rights. SDG is an index collected from the SDG Transformation Centre. Economic growth is used as a control variable and is collected from WDI. The regression equation follows a standard panel-data model used in prior sustainability literature (Sadiq et al., 2022; Ainou et al., 2022). Equation 1: Econometric Model SDG_it = α + β₁(ES_it) + β₂(SS_it) + β₃(GS_it) + β₄(GDP_it) + ε_it Where: SDGi_it = (Sustainable Development Goal Index) for country i at time t ES_it = Environmental Score SS_it = Social Score GS_it = Governance Score GDP_it = Economic Growth (Control variable) ε_it = Error term The stationarity test is used to check for unit roots, and it is found that environmental, social, and governance scores are stationary at the first level. Table 2 summarizes key variables and data sources consistent with global practices in sustainability research (Mawonde& Togo, 2019; Huang et al., 2021). Table 1: Variables, its description and Data Sources Variable Description Source Environmental Score (ES) Pollution control, climate initiatives WDI Social Score (SS) Social equity, labor rights, community welfare WDI Governance Score (GS) Transparency, ethics, shareholder rights WDI SDG Index Composite index of SDG performance SDG index Report GDP Growth (EG) Economic growth rate (control variable) World Bank WDI The Phillips-Perron (PP) and Augmented Dickey-Fuller (ADF) tests were used to evaluate stationarity in the Unit Root Analysis. Given that all p-values are 0.0000, the findings show that every variable including the Environmental Score, Social Score, Governance Score, SDG Index, and Economic Growth is stationary at the first difference. This finding implies that these variables initially had a unit root, meaning they were non-stationary, but stabilized after being differenced. In time-series analysis, ensuring stationarity is essential because it avoids erroneous correlations and enables meaningful econometric modelling, such as vector Autoregression analysis and co-integration tests. Table 3 Sample of the Study Continents Region Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Sri Lanka, Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam, China, Mongolia. Japan Korea, Bahrain, Iran, Iraq, Jordan, Kuwait, Lebanon, Qatar, Oman, Saudi Arabia, Syrian Arab Republic, United Arab Emirates, Yemen. Asia Algeria, Angola, Benin, Botswana, Burkina Faso, Burundi, Cabo Verde, Cameroon, Central African Republic, Chad, Comoros, Congo, Côte D'Ivoire, Djibouti, Egypt, Eswatini, Ethiopia, Gabon, The Gambia,Ghana,Guinea,Guinea-Bissau,Kenya,Lesotho,Liberia,Madagascar,Malawi,Mali,Mauritania,Mauritius,Morocco,Mozambique,Namibia,Niger,Nigeria,Rwanda,São Tomé and Principe, Senegal, Seychelles, Sierra Leone, Somalia, South Africa, South Sudan,Sudan,Swaziland,Tanzania,Togo,Tunisia,Uganda,Zambia,Zimbabwe. Africa Andorra,Austria,Belgium,France,Germany,Greece,Ireland,Israel,Italy,Lithuania,Luxembourg,Malta,Monaco,Poland,Portugal,Romania,San Marino, Serbia, Slovak Republic, Slovenia, Spain, Switzerland, Turkey, United Kingdom. Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Estonia, Hungary, Latvia, Moldova, Montenegro, Netherland, Norway, Sweden, Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyz Republic, Russia, Tajiskistan, Turkmenistan, Ukraine, Uzbekistan. Europe The Bahamas, Barbados, Canada, Jamaica, Trinidad and Tobago, United States,, Argentina, Belize, Bolivia, Brazil, chile, Colombia, Costa rica, Cuba, Dominican Republic, Ecuador, El Salvador,Guatemala,Guyana,Haiti,Honduras,Mexico,Nicaragua,Panama,Paraguay,peru,Suriname,Venezuela,Uruguay. America Sample of the study is presented in table with geographic scope which are analyzed the role of corporate governance, social governance, environmental governance and economic growth to achieve the SDGs across the World. Asian Regions covering both developed and developing economies. In addition, Africa region included, North, East, West, Central and Southern Africa countries to evaluate the defined relationship. Further, Europe region included both European Union and non-European union countries. In last, American region, covering the North, South, Central and Caribbean countries are part the study. Oceania and Australia region are not part of the study due to non-availability of the concerned data. Table 4 Descriptive statistics EG SS GS ES SDG Mean 3.00778 37.8 2.838028 6.69 64.79568 Median 3.008095 4.0 3 3.50 65.71975 Maximum 34.5 87.2 4 73.62 86.41798 Minimum -36.39198 2.3 2 2.50 38.14322 Std. Dev. 4.314051 50.6 0.642399 15.38 10.38448 Skewness -0.571961 3.1 0.41862 4.09 -0.322169 Observations 1128 128 71 79 3791 Descriptive statistics provide a comprehensive overview of the dataset, highlighting measures of central tendency, variability, and the structural characteristics of the data distribution. The mean values reflect the overarching levels of each variable, with Economic Growth registering an average of 3.00778, Social Score at 37.8, Governance Score at 2.838, Environmental Score at 6.69, and the SDG Index at 64.79. The standard deviation values indicate considerable variability, particularly evident in the Environmental Score (15.38) and Social Score (50.6), signifying substantial fluctuations in these dimensions across the observed data points. The values of skewness elucidate the asymmetrical characteristics of the distributions. The Environmental Score (4.09) and Social Score (3.1) exhibit significant positive skewness, signifying the presence of extended tails on the right. In contrast, the Economic Growth (-0.571) and SDG Index (-0.322) demonstrate negative skewness, suggesting elongated tails on the left. These distributional attributes have the potential to influence model assumptions and should be taken into account in subsequent statistical analyses. Table 5 Correlation Analysis EG ES GS SDG SS EG 1 ES -0.079 1 GS -0.083 0.988 1 SDG -0.170 0.331 0.320 1 SS 0.017 0.028 0.037 -0.039 1 The Correlation Analysis unveils significant insights. A strong positive correlation (r = 0.988) exists between the Governance Score and Environmental Score, suggesting that governance improvements are closely tied to enhanced environmental performance. The moderate correlations between the SDG Index and the Environmental Score (r = 0.331) and Governance Score (r = 0.320) suggest that effective governance and environmental initiatives can positively influence SDG attainment. Conversely, the weak negative correlations between Economic Growth and the SDG Index (-0.170), Governance Score (-0.083), and Environmental Score (-0.079) suggest that economic growth does not always align with sustainability. The Social Score's weak correlations with other variables suggest a more independent relationship. Table 6 Granger Causality Test Null Hypothesis: Asia Obs F-Statistic Prob. SS does not Granger Cause SDG 601 4.14 3.E-05 SDG does not Granger Cause SS 10.25 1.E-15 GS does not Granger Cause SDG 601 6.50 3.E-09 SDG does not Granger Cause GS 16.94 2.E-27 ES does not Granger Cause SDG 601 4.23 2.E-05 SDG does not Granger Cause ES 6.58 2.E-09 EG does not Granger Cause SDG 595 4.28 2.E-05 SDG does not Granger Cause EG 2.08 0.0279 Null Hypothesis: Africa SS does not Granger Cause SDG 618 44.08 7.E-74 SDG does not Granger Cause SS 0.29258 0.9770 GS does not Granger Cause SDG 618 8.27 3.E-12 SDG does not Granger Cause GS 275.04 0.0000 ES does not Granger Cause SDG 618 22.63 3.E-37 SDG does not Granger Cause ES 44.34 6.E-74 EG does not Granger Cause SDG 618 7.22 2.E-10 SDG does not Granger Cause EG 398.63 0.0000 Null Hypothesis: Europe SS does not Granger Cause SDG 623 36.11 3.E-60 SDG does not Granger Cause SS 50.28 1.E-83 GS does not Granger Cause SDG 623 19.04 5.E-31 SDG does not Granger Cause GS 30.46 9.E-51 ES does not Granger Cause SDG 623 3.32 2.E-02 SDG does not Granger Cause ES 5.51 2.E-06 EG does not Granger Cause SDG 614 5.28 2.E-04 SDG does not Granger Cause EG 2.06 0.0261 Null Hypothesis: America SS does not Granger Cause SDG 632 41.06 7.E-72 SDG does not Granger Cause SS 0.2574 0.8750 GS does not Granger Cause SDG 632 9.21 3.E-10 SDG does not Granger Cause GS 261.04 0.0000 ES does not Granger Cause SDG 632 19.63 3.E-36 SDG does not Granger Cause ES 41.34 6.E-75 EG does not Granger Cause SDG 632 8.21 2.E-11 SDG does not Granger Cause EG 372.63 0.0000 Region wise Discussion The social governance and corporate governance are strongly linked to achieve the SDGs outcome in Asia. These two are bidirectional relationship with SDG and recommended to focus multi sector policies about social governance and corporate governance in Asia. Further, environmental governance are also moderately significant with SDGs outcome. This is aligned with (Khan, 2019). This study is also recommended to focus to protect environment to promote SDGs outcome. These evidences are advancing that social governance, corporate governance and environmental governance are key drivers to accelerate the SDGs outcome in Asia. This is consistent with (Kuzey et al., 2023). It is an evident that social governance is significant relationship with SDGs outcome in Africa. Further, corporate governance, environment governance and economic growth are also interlinked with SDGs. African countries need to be focus on governce reforms, consistent economic policies and protecting their environment to achieve the SDGs outcome in Africa. These three factors are bidirectional relationship with SDGs and recommended to make strategic level development in social governance along-with economic growth. It is found in the study that corporate governance, social governance, environmental governance and economics growth are four key ingredients of sustainability areas in Europe. Out of these, social governance and corporate governance are the most significant predictors for SDGs outcome in Europe. On the basis of this outcome, a balanced approach and consistent approach to policy could make significant impact on SDGs. These recommendations, put a significant impact to achieve the SDGs outcome in Europe. It is found in our research that SDG implementation is connected with corporate governance, social governance, and economic growth and with environmental governance in America. Accordingly, these are bidirectional causality relationship in this region. Furthermore, social governance is unidirectional relationship with SDGs. All these evidences recommended to put attention toward in health, education and in business. There is a two-way relationship a good corporate governance, environmental governance led to better SDG. World Perspective Discussion The Granger Causality Test was employed to ascertain the directional interrelationships among the variables under investigation. The findings reveal a bidirectional causality between the SDG Index and each component of ESG (Environmental, Social, and Governance Scores), implying the existence of a feedback mechanism wherein ESG factors propel advancements in SDG outcomes, which subsequently affect ESG performance. It is aligned with (Sharma et al., 2020). Furthermore, Economic Growth demonstrates bidirectional causality with the Social Score, Governance Score, and Environmental Score, indicating that economic conditions reciprocally influence and are influenced by the dynamics of sustainability and governance (Kumar, King, & Ranta, 2024).. Nevertheless, while the Governance Score Granger-causes the Social Score, the Social Score does not exhibit a significant Granger-causal relationship with the Governance Score, thereby