Date of Award


Degree Type

Doctoral Dissertation

Degree Name

Doctor of Business Administration (DBA)


Jack Welch College of Business


Submitted in partial fulfillment of the requirements for the degree of Doctor of Business Administration in Finance, Sacred Heart University, Jack Welch College of Business and Technology, Fairfield, Connecticut.

Dissertation Number DBA09/2023.

Dissertation Supervisor

Dr. Lorán Chollete

Committee Member

Dr. Fatima Jebari

Committee Member

Dr. Mahfuja Malik


This paper examines the impact of Environmental, Social, and Governance (ESG) scores on U.S. insurance companies' financial performance and is among the first to do so. The existing literature has sundry conclusions on whether there is any impact; this study intends to add to the existing literature to elucidate an answer. In this study, the financial ratio, net profit margin, is used as the dependent variable. The ESG score, governance score, and governance metrics such as the number of independent directors on the audit committee, size of the compensation committee, board size, and the number of executives are used as the independent variables in addition to leverage and the firm size. 65 U.S. insurance companies are reviewed. This study is conducted using comparative and statistical analysis. The findings illustrate that governance factors do have a positive, statistically significant, impact on U.S. Insurance companies’ financial performance.

JEL Classification

G2, G3, G4, M2

Creative Commons License

Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License.



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