suggesting that enhancements in governance lead to improved social conditions; conversely, the latter does not appear to substantiate its influence on governance strongly. Comparably, robust bidirectional causality is observed between the Environmental Score and the Governance Score, underscoring the notion that governance policies exert a considerable influence on environmental performance, and conversely. The outcomes from investigations suggest that Environmental, social, and governance (ESG) scopes are vital in determining sustainable growth and economic outcomes. The vigorous relationship between governance and ecological performance emphasizes the importance of clear and moral governance outlines in encouraging sustainable creativities. Besides, the study observed an indirect relationship between SDG performance and economic growth. This observation underscores the need for unified plans that integrate financial, ecological, and community considerations. Both ESG scores and SDG presentation have exhibited a growing trend over the years, suggesting a probable causal association (Wang & Sarkis, 2017). The bidirectional relations recognized in the Granger Causality Test suggest that policymakers should adopt an all-inclusive approach, confirming that economic policies are linked to sustainability goals to produce lasting, beneficial consequences. Generally, the results highlight the codependent character of ESG issues combined with sustainable development, signifying that the realization of the United Nations 2030 Agenda for Sustainable Development demands a unified approach where governance, environmental policies, and social contexts collaboratively function to ease economic development while conserving environmental integrity and societal wellbeing. To accelerate development in achieving the SDGs, leadership should enhance administrative guidelines, integrate environmental regulations, and promote social equity. Discussion and Policy Recommendations The study's outcome also suggests a feedback loop where ESG policies not only contribute to SDG progress, but the latter also helps deepen the ESG commitment. Germany's ESG disclosure law is a notable example of this, as it not only directly increased green investment and public accountability but also helped several SDG indicators improve. The results broadly indicate that the dimensions of ESG are deeply linked to the outcomes of the SDGs. The environmental and governance aspects significantly positively influence the progress of SDGs; thus, environmental and governance scores are at the core of sustainable development. Governance, ethics, and environmental management are at the heart of sustainable development. Social scores indicate a medium but statistically significant effect, highlighting the importance of inclusive policies and fair social practices. The identified mutual connections between ESG and SDGs reflect the cyclical nature of sustainability: on the one hand, an increase in ESG performance accelerates progress toward the SDGs, and on the other hand, it drives further ESG adoption. Conclusion The study shows that environmental governance, social governance, and corporate governance (ESG) factors are the main facilitators for the fulfillment of the UN Sustainable Development Goals across the World period covering from 2000 to 2023. The Granger causality test results verify that these ESG dimensions are the drivers of the SDG changes as well as being influenced by the SDG changes; hence, a dynamic and reciprocal relationship is established. The governance mechanisms that help to improve the environmental performance are the main energy source that moves the sustainable results, with the social governance just behind. Besides, the study brings out a pivotal point: economic growth is not enough for sustainable development if it is not merged with ethical governance, environmental protection, and social equity. These results show that the governments, corporations, and international institutions need to adhere to holistic and consistent strategies that allow ESG principles to be part of their developmental frameworks. By improving governance quality, supporting green and inclusive policies, and promoting social responsibility, countries can speed up their progress towards Agenda 2030 and beyond. The results presented in this article provide crucial direction for officials, businesses, and organizations that are dedicated to inclusive, sustainable development worldwide. Declarations We, the undersigned authors, hereby declare that: We voluntarily consent to participate in the preparation, submission, and publication of the above-mentioned manuscript in Discover Sustainability . We confirm that the research was conducted in accordance with academic integrity, ethical principles, and applicable institutional guidelines. We agree that the data, analyses, and findings presented are original, accurate to the best of our knowledge, and free from plagiarism. We acknowledge that all listed authors have made substantial contributions to the conception, design, analysis, or interpretation of the study, and have approved the final version of the manuscript. We confirm that the manuscript has not been submitted simultaneously or previously published in any other journal. We accept responsibility for the content of the article and consent to its publication in Discover Sustainability . Data Availability Link: Data publicly available in a repository: The datasets generated by the World Bank indicators during and/or analyzed during the current study are available in the WDI repository. https://databank.worldbank.org/source/environment-social-and-governance-(esg)-data References Awan AG. Relationship between environment and sustainable economic development: A theoretical approach to environmental problems. 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2","display":"","copyAsset":false,"role":"figure","size":174876,"visible":true,"origin":"","legend":"\u003cp\u003eUnnumbered image in the Research Methodology\u003cstrong\u003e \u003c/strong\u003esection.\u003c/p\u003e","description":"","filename":"2.png","url":"https://assets-eu.researchsquare.com/files/rs-7415927/v1/dd742571d4bcdd003a7184b7.png"},{"id":97526753,"identity":"77ce73bc-58e6-4a44-a0cb-5ca4aaf1f5ff","added_by":"auto","created_at":"2025-12-05 12:37:13","extension":"png","order_by":3,"title":"Figure 3","display":"","copyAsset":false,"role":"figure","size":476021,"visible":true,"origin":"","legend":"\u003cp\u003eUnnumbered image in the Region wise Discussion section.\u003c/p\u003e","description":"","filename":"3.png","url":"https://assets-eu.researchsquare.com/files/rs-7415927/v1/93571f30217839e72a05bf51.png"},{"id":100356106,"identity":"e8482ca4-a172-4269-b2fb-e7fa2b66c4c9","added_by":"auto","created_at":"2026-01-16 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INTRODUCTION","content":"\u003cp\u003eIndeed, the increasing growth of the business sector and its gravity have resulted in social, ecological and governance challenges (Schroeder et al., \u003cspan citationid=\"CR35\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). Investigators have noted that ecological safety and social expansion are essential factors in achieving the SDGs (Rasoolimanesh et al., \u003cspan citationid=\"CR27\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). In this respect, the UN 2030 Agenda is being established to achieve the SDGs, with a focus on environmental safety and social development (Rasoolimanesh et al., \u003cspan citationid=\"CR27\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). For this reason, communal consciousness is rapidly growing in the management and business world, focusing on the protection of the ecology, promoting social development, and ensuring effective governance to achieve the SDGs. (Rasoolimanesh et al., \u003cspan citationid=\"CR27\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). Ultimately, the UN General Assembly adopted the agenda 2030, outlining how we can achieve the SDGs through ecological integration, social, and administrative measures. The UN 2030 Agenda comprises 17 Sustainable Development Goals and 169 specific targets (Suryanto et al., \u003cspan citationid=\"CR38\" class=\"CitationRef\"\u003e2021\u003c/span\u003e; Carlsen \u0026amp; Bruggemann, \u003cspan citationid=\"CR6\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). These seventeen broad purposes include abolishing hunger and poverty, ensuring access to healthcare and wellbeing, as well as the highest quality of education, potable water, innovation, and the elimination of disparities. Moreover, these 17 goals are divided into three parts: environmental, social, and governance, founded on the five Ps: planet, peace, prosperity, partnership, and people (Mpabanga \u0026amp; Sesa, 2020). The SDGs aim is to promote an innovative workplace and foster friendly and sustainable economic and corporate growth to achieve high-quality living standards. That is why SDG ingredients focus on humanity, an innovative workplace, and the prosperity of everyone, with governance that boosts economic and corporate growth (Trung et al., \u003cspan citationid=\"CR41\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). Achieving 17 goals plays a crucial role in improving the well-being of the entire world (Dabbous \u0026amp; Tarhini, \u003cspan citationid=\"CR9\" class=\"CitationRef\"\u003e2021\u003c/span\u003e; Dimian et al., \u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e2021\u003c/span\u003e).\u003c/p\u003e\u003cp\u003eEnvironmental, social, and governance (ESG) has put a value on business organizations to assess the SDGs. ESG is the set of rules that businesses use to reduce environmental pollution, enhance social welfare, and promote good governance, thereby achieving the SDGs (Escrig Olmedo et al., 2019). Hereby, we need to apply the rules of ESG to reduce harmful environmental pollution by maintaining pure water, creating neat and clean workplace, and controlling climate changes, providing good health facility to all stakeholders, and managing natural resources with precautionary measure (Nurwani et al, \u003cspan citationid=\"CR25\" class=\"CitationRef\"\u003e2020\u003c/span\u003e).These problems arise from the excessive use of energy resources, the release of hazardous gases, the unnecessary use of smog-producing vehicles, the use of caustic chemicals, and outdated processes (Miceikiene et al., 2021). Social issues are a significant concern in the workplace, hindering the global promotion of the SDGs. Social concerns include a careless environment, poor health facilities, gender bias, education discrepancies, unemployment, social dissatisfaction, stress, and unequal facilities for women (UNDP, \u003cspan citationid=\"CR42\" class=\"CitationRef\"\u003e2021\u003c/span\u003e; World Bank, \u003cspan citationid=\"CR44\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). The third component of ESG is governance, which is based on management (planning, leading, organizing, and controlling). However, inappropriate planning, favouritism in leader selection, structural issues within the organization, and weaker implementation are real causes of poor governance (Scherer et al., \u003cspan citationid=\"CR34\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). According to the authors, corporate risk processing and management could perform better if environmental, social, and governance (ESG) factors are effectively managed (Wang \u0026amp; Sarkis, \u003cspan citationid=\"CR43\" class=\"CitationRef\"\u003e2017\u003c/span\u003e). Due to these reasons, authors found that ESG is a fundamental driver in determining the SDGs globally (Paradis \u0026amp; Schiehll, \u003cspan citationid=\"CR26\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). It is observed that most countries are not aligned with the SDGs, which is the primary reason for their failure to achieve the SDGs (Sadiq et al., \u003cspan citationid=\"CR33\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). The authors are seeking possible solutions in collaboration with the SDGs. For this purpose, this study is conducted to analyze the role of ESG in achieving the SDGs.\u003c/p\u003e\u003cp\u003eThis study provides valuable research for several reasons. One is that the SDGs are a subject of debate worldwide, with the names SDG-2030 and SDG-2060 being proposed as alternatives. Therefore, there is a need in the current era to investigate the SDGs for sustainable development and corporate growth. Second is that scholars and academicians are mostly focuses on the area of research which is SDGs and exploring three dimensions of SDG which are, one is environmental governance, second is social governance and third is corporate governance. Third, while most academicians focus on the role of environmental factors in achieving the SDGs, some are working on the role of social governance in achieving the SDGs. However, this study aims to clarify the impact of ESG on achieving the SDGs. Fourth, researchers have explored the role of ESG in the SDGs in one or two countries; however, this study is conducted across 167 countries to investigate the relationship between ESG and the SDGs.\u003c/p\u003e\u003cp\u003eThis study is given broad extension in the literature by analyzing the role of ESG (Environmental, social and governance) in achieving the SDGs. This study defines the role of ESG in achieving the SDGs by analyzing data from 167 countries over the period from 2000 to 2023 and estimating the results using Co-integration, impulse response, Vector error correction model for defined investigation. This study concludes with a discussion and a consideration of possible future outcomes.\u003c/p\u003e\u003cp\u003eSecondly, ESG is a relatively new development concept that has led scholars and researchers to address it as a comprehensive framework for achieving the SDGs. This study makes a significant contribution to the literature by evaluating the three dimensions of ESG in relation to achieving the SDGs. Although many of the study factors have been drawn from past studies, this study makes a significant contribution to the literature for several reasons. First, the achievement of the SDGs, as outlined in the 2030 Agenda, has been a recent and prominent topic of research and discussion among scholars, local and foreign investors, the corporate sector, researchers, governments, and academics. Second, this study aims to address the SDGs from all possible aspects. Third, the research study aims to achieve the SDGs, focusing on both social and environmental indicators. Finally, the relationship between the three dimensions, along with the achievement of the SDGs, has been addressed all over the world. This literature examines the relationship between ESG dimensions and economic development, highlighting a strong connection to achieving the SDGs.\u003c/p\u003e\u003cp\u003eMoreover, the research responds to the growing global demand for studies that establish a connection between environmental protection, societal well-being, and institutional management on the one hand and sustainable development on the other. Earlier research has primarily focused on separate ESG dimensions or local regional contexts. This investigation represents a synthesis of environmental, social, and governance (ESG) issues worldwide. It is a 23-year period (from 2000 to 2023) of continuous record-keeping on the situation in 167 nations. To be more specific, the study extends the yardstick that previous works likely could not cover by examining a diverse sample of countries worldwide.\u003c/p\u003e\u003cp\u003eThis broad range not only opens the door for drawing global conclusions but also makes finding solutions and making decisions a lot easier for international policymakers and corporate governance leaders. The study is innovative because it is based on the empirical application of sociological factors, utilizing complex econometric technology to investigate the interactive and causal relationships between these factors and the advancement of the SDGs. Therefore, it not only fills gaps in the existing research areas but also becomes a significant influencer in the field of sustainability literature significant these actions. The conceptual framework illustrates hypothesized relationships between environmental governance, social governance, and corporate governance and the Sustainable Development Goals (SDGs) (Trung et al., \u003cspan citationid=\"CR41\" class=\"CitationRef\"\u003e2021\u003c/span\u003e).\u003c/p\u003e"},{"header":"2. Literature Review","content":"\u003cp\u003eThe development of the UN 2030 Agenda on SDGs has gained attention among researchers, academicians, stakeholders, and scholars worldwide. For this purpose, ESGs are factors that are subject to debate among researchers regarding their contribution to achieving the SDGs (Gondek, \u003cspan citationid=\"CR14\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). Hence, this study is focused on the role of ESG to determine UN-2030 and UN-2060 agenda of SDGs.\u003c/p\u003e\u003cp\u003eResearches argued about the role of ESG to determine the SDGs and found that ESG are the hurdles in order to achieve the SDGs in BRICS countries (Ainou et al. (\u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). Therefore, another study discussed the important of environmental governance is really key to achieve the SDGs in China (Huang et al., \u003cspan citationid=\"CR16\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). Sustainable investment is based on the regulations of environmental governance, social governance and corporate governance in order to achieve the SDGs in Chinese electricity corporations. Dong et al., (\u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). This myth is need to be explore across the world to sustain the countries toward achievement of their goals. For this purpose, SDGs are classified into three components, the one is environmental governance, the second is social governance and the third is corporate governance. (Halkos, \u0026amp; Gkampoura, \u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). After the review of comprehensive literature review, this study crafted various issues, such as, limited resources, IT revaluations, poverty, workplace issues, and harmony are major concerns in order to achieve the SDGs (Yousaf et al., 2021). Consequently, in order to manage these issues, this study found some solutions, such as, green financing, innovative artificial intelligence, increase employment opportunities, hybrid workplace and quality governance could be helpful to sustain and achieve the SDGs (Allen et al., \u003cspan citationid=\"CR3\" class=\"CitationRef\"\u003e2018\u003c/span\u003e).\u003c/p\u003e\u003cp\u003eSachs, \u0026amp; Sachs, (\u003cspan citationid=\"CR29\" class=\"CitationRef\"\u003e2021\u003c/span\u003e) investigated the ESG to meet the challenges of the economic growth with the help of sustainability in order to achieve the business goals. For this purpose, researchers, explored that, the one is business production, the second is impact of environment and social governance on production, the third is role of economic growth on the production and the fifth is engagement of business with communities (Sachs \u0026amp; Sachs \u003cspan citationid=\"CR29\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). In this regard, environmental governce and social governance are major concerns along-with other factors to achieve the business growth. After the investigation of the literature review about the role of ESG to achieve the SDGs is myth and need to be explored more in the world. For this purpose, our study is examined the role of the environmental governance, the social governance and the corporate governce in order to achieve the SDGs across five continents which consist 167 countries. Hence, following three hypotheses are discussed with the help of literature review in detail.\u003c/p\u003e\u003cp\u003eThe environmental governance is getting more attention, because, this is a global issue due to natural and human resource scarcity, environmental destruction, water issues, CO2, wastage of industrial pollution and managerial dimension toward manage the environmental issues (Bennett \u0026amp; Satterfield \u003cspan citationid=\"CR5\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). This is possible to manage the environmental issues ith consistent and sustainable policies along-with good governance (Armitage \u0026amp; Plummer, 2012). It is hereby, to formulate the rules and regulations about environmental issues and its implementation for efficient uses of the natural resources (Sadiq et al., \u003cspan citationid=\"CR32\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). With proper implementation of environmental governance, then, the corporate sector and the economic targets would be achieved (J\u0026auml;nicke \u0026amp; J\u0026ouml;rgens \u003cspan citationid=\"CR17\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). It is noticed by researchers, that polluted environmental and wastage of natural resources are basics problems of environmental destruction. (Awan, \u003cspan citationid=\"CR1\" class=\"CitationRef\"\u003e2013\u003c/span\u003e). By managing the environmental governance, we can save the human life and with proper implementation of SDGs. The Environmental governance one of an important SDGs component, indeed, countries mission and vision could be achieved by managing environmental governance (Mawonde \u0026amp; Togo, \u003cspan citationid=\"CR24\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). On the basis of above discussion, it is hypothesized that environmental governance is a relationship with SDGs.\u003c/p\u003e\u003cp\u003e\u003cb\u003eH1: There is a relationship between Environmental Governance with SDGs.\u003c/b\u003e\u003c/p\u003e\u003cp\u003eThe researchers argued about the social governance is basic components of 2030 Agenda of SDGs (Jianhua et al., 2022). The social governance is categorized into, no poverty, living standards, human rights, consumer protection and diversity (Siakwah et al., \u003cspan citationid=\"CR37\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). It is observed by social scientist that SDGs could not be achieved without social governance. So, there is need of proper implementation of social governance components to achieve the SDGs as per United Nation agenda UN-2030 and 2050 (Krannich \u0026amp; Reiser \u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). For this purpose, pressure is increasing toward investigate the role of the social governance to achieve SDGs (Criado-Gomis et al., \u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). It is hereby, also focused on corporate sector policies which must be aligned with social governance (Jianhua eta l., 2022). On the basis of above discussions, social governance is a debatable issue and must be investigate about human rights, control the poverty, improve the living standards and protect the consumer rights (Xue et al., \u003cspan citationid=\"CR45\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). Finally, it is hypothesized that social governance is a relationship with SDGs.\u003c/p\u003e\u003cp\u003e\u003cb\u003eH2: There is a relationship between social governance and SDGs.\u003c/b\u003e\u003c/p\u003e\u003cp\u003eResearchers evaluated the corporate governance and found that is an efficient corporate governance system could be helpful to achieve the SDGs as UN agenda 2030 and 2050 (Dabbous \u0026amp; Tarhini, \u003cspan citationid=\"CR9\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). For this purpose, the corporate governed system consist with the proper allocation of resources and its uses and along-with internal governance system (Claessens \u0026amp; Yurtoglu, \u003cspan citationid=\"CR7\" class=\"CitationRef\"\u003e2013\u003c/span\u003e; Tricker, \u003cspan citationid=\"CR40\" class=\"CitationRef\"\u003e2015\u003c/span\u003e; Malik \u0026amp; Makhdoom, \u003cspan citationid=\"CR23\" class=\"CitationRef\"\u003e2016\u003c/span\u003e). Researchers focused on the relationship between internal corporate governance and the SDGs, in line with the UN's 2030 Agenda for Sustainability (Garcia-Meca, 2020). For this purpose, academicians categorized corporate governance into board composition, CEO independence, board size, and board attendance.\u003c/p\u003e\u003cp\u003ePoor governance systems undermine strategies, lead to lower-quality production, and result in the misallocation of resources. For this purpose, academicians categorized corporate governance into board composition, CEP independence, board size, and board attendance. Raub and Martin-Rios's (2019) governance system could be improved with proper leadership, technological advancements, and recognition of performance, which are fundamental concerns for achieving the SDGs by 2030 and 2060, thereby promoting sustainability. Hence, the investment strategy should be aligned with the governance system to accomplish the 2030 and 2060 UN agenda of SDG (Raub and Martin-Rios (\u003cspan citationid=\"CR28\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). Lastly, investment strategies that promote human engagement in the workplace help achieve ESG goals, and they assist in attaining the UN 2030 SDGs. Consequently, it can be hypothesized:\u003c/p\u003e\u003cp\u003e\u003cb\u003eH3: There is a relationship between Corporate Governance and SDGs.\u003c/b\u003e\u003c/p\u003e\u003cp\u003eWhile the world's mass media and businesses have simultaneously focused on ESG and the Sustainable Development Goals (SDGs) issues, there are still many gaps in the literature on these topics. Firstly, many researchers are inattentive to the multi-directional relationships between ESG aspects and sustainable development, thereby narrowing the scope of their policy applications. Secondly, comparative studies that integrate the diverse socio-economic characteristics of multiple countries are lacking. Thirdly, the role of ESG to achieve the SDGs should be generalized in across the World to develop and formulate the policies which should align with UN-2030 and 2050. Through an investigation of bidirectional influences, the provision of cross-country data, and the inclusion of three ESG pillars within a single framework, this article addresses the emerging research gap.\u003c/p\u003e"},{"header":"3. RESEARCH METHODOLOGY","content":"\u003cp\u003eThis section outlines the methodology employed to examine the influence of ESG governance on achieving SDGs. ESG scores are categorized into three dimensions: one is the environmental governance score, the second is the social governance score, and the third one is the corporate governance score. SDG progress is measured through an SDG index. The research utilizes a collection of panel data that includes annual ESG and SDG scores from 167 countries. These scores were compiled from the World Development Indicators (WDI), the SDG Index Reports, and the ESG databases. The time period starting from 2000 to 2023. The Vector Error Correction Model (VECM) method is employed for co-integration testing to identify long-run equilibrium relationships. Impulse Response Functions (IRFs) are also used to track the gradual impacts of ESG shocks on SDG scores over time. The Granger causality tests decide the short-term directional relations. To guarantee the robustness of the results, control variables such as GDP per capita and inflation rate are used. E-views and STATA software are used for the statistical analysis. The Environmental Score variables include resource efficiency, pollution control, and climate initiatives. Social Score encompasses labor rights, community impacts, and social equity. Governance Score evaluates transparency, ethical governance, and shareholder rights. SDG is an index collected from the SDG Transformation Centre. Economic growth is used as a control variable and is collected from WDI. The regression equation follows a standard panel-data model used in prior sustainability literature (Sadiq et al., 2022; Ainou et al., 2022).\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eEquation 1: Econometric Model\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eSDG_it = α + β₁(ES_it) + β₂(SS_it) + β₃(GS_it) + β₄(GDP_it) + ε_it\u003c/p\u003e\n\u003cp\u003eWhere:\u003c/p\u003e\n\u003cp\u003eSDGi_it = (Sustainable Development Goal Index) for country i at time t\u003c/p\u003e\n\u003cp\u003eES_it = Environmental Score\u003c/p\u003e\n\u003cp\u003eSS_it = Social Score\u003c/p\u003e\n\u003cp\u003eGS_it = Governance Score\u003c/p\u003e\n\u003cp\u003eGDP_it = Economic Growth (Control variable)\u003c/p\u003e\n\u003cp\u003eε_it = Error term\u003c/p\u003e\n\u003cp\u003eThe stationarity test is used to check for unit roots, and it is found that environmental, social, and governance scores are stationary at the first level. Table\u0026nbsp;2 summarizes key variables and data sources consistent with global practices in sustainability research (Mawonde\u0026amp; Togo, 2019; Huang et al., 2021).\u003c/p\u003e\n\u003cp\u003eTable 1: Variables, its description and Data Sources\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\"\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd valign=\"top\"\u003e\n \u003cp\u003eVariable\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\"\u003e\n \u003cp\u003eDescription\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\"\u003e\n \u003cp\u003eSource\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\"\u003e\n \u003cp\u003eEnvironmental Score (ES)\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\"\u003e\n \u003cp\u003ePollution control, climate initiatives\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\"\u003e\n \u003cp\u003eWDI\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\"\u003e\n \u003cp\u003eSocial Score (SS)\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\"\u003e\n \u003cp\u003eSocial equity, labor rights, community welfare\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\"\u003e\n \u003cp\u003eWDI\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\"\u003e\n \u003cp\u003eGovernance Score (GS)\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\"\u003e\n \u003cp\u003eTransparency, ethics, shareholder rights\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\"\u003e\n \u003cp\u003eWDI\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\"\u003e\n \u003cp\u003eSDG Index\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\"\u003e\n \u003cp\u003eComposite index of SDG performance\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\"\u003e\n \u003cp\u003eSDG index Report\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd valign=\"top\"\u003e\n \u003cp\u003eGDP Growth (EG)\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\"\u003e\n \u003cp\u003eEconomic growth rate (control variable)\u003c/p\u003e\n \u003c/td\u003e\u003ctd valign=\"top\"\u003e\n \u003cp\u003eWorld Bank WDI\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\n\u003cdiv\u003e\n \u003cdiv align=\"left\"\u003e\u003cbr\u003e\u003c/div\u003e\n \u003cdiv align=\"left\"\u003e\u003cimg 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EeCcrvyUbG1t6cdrsixbuhe56CYf97T2B+O+goeI/lnM16XJx3ztmfnKMfOTJIn12rGyj+81cWXTxJKvXJNXuPk+Mt/RaKR6vZ41T/f1c+brzrBgt3fa9fVtY3eZ5OO+fs0d52OyaPvLx93WyvMKP4krm576+w0Kcx/ftN+3SP29cEREROTg6VYiIqISTJJEREQlmCSJiIhKeK9JRlHkFhEREZ073iRJREREPN1KRERUikmSiIioBJMkERFRCSZJIiKiEkySREREJZgkiYiISjBJEhERlWCSJCIiKsEkSUREVIJJkoiIqASTJBERUQkmSSIiohJMkkRERCVOnSS3trYQRVHQZ2tryx19pYqi0POi1TG3a2g9djod7zgh49KHMR6Pce3aNURRhFqthqdPn7ohpX766SfUajVEUYRms4mXL1+6ITg+PsYPP/yACxcu6DZxfHzshqEoCrRaLURRhAsXLqDT6bghwBJxtDqhdegTWl+h7TA0LqRtBlFnlCSJAqAAqCzLrGG9Xk8BUGmaWuWrlmWZXoZer+cOplldjEYjt/hEo9FIb9uT6jFN07k6kDawgqZG74DU74MHD5Qy6mtvb88NnZNlmapUKrpdpWmqKpWKyvPcikuSRNXrdZXnuZpOp6per6t6vW7FTKdTValUVJqmajqdqslkoiqVitrZ2TlVHK1WSB36hNZXaDsMjQttmyHOvOdalCTVbCVO2rmeVZ7n3BEvIA3rXSZJqYM4jt1Behr08YnjWCVJYpXJDmU6nVrlJqlv92/enZ7sxMy25xvXN0/fuKFxtDq+7eurQ5/Q+nLbjSoZNySubNl844Y49enWk8jptVar5Q5auWq1ilnCdwede+PxGGtra27xyr19+xYAkOe5OwiNRgNJkrjF9IE9ffoUeZ7jv/7rv6zymzdv4q+//sL//u//WuWm//mf/wGAuXpdX1/HcDhEURQAgP/+7/9GpVJBo9HQMdVqFXEc4+HDh8DsVF6328X6+jouXryo465fvw4AePz48VJxtFohdegTWl+h7TA0LrRthnonSbIoCmtBdnd3dbl7vcq8ttlsNvU4ci7Z/GC20zfj3Wtg4/EYANBsNq3yoiisWJM7H3PZ+/2+Nazf71vLZp5fd2M7nY61frVazRvnq7Sy7WKuv8zDXFfz2l+n07ES5NraGiJjG8Fzbdmc1zIuXbqkv/vWaTAYWP+HZ11883brsd/vW8PNYbJ9ZRx3eoumcx79/PPPAIAvvvjCKr98+TIA4ODgwCo37e/vAwC+/vprq/zq1asAgMPDQxwfH+PFixd6p2iq1WrI8xxFUeCXX34BAHzzzTdWTLVaBYx5hcbR6oTWoU9ofYW2w9C4kLa5jHeSJMtu0qhWqxiNRvr/3W4XN2/e1GXD4VDvvI6OjnQcjB5Ko9HAaDRCkiQYDAZot9tI09SKxWynbB5J/Pjjj9bw8XiskzZm01dKIY5jxHGsl6PVaiHLMj3e5uYm9vf3ddn29rZuJK1WC71eT8dub29b65fnOaIowsHBgdXrdbdXs9lEt9tFlmXI8xzD4VDv8BuNxtw87t27p8u63a5Ogjdu3LC2zWg0glJKHxHWajXs7+9DKaW373A4nFueENVq1ZpXHMeIFtzs0+/3sba2hjiOoZRCkiRz867VahgOh+j1elBKIU1TbG5uWjHu2YNms4lbt24Bs3WBcXCGWR1kWYbNzc1znyh//fVXt8hStvMDgBcvXrhFltevX+PPP/90i+e8ffsWv//+u1tskbYZGkerE1qHPqH1FdoOQ+NC2uYyVpokt7e3EUWR3jmdJE3TudOx5tGrmVDNJPf48WPdOw119epVtNttndwajYbe2cZxrI9uvv/+e2CWDH16vZ6OFWVHJlmWodVqWb2sJEn0ssdxDDgHBP1+X2+/27dv69Maw+HQ6gGKLMus0yAA8Pz5c2C2jmXG4zHyPEee5+j3+9Y6nfaIfHd31zqgwCxp+3pusn1le9+5c8ca3ul09B+RHMV+9913gHMgYMrzHPfu3UO73UaSJPogSeo5SRJUq1XcuHEDAHDv3j1rfCIi10qTZJZlulewCo1GQyeSbrcLGEcLbqI6ye3btwEA7XZb9z4kGclpOpdvR/wumEfA5kGCu46S/FbBTKByumIVZPu6bWBzc1NvT992bbVaUErpA4hnz57pYe52QMm2iONYr9dgMNCneKWe3eksOlVERIRVJ0mxbC9vEelpYNbLOjw81D2KswjZOb5588YteufM5ZLrZ5JEX716ZUSendzs9Pz5c3068rT6/b6V/AaDwVyylAv1IdvVPd3uCt0W5vaUXq15nbbsVNF54B40uL799lu3SJOD1zJffvmldQalzOeff44rV664xZZ6vQ4AwXG0OqF16BNaX6HtMDQupG0u450kyWq1aq1QURRzp9tCSQ8QAB49eoSDg4OFpxFDnbTBseIe1mnIdVL5rPLgA8YNRA8fPpy7tncavrsLzWvDkrDM7VqW7Mp690Iuwi8jSRJreyrj+ux5dPPmTQDAH3/8YZXL/7/66iur3LS+vg4Acw9o//bbbwCAzz77TF8q8F2OODw8RBzHuHjxoj6dLuMKmfa1a9cA47T7SXG0OqF16BNaX6HtMDQupG0u450kSTi9yR9//PHUCadq3BAyHA71hloF95Sg60PsQOWmEzjXOovZ3bnLKksm4/FYXxe8f/9+UM/6JGXXCmWd5F9zu8ppdJe5HXzkuuJJ5I8cxmlX0el0VrLen6pWq4U4jvGvf/3LKv/3v/+NOI6t+wXc7XT37l3As0339/eRpqk+CL1//z7++usvq128fPkSf/31F+7fvw8Yf+P7+/vWW1z+85//AMa8QuNotULqUJjtJLS+QtthaFxo2wzmPji5rJNeJhDHsQKg33TgezjdV2Yyh/vIm17cB1TNZfO9acF8CYEMl+U13xrje6OPr0w5b5iR7WHOx3yYVeYFZ72kzCw3t4tvHr4y5VnOLMtUnudz5b1eTy+P+UKAk+pGmPM3t0fZSwbM+ct08zy34ty6kHp2l0Om485DmMtmzsvXXs+bvb09axs/ePBAwXmDyWQyUQDUxsaGMaZSOzs7qlKpqMlkoqbTqX6o2/1bk7ezTKdTlee5920teZ7rN7OoWbvzvZklNI5WK6QONzY2FAA1mUx0WWh9hbTDZeJC22YIf9YJYCamkI9ykoV8zEQmH3cnqGY7TF+5ubOVz2g08k637I0ci+LMHax8fNOWROOW+5YvTVMrQcKzg3fHkWUyk5Z8fMtjJoCyAxk33lz+OI699eWrAzXbTm4yCxnHjHO3gXKWXZbT5C4fSg6kQuZ1Xu3t7en2WK/X5/5OZEfn7tiU8fovzJKobyckOykAejq+t/lMJhNd33Ec61ePuULjaHVC6lASk9sGQuvrpHYoQuNC2maISK3iYhQREdE/0Du7JklERPSpY5IkIiIqwSRJRERUgkmSiIioBJMkERFRCSZJIiKiEkySREREJZgkiYiISjBJEhERlWCSJCIiKsEkSUREVIJJkoiIqASTJBERUQkmSSIiohJMkkRERCWYJImIiEowSRIREZVgkiQiIirBJElERFSCSZKIiKgEkyQREVEJJkkiIqISTJJEREQlmCSJiIhKMEkSERGVYJIkIiIqwSRJdM6Nx2Ncu3YNURShVqvh6dOnbkipn376CbVaDVEUodls4uXLl24Ijo+P8cMPP+DChQuIoghbW1s4Pj52w1AUBVqtFqIowoULF9DpdNwQYIk4Wp3QOvQJra/QdhgaF9I2gygiOrdGo5ECoB48eKCUUqrX6ykAam9vzw2dk2WZqlQqajQaKaWUStNUVSoVlee5FZckiarX6yrPczWdTlW9Xlf1et2KmU6nqlKpqDRN1XQ6VZPJRFUqFbWzs3OqOFqtkDr0Ca2v0HYYGhfaNkMwSRKdY3EcqyRJrDLZoUynU6vclOe5AqCyLLPK3enJTkx2VqpkXN88feOGxtHq+Lavrw59QuvLbTeqZNyQuLJl840bgkmS6Jza29uzjsqF7MR6vZ5VbtrZ2VEA1GQyscrTNFUA9BF7vV5XlUrFilGzHVYcx0rNehsA1MbGhhUjO7s0TZeKo9UKqUOf0PoKbYehcaFtMxSvSRKdUz///DMA4IsvvrDKL1++DAA4ODiwyk37+/sAgK+//toqv3r1KgDg8PAQx8fHePHiBa5fv27FAECtVkOe5yiKAr/88gsA4JtvvrFiqtUqYMwrNI5WJ7QOfULrK7QdhsaFtM1lMEkSnVO//vqrW2Qp2/kBwIsXL9wiy+vXr/Hnn3+6xXPevn2L33//3S225HkOAMFxtDqhdegTWl+h7TA0LqRtLoNJkoiIqASTJBERUYkzJ8miKBBFkfXB7FmWfr/vhq9Ep9PRz+osY2try1rORaeThLtuRVGgKIrSZ32IPhVybajMt99+6xZpcRy7RZYvv/wSly5dcovnfP7557hy5YpbbKnX6wAQHEerE1qHPqH1FdoOQ+NC2uYyzpQkx+Mx4jhGkiSY3SkLpRSiKMLa2pobvjIPHz4EAHS7XXfQQru7u0iSxC32kuQfx7G1buvr6ydWAtGn4ObNmwCAP/74wyqX/3/11VdWuWl9fR0A5h7Q/u233wAAn332GarVKuI49t4ocXh4iDiOcfHiRX1TiIwrZNrXrl0DgOA4Wp3QOvQJra/QdhgaF9I2l+Le7rqMJEkUSp5PiuN44S3kZ5Fl2alv+ZZlPulWYLld2LcOSZLMPYND9CnyPTu2sbExd2u/+7dS9iyaPDgufM/ETSaTub8t91k3pZR68ODB3N9paBytTmgdKk87Ca2v0HYYEhfaNkOdKUnGcezdUGq2YX3lH1pokpQ4d0Or2VsffOVEnxp59kz+VmUHZr7BRHaI7vNuOzs7qlKpqMlkoqbTqd4hun9X8naW6XSq8jz3vq0lz3NrJzYajVTF82aW0DharZA63NjYUHCeTwytr5B2uExcaNsMcaYkaSackKQhGd78+Lhx5lGCJGa33DcePL3c0CQpPUks0WM1p+2b92j2SqWy5Zcesnx6vZ41jjk9M9adDtEy9vb29N9VvV6fa7eyo3N3bMp4/RdmSdT3NyU7KQB6OmbPQkwmE/03FMfx3EPjIjSOViekDiUxuW0gtL5OaociNC6kbYbwZ6lA7k5fPj5mrJD/myvpxknFmF1sGW4mB/etC2aSMzdOaJL0JdxF45i9anMdJF6WT5bZnL45TTP5pWmqkiSZ69XKuknyNqdLRESrc6YbdxqNhvcBXnnruunOnTsAYN04k6apNcz8LsO+++47PWyRR48eAQDu3bsHGG9XwCnesIDZBeu/848tjmPUajWrrNPp6O3QarXQaDTmbu7Z3NwEjIvK1WpVb4uyu3SLosBgMNDrdOPGDYzHY33DkmybJEmQ5/k7u5uYiOi8OlOShJFMer2eVT4cDvXOvygKnUR8t/HKq43MONFoNKCUwmAwsMpdt27dAmavSlolpRRGo5FVlue5dRDw7NkzazgAHB0dQSmFarWK8Xisy83kLYbDoVsEGAcMsg0ajQaeP3+uh7u3Zy96jRgRES3vTEnS7AG1Wq25ZCk9nrLXFpnevn0bFFem3W7rZBpFEba3t92QpZjrJknKTJbD4VA/Z3l0dKTLfd68eeMWzQl5ZhMAXr16pb/HcYwoinSSDZ0GERGFOVOS9D2n2Gq1rERZFMVcj8fn0qVLVtxpdvjyA5u9Xg9ZlrmDl7K/vz+3DI1Gw0qUktTN3qs7DowX8C7i62GfZDQaYXZdOai3TUREyzlTkkTJ9TR5iDSOY1SrVf1AahlfnNlTC9FsNpHnOeI4RqvVsnpcp+Vbt0ajMfddTvUCwJMnT/R3YY7jE/qCAxgP1AKwTr2iZHmJiOgM3Dt5liF3YboPd8rdmIvuWlUld7fKXaDudH3jmXd0umXmXazm85qhd7fK3aruXaNyZ6n7DKhM05xumqY67jR3t7rzELJs7ryIiGi1zpQkJYn5HgXx8T1W4UtUi6ZnJggYScd9xtCN7fV61mMhi+avjHULXWblWTY3yS1aL+VZByx4/vSkeRER0dlF6u9eEBERETnOfE2SiIjon4pJkoiIqASTJBERUQkmSSIiohJMkkRERCWYJImIiEowSRIREZVgkiQiIirBJElERFSCSZKIiKgEkyQREVEJJkkiIqISTJJEREQlmCSJiIhKMEkSERGVYJIkIiIqwSRJRERUYqVJstlsIooi61Or1azh9OFsbW1ZddPpdHQ5nV/j8RjXrl3Tf69Pnz51Q0r99NNPqNVqiKIIzWYTL1++dENwfHyMH374ARcuXEAURdja2sLx8bEbhqIo0Gq1EEURLly4oNunKzSOVie0Dn1C6yu0HYbGhbTNIGoFsixTABQAlaZp6bAkSaxh9P4kSaIAqNFopMukbuI4tmLp/BiNRgqAevDggVJKqV6vpwCovb09N3ROlmWqUqnoNpWmqapUKirPcysuSRJVr9dVnudqOp2qer2u6vW6FTOdTlWlUlFpmqrpdKomk4mqVCpqZ2fnVHG0WiF16BNaX6HtMDQutG2GOHOSNJNglmXuYKWUUnmeM0l+QNKwfNu/1+sxSZ5jcRzPtQvZoUynU6vcJH/T7t+8Oz3ZiZkHZ75xffP0jRsaR6vj276+OvQJrS+33aiScUPiypbNN26IMyVJ2fnKZ5Esy061gHR20ijLkiHr5Xza29tTMI7KhbSXXq9nlZt2dnYUADWZTKzyNE0VAH3EXq/XVaVSsWLUbIcl7XE6nSoAamNjw4qRnZ2cnQqNo9UKqUOf0PoKbYehcaFtM9SZrkk+fvxYf0+SxBrmarfbbhEA6HPG8hmPx3qY7xpnURQoikL/37zm6U7PPPfd7/et6XQ6HWs6/X7fGrdWq82N4+Muo3t9zxzWbDbR6XSsefi40zS3iTCH9/t9d7Dl8uXLAIA8z73rMRgM3KK5dXfXC84yRLO6Eea2jWbrDqN+zOm5sb71pdX7+eefAQBffPGFVS7t5eDgwCo37e/vAwC+/vprq/zq1asAgMPDQxwfH+PFixe4fv26FYNZO8jzHEVR4JdffgEAfPPNN1ZMtVoFjHmFxtHqhNahT2h9hbbD0LiQtrmMMyVJs1HKii/i7oyjKEKe5xiNRlBKIUkSrK2t6eQ2GAwQx7GOH41GqFarqFaryPMccRzj6OjIO71er4ft7W09rVarhV6vp2NfvXqF9fV1pGkKzDawOa08z3FwcACllC5zE0U0SzhKKYxGIwBAt9u1knOe5/r7cDi0yvI8n7uIXavVMBwO0ev19DTX1tZ0Q5SEIuNnWYbNzc2FibLRaFgHMZKM3HmLTqeDzc1NJEkCpRTiOLbWy10GiYnjWC+H1JGpVqvh+++/B4y2Mx6PdR0rpZCmKdbW1pgo34Nff/3VLbKU7fwA4MWLF26R5fXr1/jzzz/d4jlv377F77//7hZbpB2FxtHqhNahT2h9hbbD0LiQtrmMMyVJs1FKlg5lJpxGowEAuHPnDgBge3tbr7CZiO/fv6+/P3nyBI8ePdL/l+nFcYxGo6GPfLa3t3WMaX9/H0dHR7h79y4A4ObNm9bwOI6xu7trlZnLIslgOBxiPB7j0qVLetizZ8/0d1OSJHM9ajO20+nobdpqtdBoNKyDBBjrmSQJqtUqbty4AQC4d++eFecaDAb6gEBsb2/P9dyKotDbTOpDEpswt7UcHEnM5uamFSuGwyH29/fRbrcRxzHW19cBYx6ybFIPZl0TEX0oZ0qSplevXln/d0/XuafTJOG4SUBIl7harepe0HA41Mnz2bNnOrnCSGC+U5i+Xons1KvVKpRSaLVabshC5ukHM0GehS+5Hh0dQSmlk5H0Rt2e+6LTHmJ3d1f3+kxmT9V3KqLdbkMppRO8LINvW6Nke0tSx2yddnd3URSFPihwD7JkHkREH9KZkqR5Cs/dQbdaLSilkGWZLpPTd41G48RTI2aXWHobmPUgx+OxVQajVzscDhFFkZUI3rx5Y0SuhiRXpRR+/PHHucRzGubpXh9zG3e7XURRhLW1NV1WdtpDrr8KSbzmMj958gQIOBXh1rNP6PY2l1d6tWZPNGRedHrugZbr22+/dYu0k9r7l19+GXTw+Pnnn+PKlStusaVerwNAcBytTmgd+oTWV2g7DI0LaZvLOFOSNBPVskf+J62IuYHNXt7Dhw/x+PHj0p5fHMc6ecmnLPas5CYcs0d0FmbP7KQEIQcc5sfsWbskCZqOjo50PciZAHO7+xLmSQ0VxoX0ZaRpOrc+IfOi05NT23/88YdVLv//6quvrHKTnC53H9D+7bffAACfffYZqtUq4jj2np04PDxEHMe4ePGiPisj4wqZ9rVr1wDj7M1JcbQ6oXXoE1pfoe0wNC6kbS7Fvd11WXJbrXkLrqnsZQIynnkLsdzK67tN96TnMeVheXfcXq+nn8cxp++bhlJKDzeXy1dmTms0GlmPw5jrKbc7m+W+MhWwjmp227XEmLIsm9tmQqbrGy71IHVnLlvZ7d2yrcuWXZStp6lsXryd//3wPTu2sbExVx9u2yl7Fk0eHBe+Z+Imk4nV5pTnWTellHrw4MFcuw2No9UJrUPlaSeh9RXaDkPiQttmqDMnSeUkSnfBypKkMnaQsvFl5+tOQzk7XLcilPPMppuMxSqTpLnOo9HImvZpk6Qy5gVjPdM01Y3RnI+sW57npeujnDowG7psM3cZfPU5Go28yy/LKMnb/KNZtJ7Cd2Ag25PePXn2TLa37MDMN5jIDtF93m1nZ0dVKhU1mUzUdDrVO0T371PezjKdTlWe5963teR5bu3ERqORqnjezBIaR6sVUocbGxsKzvOJofUV0g6XiQttmyFWkiSFJDn3syh7mz0jc+V9kiQp3dkqz8sNYPRqzORStlzussSzh2XdMuUkAMyW23dA4M7Tt43cdXLn6W4Td13coy1XlmVzByLyKUuu5rr4llF51s1MwO72WbScIfOid2dvb0+3uXq9btWjMnZ07o5NGa//wiyJ+nZCspMCoKdj9izEZDLR7TOO47mHxkVoHK1OSB1KYnLbQGh9ndQORWhcSNsMEam/d3ZERETkONONO0RERP9kTJJEREQlmCSJiIhKMEkSERGVYJIkIiIqwSRJRERUgkmSiIioBJMkERFRCSZJIiKiEkySREREJZgkiYiISjBJEhERlWCSJCIiKsEkSUREVIJJkoiIqASTJBERUQkmSSIiohJMkkRERCWYJImIiEowSRIREZVgkiQiIirBJElERFSCSZKIiKgEkyQREVEJJkkiIqISTJJE59x4PMa1a9cQRRFqtRqePn3qhpT66aefUKvVEEURms0mXr586Ybg+PgYP/zwAy5cuIAoirC1tYXj42M3DEVRoNVqIYoiXLhwAZ1Oxw0Bloij1QmtQ5/Q+gpth6FxIW0ziCKic2s0GikA6sGDB0oppXq9ngKg9vb23NA5WZapSqWiRqORUkqpNE1VpVJReZ5bcUmSqHq9rvI8V9PpVNXrdVWv162Y6XSqKpWKStNUTadTNZlMVKVSUTs7O6eKo9UKqUOf0PoKbYehcaFtMwSTJNE5FsexSpLEKpMdynQ6tcpNeZ4rACrLMqvcnZ7sxGRnpUrG9c3TN25oHK2Ob/v66tAntL7cdqNKxg2JK1s237ghmCSJzqm9vT3rqFzITqzX61nlpp2dHQVATSYTqzxNUwVAH7HX63VVqVSsGDXbYcVxrNSstwFAbWxsWDGys0vTdKk4Wq2QOvQJra/QdhgaF9o2Q/GaJNE59fPPPwMAvvjiC6v88uXLAICDgwOr3LS/vw8A+Prrr63yq1evAgAODw9xfHyMFy9e4Pr161YMANRqNeR5jqIo8MsvvwAAvvnmGyumWq0CxrxC42h1QuvQJ7S+QtthaFxI21wGkyTROfXrr7+6RZaynR8AvHjxwi2yvH79Gn/++adbPOft27f4/fff3WJLnucAEBxHqxNahz6h9RXaDkPjQtrmMpgkiYiISjBJEhERlWCSJDqn5NpQmW+//dYt0uI4dossX375JS5duuQWz/n8889x5coVt9hSr9cBIDiOVie0Dn1C6yu0HYbGhbTNZZw5SRZFgSiKrA9mD3z2+30AwNbW1lyM+2k2m86U/cqmJRZNZzwez4237PwXcZdta2vLDSH6aNy8eRMA8Mcff1jl8v+vvvrKKjetr68DwNwD2r/99hsA4LPPPkO1WkUcx94bJQ4PDxHHMS5evKhvCpFxhUz72rVrABAcR6sTWoc+ofUV2g5D40La5lLc212XIQ92us+eALBuyRVJkuhh5jMscRx7y01ym69vfuawRbcki2XjlyHbBLwlnT4BvmfHNjY25v4u3Nvmy55FkwfHhe+ZuMlkMrd/cJ91U0qpBw8eKDi37IfG0eqE1qHytJPQ+gpthyFxoW0z1JmSpCQ930O8cRzPbcCyJKmcROmOZya1RSuJwKTHJEn0N3n2TP7mZAdmvsFEdoju8247OzuqUqmoyWSiptOp3iG6O0p5O8t0OlV5nnvf1pLnubUTG41GquJ5M0toHK1WSB1ubGwoOM8nhtZXSDtcJi60bYY4U5KUxOYmNTVLRG75oiRpJi4YHVw5KpDPopXs9XpBSY9Jkuj/7O3t6b/ler0+d9ArOzp3x6aM139hlkR9f5+ykwKgp2P2LMRkMtH7iDiO5x4aF6FxtDohdSiJyW0DofV1UjsUoXEhbTPEmZLkoqTnsyjeTYaSYLMs02UhCc3tivuUJUkzwckymsvsS3q+5V4U78b6ymVcs3cdsu5ERLRaZ7px5969e/r79vb23E00y3DvXJIHPp89e6bLarWaEeE3GAzcomCNRgO9Xk//f3t7G/fu3dNl3W4X4/FYDy+KQt9JNRqNoJSytolJbnDC7CHaLMuwubmpb25SSiFJEh1/9epVHB0dIUkSjEYjHB0d6WFERPR+nClJNhoN71suTnu3qHnr7qtXrwDASg5uIn3XsixDo9Gwyp4/f66///jjj/q7xD169EiXmeRO1yRJUK1WcePGDcA50BgMBnobbG9vo1ar4d69e3PLQERE78eZkiRmiUspZfXAAGA4HK78EQj3NVmLHumQHtq7JO8IPOm5HMy2BzyJ3n334f379/X39fV1Jkgiog/oTEnSTIKtVmsuWXa7Xf09hNkrlWdi5JkXOL1KzHpv7jzjOIZSCq1Wy4p9F3y9aB8zCXa7XURRhLW1NV1mvvuw1Wrp067dbnfuwICIiN6fMyVJXxJstVpW0grdyZvX+jCbDgB89913usztdX2KkiTB7IYp/VnUW1x1b5yIiMKdKUmiZCcub1qI43ju9GIZ8zSjmWQbjQayLNP/f/Lkif7+oUmP76Qepby1AsZpV9HpdKzE3+l0cOvWLT3t4XA4dwBBRETvx5mTZLfbnbtJRxJn2U0srq2tLZ08siybO1Xabrd1otze3vYm5g/BvOlGroGayb7b7aLT6cyVy/JLcpQDiU6ng2fPnqHdbmN3d1fHr62tffI9aCKiT5L7TMgy5JlE9/lCd7LyEOqij++ZQp+yaYU8H+lbTnN833DzOUn5mM94uuPIc52+9XFfmCDPPrrPWrrPSMqn7KFZIiJ6NyL194PsRERE5Djz6VYiIqJ/KiZJIiKiEkySREREJZgkiYiISjBJEhERlWCSJCIiKsEkSUREVIJJkoiIqASTJBERUYlTJ8mtra2533As+3ws71p9H4qi0Ou9as1mc27b1mo1a/inwF0P+rDG4zGuXbum29PTp0/dkFI//fQTarUaotkPrb98+dINwfHxMX744QdcuHBB7w+Oj4/dMBRFgVarhSiKcOHCBf3eY1doHK1OaB36hNZXaDsMjQtpm0Hc99Qty3y3qflOU2W8q9T3HtN/Knl3KwDV6/XcwadiTtPdluawkPfXfgij0WhuW5jvpqUPR949/ODBA6WMv9m9vT03dE6WZapSqeh3CqdpqiqVisrz3IpLkkTV63WV57maTqeqXq+rer1uxUynU1WpVFSapmo6narJZKIqlYra2dk5VRytVkgd+oTWV2g7DI0LbZshzryHWpQk1Wwl3B37P5n5svJVMJOgb/sqY54fY5KUZWOS/DjFcTzXbmSHMp1OrXKT1KvbJt3pyU7MfDm/b1zfPH3jhsbR6vi2r68OfULry203qmTckLiyZfONG+LMe6iyJGkmxvOUJFfJ/YWRRbIsO1UDeJfMAwYmyY/P3t6egnFULmQn5taZaWdnRwFQk8nEKk9nv9IjR+z1el1VKhUrRs3qX34FZzqdKgBqY2PDipH2I/uP0DharZA69Amtr9B2GBoX2jZDnfqa5CJFUVi/f2j+NqJwr0u5Pyw8Ho+t4ea1N3iuibrx7vQw+71GM8a9Vuouk3l9MYoifS7djDOvA7rTd5fBXWb5Dcoyjx8/1t/lR5jLtNtt6/9yLl4+MOZvbkt3HSW2bFin05nbTjKOzLNWq6Hf7+sfmgaAzc1NRCXr7M6Hv535fvz8888AgC+++MIqv3z5MgDg4ODAKjft7+8DAL7++mur/OrVqwCAw8NDHB8f48WLF/pH2E21Wg15nqMoCvzyyy8AgG+++caKkd9ZlXmFxtHqhNahT2h9hbbD0LiQtrmMd5Ik3eTjqtVqGA6H6PV6GI1GgPPDwv1+H2tra4jjGEop5HmOPM+tHeju7q6VOO7cuQOllC67c+eOHobZMm1vbyNNUyil0Ov10O12rYQxGAysacr80zQFZj/4HEUR7t27h16vBwAYDod6x99ut3Wsq9lsotvtIssy5HkOzBKHm0hN5h+9NKxFBoOB/n50dGQlqa2tLd1IpGGPx2MdMzurAACIZgm+Wq3q+sEsUbfbbQwGA/0j2AB0zNHREZIkwdHRES5fvmzF9Ho9KKXmflAbANbX16GU0styUvuh1fj111/dIkvZzg8AXrx44RZZXr9+jT///NMtnvP27Vv8/vvvbrFF/l5C42h1QuvQJ7S+QtthaFxI21zGSpOkJJHhcOgO0jqdjt44rVYLjUbD2pljljww23liliAkeZXtQN2jSPMIZzweo9vtAgBu3rwJzOYtcWV3W8lySnLBbGffaDT00QsCNnq/39fb5Pbt29b6LGL+0ZvLcBo3b97USTyOY1SrVX0gYS6LJHkZ1mg0dLIbDoc6qT979kyPIz3efr9vjRfq6OjI+v+i9kNE9D6tNElmWWb15nzMnas4OjqCUgrVatXqWfkSw2l2oM+fP9ffzeQmfMu0jFevXrlFFt9pq8FgAKVUcDJx59Hv9+dOecrH1zuVg4Ld3V0cHR2hKAqdhH29VPMg4/bt27pctuWtW7f0wY0cgBwcHHh7ikREn6qVJknhuwYp3F6D682bN27RnEWngXzcBOM6aZnOatnlFebBhjuNVqsFpZR1SjNJkuDEW3aKxCQx1WpVJ8SHDx+i3+/jxo0b+P7773XseDyeW0b6uPkOjkzffvutW6S5Z39cX375JS5duuQWz/n8889x5coVt9hSr9cBIDiOVie0Dn1C6yu0HYbGhbTNZbyTJFmtVq0VKopCX7dzbxpx+Xp6rpM2lsvXIzW5NwWtmrm8IclJmNdVT9ODXiSk8ZsxkhDzPMejR4/QaDSsHuadO3fmrgPTx00uPfzxxx9Wufz/q6++sspNcinEfUD7t99+AwB89tln+uDKd6PE4eEh4jjGxYsX9U0hMq6QaV+7dg0AguNodULr0Ce0vkLbYWhcSNtcxjtJknB6kz/++KNOfrdu3dLlT5480d/FSb2gRadyy9y4ccMtspjL9C5I5cK5Y/UkrVbLuhHId2foaZm9Qx+5binMhCjby7y2muf53KnWk44k6cNqtVqI4xj/+te/rPJ///vfiOPYqk/3gPbu3buA5+Btf38faZrqtnP//n389ddf1iWAly9f4q+//sL9+/eBWTtK0xT7+/vWW1z+85//AMa8QuNotULqUJjtJLS+QtthaFxo2wzmPhOyrLLnJIU8D2c+myLxZnmapvo5F3nuRZ7BMZ+3M6djzlvKfWXKeEZGns1x5yF84/veomM+w+g+Eyrl7sOybnmWZd5t5jKn6caby+Y+J3nSs4jmOgh3GU0yPXOYbEffM2oyTJa71+vpcX3L5iujd0uePZN2/eDBAwXnDSaTyUTB87zbzs6OqlQqajKZqOl0qh/qdp9Dk7ezTKdTlee5920teZ7rN7OoWdv0vZklNI5WK6QONzY2FJznE0PrK6QdLhMX2jZDnHpvZO64Qz4uc4dorrRwH6R3p+Gbv5ng5GNuFDOhSLzJN747zqIyX7mZUNzpuwnvJO748vElKHf7ouQhWvMAZFGcmm0/96BCzRKrW3/CrCdZTt96+Mro/djb29PtpV6vzx0gyY7O3bEp4/VfmCVRX9uRnRQAPR3f23wmk4luB3Eczz00LkLjaHVC6lASk9sGQuvrpHYoQuNC2maISMnDcURERGR5Z9ckiYiIPnVMkkRERCW8p1vlXZxERETnmTdJEhEREU+3EhERlfr/Ti6wH5zRRfUAAAAASUVORK5CYII=\"\u003e\u003c/div\u003e\n\u003c/div\u003e\n\u003cp\u003eThe Phillips-Perron (PP) and Augmented Dickey-Fuller (ADF) tests were used to evaluate stationarity in the Unit Root Analysis. Given that all p-values are 0.0000, the findings show that every variable including the Environmental Score, Social Score, Governance Score, SDG Index, and Economic Growth is stationary at the first difference. This finding implies that these variables initially had a unit root, meaning they were non-stationary, but stabilized after being differenced. In time-series analysis, ensuring stationarity is essential because it avoids erroneous correlations and enables meaningful econometric modelling, such as vector Autoregression analysis and co-integration tests.\u003c/p\u003e\n\u003ctable id=\"Tab2\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\n \u003cdiv\u003eTable 3\u003c/div\u003e\n \u003cdiv\u003e\n \u003cp\u003eSample of the Study\u003c/p\u003e\n \u003c/div\u003e\n \u003c/caption\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\"\u003e\n \u003cp\u003eContinents\u003c/p\u003e\n \u003c/th\u003e\u003cth align=\"left\"\u003e\n \u003cp\u003eRegion\u003c/p\u003e\n \u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eAfghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Sri Lanka, Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam, China, Mongolia. Japan Korea, Bahrain, Iran, Iraq, Jordan, Kuwait, Lebanon, Qatar, Oman, Saudi Arabia, Syrian Arab Republic, United Arab Emirates, Yemen.\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eAsia\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eAlgeria, Angola, Benin, Botswana, Burkina Faso, Burundi, Cabo Verde, Cameroon, Central African Republic, Chad, Comoros, Congo, Côte D'Ivoire, Djibouti, Egypt, Eswatini, Ethiopia, Gabon, The Gambia,Ghana,Guinea,Guinea-Bissau,Kenya,Lesotho,Liberia,Madagascar,Malawi,Mali,Mauritania,Mauritius,Morocco,Mozambique,Namibia,Niger,Nigeria,Rwanda,São Tomé and Principe, Senegal, Seychelles, Sierra Leone, Somalia, South Africa, South Sudan,Sudan,Swaziland,Tanzania,Togo,Tunisia,Uganda,Zambia,Zimbabwe.\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eAfrica\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eAndorra,Austria,Belgium,France,Germany,Greece,Ireland,Israel,Italy,Lithuania,Luxembourg,Malta,Monaco,Poland,Portugal,Romania,San Marino, Serbia, Slovak Republic, Slovenia, Spain, Switzerland, Turkey, United Kingdom. Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Estonia, Hungary, Latvia, Moldova, Montenegro, Netherland, Norway, Sweden, Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyz Republic, Russia, Tajiskistan, Turkmenistan, Ukraine, Uzbekistan.\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eEurope\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eThe Bahamas, Barbados, Canada, Jamaica, Trinidad and Tobago, United States,, Argentina, Belize, Bolivia, Brazil, chile, Colombia, Costa rica, Cuba, Dominican Republic, Ecuador, El Salvador,Guatemala,Guyana,Haiti,Honduras,Mexico,Nicaragua,Panama,Paraguay,peru,Suriname,Venezuela,Uruguay.\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eAmerica\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\n\u003cp\u003e\u003c/p\u003e\n\u003cp\u003eSample of the study is presented in table with geographic scope which are analyzed the role of corporate governance, social governance, environmental governance and economic growth to achieve the SDGs across the World. Asian Regions covering both developed and developing economies. In addition, Africa region included, North, East, West, Central and Southern Africa countries to evaluate the defined relationship. Further, Europe region included both European Union and non-European union countries. In last, American region, covering the North, South, Central and Caribbean countries are part the study. Oceania and Australia region are not part of the study due to non-availability of the concerned data.\u003c/p\u003e\n\u003ctable id=\"Tab3\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\n \u003cdiv\u003eTable 4\u003c/div\u003e\n \u003cdiv\u003e\n \u003cp\u003eDescriptive statistics\u003c/p\u003e\n \u003c/div\u003e\n \u003c/caption\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\"\u003e\u0026nbsp;\u003c/th\u003e\u003cth align=\"left\"\u003e\n \u003cp\u003eEG\u003c/p\u003e\n \u003c/th\u003e\u003cth align=\"left\"\u003e\n \u003cp\u003eSS\u003c/p\u003e\n \u003c/th\u003e\u003cth align=\"left\"\u003e\n \u003cp\u003eGS\u003c/p\u003e\n \u003c/th\u003e\u003cth align=\"left\"\u003e\n \u003cp\u003eES\u003c/p\u003e\n \u003c/th\u003e\u003cth align=\"left\"\u003e\n \u003cp\u003eSDG\u003c/p\u003e\n \u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eMean\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e3.00778\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e37.8\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e2.838028\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e6.69\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e64.79568\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eMedian\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e3.008095\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e4.0\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e3\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e3.50\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e65.71975\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eMaximum\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e34.5\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e87.2\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e4\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e73.62\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e86.41798\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eMinimum\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e-36.39198\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e2.3\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e2.50\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e38.14322\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eStd. Dev.\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e4.314051\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e50.6\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e0.642399\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e15.38\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e10.38448\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eSkewness\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e-0.571961\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e3.1\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e0.41862\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e4.09\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e-0.322169\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eObservations\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e1128\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e128\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e71\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e79\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e3791\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\n\u003cp\u003e\u003c/p\u003e\n\u003cp\u003eDescriptive statistics provide a comprehensive overview of the dataset, highlighting measures of central tendency, variability, and the structural characteristics of the data distribution. The mean values reflect the overarching levels of each variable, with Economic Growth registering an average of 3.00778, Social Score at 37.8, Governance Score at 2.838, Environmental Score at 6.69, and the SDG Index at 64.79. The standard deviation values indicate considerable variability, particularly evident in the Environmental Score (15.38) and Social Score (50.6), signifying substantial fluctuations in these dimensions across the observed data points. The values of skewness elucidate the asymmetrical characteristics of the distributions. The Environmental Score (4.09) and Social Score (3.1) exhibit significant positive skewness, signifying the presence of extended tails on the right. In contrast, the Economic Growth (-0.571) and SDG Index (-0.322) demonstrate negative skewness, suggesting elongated tails on the left. These distributional attributes have the potential to influence model assumptions and should be taken into account in subsequent statistical analyses.\u003c/p\u003e\n\u003ctable id=\"Tab4\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\n \u003cdiv\u003eTable 5\u003c/div\u003e\n \u003cdiv\u003e\n \u003cp\u003eCorrelation Analysis\u003c/p\u003e\n \u003c/div\u003e\n \u003c/caption\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\"\u003e\u0026nbsp;\u003c/th\u003e\u003cth align=\"left\"\u003e\u0026nbsp;\u003c/th\u003e\u003cth align=\"left\"\u003e\n \u003cp\u003eEG\u003c/p\u003e\n \u003c/th\u003e\u003cth align=\"left\"\u003e\n \u003cp\u003eES\u003c/p\u003e\n \u003c/th\u003e\u003cth align=\"left\"\u003e\n \u003cp\u003eGS\u003c/p\u003e\n \u003c/th\u003e\u003cth align=\"left\"\u003e\n \u003cp\u003eSDG\u003c/p\u003e\n \u003c/th\u003e\u003cth align=\"left\"\u003e\n \u003cp\u003eSS\u003c/p\u003e\n \u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eEG\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eES\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e-0.079\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eGS\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e-0.083\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e0.988\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eSDG\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e-0.170\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e0.331\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e0.320\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eSS\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e0.017\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e0.028\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e0.037\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e-0.039\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\n\u003cp\u003e\u003c/p\u003e\n\u003cp\u003eThe Correlation Analysis unveils significant insights. A strong positive correlation (r = 0.988) exists between the Governance Score and Environmental Score, suggesting that governance improvements are closely tied to enhanced environmental performance. The moderate correlations between the SDG Index and the Environmental Score (r = 0.331) and Governance Score (r = 0.320) suggest that effective governance and environmental initiatives can positively influence SDG attainment. Conversely, the weak negative correlations between Economic Growth and the SDG Index (-0.170), Governance Score (-0.083), and Environmental Score (-0.079) suggest that economic growth does not always align with sustainability. The Social Score's weak correlations with other variables suggest a more independent relationship.\u003c/p\u003e\n\u003ctable id=\"Tab5\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\n \u003cdiv\u003eTable 6\u003c/div\u003e\n \u003cdiv\u003e\n \u003cp\u003eGranger Causality Test\u003c/p\u003e\n \u003c/div\u003e\n \u003c/caption\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\"\u003e\n \u003cp\u003eNull Hypothesis: Asia\u003c/p\u003e\n \u003c/th\u003e\u003cth align=\"left\"\u003e\n \u003cp\u003eObs\u003c/p\u003e\n \u003c/th\u003e\u003cth align=\"left\"\u003e\n \u003cp\u003eF-Statistic\u003c/p\u003e\n \u003c/th\u003e\u003cth align=\"left\"\u003e\n \u003cp\u003eProb.\u003c/p\u003e\n \u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eSS does not Granger Cause SDG\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e601\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e4.14\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e3.E-05\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eSDG does not Granger Cause SS\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e10.25\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e1.E-15\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eGS does not Granger Cause SDG\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e601\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e6.50\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e3.E-09\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eSDG does not Granger Cause GS\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e16.94\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e2.E-27\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eES does not Granger Cause SDG\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e601\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e4.23\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e2.E-05\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eSDG does not Granger Cause ES\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e6.58\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e2.E-09\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eEG does not Granger Cause SDG\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e595\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e4.28\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e2.E-05\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eSDG does not Granger Cause EG\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e2.08\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e0.0279\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003eNull Hypothesis: Africa\u003c/strong\u003e\u003c/p\u003e\n \u003cp\u003eSS does not Granger Cause SDG\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e618\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e44.08\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e7.E-74\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eSDG does not Granger Cause SS\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e0.29258\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e0.9770\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eGS does not Granger Cause SDG\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e618\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e8.27\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e3.E-12\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eSDG does not Granger Cause GS\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e275.04\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e0.0000\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eES does not Granger Cause SDG\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e618\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e22.63\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e3.E-37\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eSDG does not Granger Cause ES\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e44.34\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e6.E-74\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eEG does not Granger Cause SDG\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e618\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e7.22\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e2.E-10\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eSDG does not Granger Cause EG\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e398.63\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e0.0000\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003eNull Hypothesis: Europe\u003c/strong\u003e\u003c/p\u003e\n \u003cp\u003eSS does not Granger Cause SDG\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e623\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e36.11\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e3.E-60\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eSDG does not Granger Cause SS\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e50.28\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e1.E-83\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eGS does not Granger Cause SDG\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e623\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e19.04\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e5.E-31\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eSDG does not Granger Cause GS\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e30.46\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e9.E-51\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\n\u003cdiv align=\"left\"\u003e\u003cbr\u003e\u003c/div\u003e\n\u003ctable id=\"Taba\" border=\"1\"\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\"\u003e\n \u003cp\u003eES does not Granger Cause SDG\u003c/p\u003e\n \u003c/th\u003e\u003cth align=\"left\"\u003e\n \u003cp\u003e623\u003c/p\u003e\n \u003c/th\u003e\u003cth align=\"left\"\u003e\n \u003cp\u003e3.32\u003c/p\u003e\n \u003c/th\u003e\u003cth align=\"left\"\u003e\n \u003cp\u003e2.E-02\u003c/p\u003e\n \u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eSDG does not Granger Cause ES\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e5.51\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e2.E-06\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eEG does not Granger Cause SDG\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e614\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e5.28\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e2.E-04\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eSDG does not Granger Cause EG\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e2.06\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e0.0261\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cstrong\u003eNull Hypothesis: America\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eSS does not Granger Cause SDG\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e632\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e41.06\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e7.E-72\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eSDG does not Granger Cause SS\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e0.2574\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e0.8750\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eGS does not Granger Cause SDG\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e632\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e9.21\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e3.E-10\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eSDG does not Granger Cause GS\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e261.04\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e0.0000\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eES does not Granger Cause SDG\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e632\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e19.63\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e3.E-36\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eSDG does not Granger Cause ES\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e41.34\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e6.E-75\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003eEG does not Granger Cause SDG\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e632\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e8.21\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e2.E-11\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eSDG does not Granger Cause EG\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e372.63\u003c/p\u003e\n \u003c/td\u003e\u003ctd align=\"left\"\u003e\n \u003cp\u003e0.0000\u003c/p\u003e\n \u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\n\u003cp\u003e\u003c/p\u003e\n\n\n\n\n\n\u003cp\u003e\u003cbr\u003e\u003c/p\u003e\n\n\n"},{"header":"Region wise Discussion","content":"\u003cp\u003eThe social governance and corporate governance are strongly linked to achieve the SDGs outcome in Asia. These two are bidirectional relationship with SDG and recommended to focus multi sector policies about social governance and corporate governance in Asia. Further, environmental governance are also moderately significant with SDGs outcome. This is aligned with (Khan, 2019). This study is also recommended to focus to protect environment to promote SDGs outcome. These evidences are advancing that social governance, corporate governance and environmental governance are key drivers to accelerate the SDGs outcome in Asia. This is consistent with (Kuzey et al., 2023). It is an evident that social governance is significant relationship with SDGs outcome in Africa. Further, corporate governance, environment governance and economic growth are also interlinked with SDGs. African countries need to be focus on governce reforms, consistent economic policies and protecting their environment to achieve the SDGs outcome in Africa. These three factors are bidirectional relationship with SDGs and recommended to make strategic level development in social governance along-with economic growth. It is found in the study that corporate governance, social governance, environmental governance and economics growth are four key ingredients of sustainability areas in Europe. Out of these, social governance and corporate governance are the most significant predictors for SDGs outcome in Europe. On the basis of this outcome, a balanced approach and consistent approach to policy could make significant impact on SDGs. These recommendations, put a significant impact to achieve the SDGs outcome in Europe. It is found in our research that SDG implementation is connected with corporate governance, social governance, and economic growth and with environmental governance in America. Accordingly, these are bidirectional causality relationship in this region. Furthermore, social governance is unidirectional relationship with SDGs. All these evidences recommended to put attention toward in health, education and in business. There is a two-way relationship a good corporate governance, environmental governance led to better SDG.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eWorld Perspective Discussion\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eThe Granger Causality Test was employed to ascertain the directional interrelationships among the variables under investigation. The findings reveal a bidirectional causality between the SDG Index and each component of ESG (Environmental, Social, and Governance Scores), implying the existence of a feedback mechanism wherein ESG factors propel advancements in SDG outcomes, which subsequently affect ESG performance. It is aligned with (Sharma et al., 2020). Furthermore, Economic Growth demonstrates bidirectional causality with the Social Score, Governance Score, and Environmental Score, indicating that economic conditions reciprocally influence and are influenced by the dynamics of sustainability and governance (Kumar, King, \u0026amp; Ranta, 2024).. Nevertheless, while the Governance Score Granger-causes the Social Score, the Social Score does not exhibit a significant Granger-causal relationship with the Governance Score, thereby suggesting that enhancements in governance lead to improved social conditions; conversely, the latter does not appear to substantiate its influence on governance strongly.\u003c/p\u003e\u003cp\u003eComparably, robust bidirectional causality is observed between the Environmental Score and the Governance Score, underscoring the notion that governance policies exert a considerable influence on environmental performance, and conversely. The outcomes from investigations suggest that Environmental, social, and governance (ESG) scopes are vital in determining sustainable growth and economic outcomes. The vigorous relationship between governance and ecological performance emphasizes the importance of clear and moral governance outlines in encouraging sustainable creativities. Besides, the study observed an indirect relationship between SDG performance and economic growth. This observation underscores the need for unified plans that integrate financial, ecological, and community considerations. Both ESG scores and SDG presentation have exhibited a growing trend over the years, suggesting a probable causal association (Wang \u0026amp; Sarkis, 2017).\u003c/p\u003e\u003cp\u003eThe bidirectional relations recognized in the Granger Causality Test suggest that policymakers should adopt an all-inclusive approach, confirming that economic policies are linked to sustainability goals to produce lasting, beneficial consequences. Generally, the results highlight the codependent character of ESG issues combined with sustainable development, signifying that the realization of the United Nations 2030 Agenda for Sustainable Development demands a unified approach where governance, environmental policies, and social contexts collaboratively function to ease economic development while conserving environmental integrity and societal wellbeing. To accelerate development in achieving the SDGs, leadership should enhance administrative guidelines, integrate environmental regulations, and promote social equity.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eDiscussion and Policy Recommendations\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eThe study's outcome also suggests a feedback loop where ESG policies not only contribute to SDG progress, but the latter also helps deepen the ESG commitment. Germany's ESG disclosure law is a notable example of this, as it not only directly increased green investment and public accountability but also helped several SDG indicators improve. The results broadly indicate that the dimensions of ESG are deeply linked to the outcomes of the SDGs. The environmental and governance aspects significantly positively influence the progress of SDGs; thus, environmental and governance scores are at the core of sustainable development. Governance, ethics, and environmental management are at the heart of sustainable development. Social scores indicate a medium but statistically significant effect, highlighting the importance of inclusive policies and fair social practices. The identified mutual connections between ESG and SDGs reflect the cyclical nature of sustainability: on the one hand, an increase in ESG performance accelerates progress toward the SDGs, and on the other hand, it drives further ESG adoption.\u003c/p\u003e"},{"header":"Conclusion","content":"\u003cp\u003eThe study shows that environmental governance, social governance, and corporate governance (ESG) factors are the main facilitators for the fulfillment of the UN Sustainable Development Goals across the World period covering from 2000 to 2023. The Granger causality test results verify that these ESG dimensions are the drivers of the SDG changes as well as being influenced by the SDG changes; hence, a dynamic and reciprocal relationship is established. The governance mechanisms that help to improve the environmental performance are the main energy source that moves the sustainable results, with the social governance just behind. Besides, the study brings out a pivotal point: economic growth is not enough for sustainable development if it is not merged with ethical governance, environmental protection, and social equity. These results show that the governments, corporations, and international institutions need to adhere to holistic and consistent strategies that allow ESG principles to be part of their developmental frameworks. By improving governance quality, supporting green and inclusive policies, and promoting social responsibility, countries can speed up their progress towards Agenda 2030 and beyond. The results presented in this article provide crucial direction for officials, businesses, and organizations that are dedicated to inclusive, sustainable development worldwide.\u003c/p\u003e"},{"header":"Declarations","content":"\u003cp\u003eWe, the undersigned authors, hereby declare that:\u003c/p\u003e\n\u003col\u003e\n \u003cli\u003eWe voluntarily consent to participate in the preparation, submission, and publication of the above-mentioned manuscript in \u003cem\u003eDiscover Sustainability\u003c/em\u003e.\u003c/li\u003e\n \u003cli\u003eWe confirm that the research was conducted in accordance with academic integrity, ethical principles, and applicable institutional guidelines.\u003c/li\u003e\n \u003cli\u003eWe agree that the data, analyses, and findings presented are original, accurate to the best of our knowledge, and free from plagiarism.\u003c/li\u003e\n \u003cli\u003eWe acknowledge that all listed authors have made substantial contributions to the conception, design, analysis, or interpretation of the study, and have approved the final version of the manuscript.\u003c/li\u003e\n \u003cli\u003eWe confirm that the manuscript has not been submitted simultaneously or previously published in any other journal.\u003c/li\u003e\n \u003cli\u003eWe accept responsibility for the content of the article and consent to its publication in \u003cem\u003eDiscover Sustainability\u003c/em\u003e.\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eData Availability Link:\u003c/p\u003e\n\u003ch4\u003e\u003cstrong\u003eData publicly available in a repository:\u003c/strong\u003e\u003c/h4\u003e\n\u003cul type=\"disc\"\u003e\n \u003cli\u003eThe datasets generated by the World Bank indicators during and/or analyzed during the current study are available in the WDI repository.\u003c/li\u003e\n \u003cli\u003e\u0026nbsp;https://databank.worldbank.org/source/environment-social-and-governance-(esg)-data\u003c/li\u003e\n\u003c/ul\u003e"},{"header":"References","content":"\u003col\u003e\u003cli\u003e\u003cspan\u003eAwan AG. 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Resour Policy. 2021;73:102156. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003e.https://doi.org/10.1016/j.resourpol.2021.102156\u003c/span\u003e\u003cspan address=\".10.1016/j.resourpol.2021.102156\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":false,"hideJournal":false,"highlight":"","institution":"","isAcceptedByJournal":true,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"discover-sustainability","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":false,"externalIdentity":"disu","sideBox":"Learn more about [Discover Sustainability](https://www.springer.com/43621)","snPcode":"","submissionUrl":"","title":"Discover Sustainability","twitterHandle":"","acdcEnabled":true,"dfaEnabled":true,"editorialSystem":"stoa","reportingPortfolio":"Discover Series","inReviewEnabled":true,"inReviewRevisionsEnabled":true},"keywords":"Environmental, Social, and Governance (ESG), Sustainable Development Goals (SDGs), UN 2030 Agenda, Cross-Country Panel Data Analysis","lastPublishedDoi":"10.21203/rs.3.rs-7415927/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-7415927/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eThe role of the environmental governance, social governance, and corporate governance (ESG) toward achieving SDGs within the 2030 agenda is investigated using a sample of data from 167 countries for the period covering from 2000 to 2023, employing econometric techniques such as unit root tests, descriptive analysis, correlation analysis, and Granger causality tests in the study. This study found ESG are bidirectional relationship with SDGs in Asia and recommended to improve environmental protection along-with multi-sector policies to enhance the SDGs in Asia continent. In addition, social governance is strongest significant with SDGs in Africa continent. Therefore, need to focus to social reforms, consistent economic policies and strategic level development in social governance along-with economic growth. ESG are key drivers along-with economic growth to accelerate SDGs in Europe and America continents. A balanced approach and consistent policy would be helpful to promote SDGs in Europe and America continents. All these evidences are recommended to put attention toward health, education, business and protecting the environment to achieve the SDGs. This study contributes to the global conversation about sustainability by stating that ESG factors are essential for sustainable development and need to be strategically aligned to achieve the UN SDG targets.\u003c/p\u003e","manuscriptTitle":"Global Pathways to Sustainability ESG Practices Driving SDG Achievement","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2025-12-05 12:37:09","doi":"10.21203/rs.3.rs-7415927/v1","editorialEvents":[{"type":"communityComments","content":0},{"type":"decision","content":"Revision requested","date":"2026-01-27T12:53:44+00:00","index":"","fulltext":""},{"type":"editorInvitedReview","content":"","date":"2026-01-18T07:27:10+00:00","index":"hide","fulltext":""},{"type":"reviewerAgreed","content":"120050951846160130413687838457658384887","date":"2026-01-09T17:58:25+00:00","index":"hide","fulltext":""},{"type":"editorInvitedReview","content":"","date":"2025-12-12T07:22:26+00:00","index":"hide","fulltext":""},{"type":"reviewerAgreed","content":"226357353891371349076769256659495127547","date":"2025-12-12T02:01:11+00:00","index":"hide","fulltext":""},{"type":"reviewerAgreed","content":"50005785548342406517080817026177625390","date":"2025-12-06T07:01:57+00:00","index":"hide","fulltext":""},{"type":"reviewersInvited","content":"","date":"2025-12-03T15:04:48+00:00","index":"","fulltext":""},{"type":"editorAssigned","content":"","date":"2025-10-11T14:11:47+00:00","index":"","fulltext":""},{"type":"checksComplete","content":"","date":"2025-09-30T03:18:52+00:00","index":"","fulltext":""},{"type":"submitted","content":"Discover Sustainability","date":"2025-09-30T03:14:49+00:00","index":"","fulltext":""}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"discover-sustainability","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":false,"externalIdentity":"disu","sideBox":"Learn more about [Discover Sustainability](https://www.springer.com/43621)","snPcode":"","submissionUrl":"","title":"Discover Sustainability","twitterHandle":"","acdcEnabled":true,"dfaEnabled":true,"editorialSystem":"stoa","reportingPortfolio":"Discover Series","inReviewEnabled":true,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"be75ec38-4490-4ebd-95bb-e786cd46fffc","owner":[],"postedDate":"December 5th, 2025","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"under-review","subjectAreas":[],"tags":[],"updatedAt":"2026-03-13T12:11:06+00:00","versionOfRecord":[],"versionCreatedAt":"2025-12-05 12:37:09","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-7415927","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-7415927","identity":"rs-7415927","version":["v1"]},"buildId":"8U1c8b4HqxoKbykW_rLl7","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}