Financial Metrics and Environment, Social, Governance (ESG) Performance: A Cross Border Comparison of China and the UK Construction Industries
Abstract
1. Introduction
2. Literature Review
“How do financial metrics influence ESG performance, and how does this relationship vary across institutional frameworks, particularly between China and the UK?”
3. Method
3.1. Methodology
3.2. Research Design
3.3. Data Collection and Preprocessing
3.3.1. Data Sources
- ifinD—Provides financial (e.g., ROA, current ratio, debt-to-equity ratio) and ESG data for 97 Chinese construction companies.
- Bloomberg—Supplies standardised ESG scores and financial metrics for 15 UK construction firms.
- Fame—Offers financial information on UK companies, ensuring a cross-validation of financial ratios.
3.3.2. Data Cleaning and Reliability Measures
- Handling Missing Data—Companies with excessive missing values (≥10% of key financial and ESG metrics) were excluded, reducing the Chinese sample from 108 to 97 firms.
- Outlier Detection and Adjustment—Extreme values in financial ratios were identified using boxplots and histograms. Outliers were either capped at the 1st/99th percentiles or set to zero if their presence was deemed to distort the model.
- Ensuring Data Consistency—ESG scoring methodologies across databases were cross-validated to align weighting and definition structures.
3.3.3. Variable Selection for the Study
3.4. Statistical Modelling
3.4.1. Regression Model Specification
- Yi = ESG score of firm i.
- n = number of dependent variables.
- β0, Intercept term.
- β1…, βn = Regression coefficients of independent variables.
- ϵi = Error term accounting for unexplained variance.
- Yi represents the actual dependent variable values.
- represents the predicted values.
- βj are the regression coefficients.
- λ (the tuning parameter) controls the amount of regularisation.
3.4.2. Model Evaluation Metrics
- R-Squared (R2) and Adjusted R2—Measures the proportion of variance explained by the model. Values closer to 1 indicate a better fit, while lower values suggest limited explanatory power. However, excessively high R-squared values may indicate multicollinearity among independent variables, potentially leading to instability and inaccurate coefficient estimates.
- ANOVA F-Test—Assesses the statistical significance of independent variables in predicting ESG scores. For categorical data, the test also identifies statistically significant group differences in the dependent variable [66].
- Durbin–Watson Statistic—Tests for autocorrelation in residuals.
- Mean Absolute Error (MAE) and Root Mean Squared Error (RMSE)—Evaluate model accuracy.
- Tolerance and Variance Inflation Factor (VIF) are used to detect multicollinearity among independent variables. From the data, it can be observed that the tolerance of all variables is greater than 0.1, and the VIF is less than 10, indicating that there is no serious multicollinearity problem among the independent variables.
3.5. Cross-Country Validation
4. Results and Analysis
4.1. ESG Disclosure and Financial Performance in the Construction Industry
4.1.1. Descriptive Statistics and ESG Disclosure Trends of Chinese and British Construction Enterprises
4.1.2. Financial Performance and Variability
4.1.3. Regression Analysis and Model Validation
5. Discussion
5.1. Financial Determinants of ESG Performance
5.2. Are There Significant Regional Differences in the Financial-ESG Relationship?
5.3. How ESG Performance Rating Influences ESG Leadership Across Geographic Regions
6. Conclusions and Recommendations
Supplementary Materials
Author Contributions
Funding
Data Availability Statement
Conflicts of Interest
References
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Indicator | Mean | SD | Min | Max | Skewness |
---|---|---|---|---|---|
ESG Disclosure Score | 51.49 | 8.49 | 30.99 | 72.52 | 0.067 |
Social Disclosure Score | 46.67 | 8.63 | 26.25 | 71.60 | −0.065 |
Governance Disclosure Score | 50.65 | 13.97 | 22.73 | 82.74 | 0.043 |
Environmental Disclosure Score | 60.84 | 5.91 | 46.35 | 73.56 | 0.123 |
Indicator | Mean | SD | Min | Max | Skewness |
---|---|---|---|---|---|
ESG Disclosure Score | 46.03 | 11.66 | 25.00 | 65.23 | 0.086 |
Social Disclosure Score | 29.42 | 11.39 | 13.57 | 56.32 | 0.642 |
Governance Disclosure Score | 73.40 | 19.37 | 35.00 | 109.65 | −0.413 |
Environmental Disclosure Score | 35.12 | 16.42 | 7.88 | 71.82 | 1.041 |
Indicator | China (Mean ± SD) | UK (Mean ± SD) | Skewness (China/UK) |
---|---|---|---|
Profit Margin (%) | −48.15 ± 188.60 | 6.59 ± 7.77 | −6.153/0.122 |
Return on Shareholders’ Funds (%) | 4.27 ± 14.91 | 11.09 ± 14.17 | 9.019/−2.048 |
Return on Capital Employed (%) | −1.64 ± 43.16 | 9.31 ± 10.01 | −2.129/−0.886 |
Current Ratio | 1.3 ± 0.71 | 0.87 ± 0.28 | 2.316/0.696 |
Gearing (%) | 71.97 ± 19.94 | 41.21 ± 35.30 | 0.362/1.457 |
Return on Total Asset | 0.75 ± 4.40 | 5.21 ± 5.56 | 0.416/−1.95 |
EBIT margin | 1.29 ± 12.06 | 6.60 ± 7.19 | 9.743/−0.161 |
Net Assets Turnover | 2.55 ± 3.67 | 2.75 ± 2.72 | 3.204/1.456 |
Model | Coefficients | |||||||
---|---|---|---|---|---|---|---|---|
Unstandardised Coefficients | Standardised Coefficients | t | Sig. | 95.0% Confidence Interval for β | Correlations | |||
β | Std. Error | β | Lower Bound | Upper Bound | Zero-Order | |||
(Constant) | −0.198 | 2.160 | −0.092 | 0.927 | −4.493 | 4.097 | ||
Social Information Disclosure Score | 0.392 | 0.021 | 0.399 | 18.288 | 0.000 | 0.350 | 0.435 | 0.777 |
Governance Disclosure Score | 0.386 | 0.014 | 0.635 | 26.686 | 0.000 | 0.357 | 0.414 | 0.907 |
Environmental Disclosure Score | 0.209 | 0.029 | 0.146 | 7.118 | 0.000 | 0.151 | 0.268 | 0.536 |
Profit Margin | 0.000 | 0.001 | 0.010 | 0.524 | 0.602 | −0.001 | 0.002 | 0.274 |
Return on Shareholders’ Funds | 0.004 | 0.014 | 0.007 | 0.299 | 0.766 | −0.023 | 0.032 | 0.144 |
Return on Capital Employed | −0.002 | 0.005 | −0.012 | −0.491 | 0.624 | −0.012 | 0.007 | 0.269 |
Current ratio | 0.255 | 0.339 | 0.021 | 0.753 | 0.454 | −0.419 | 0.929 | 0.138 |
Gearing | 0.007 | 0.012 | 0.016 | 0.545 | 0.587 | −0.018 | 0.031 | −0.095 |
Return on Total Assets | 0.088 | 0.037 | 0.045 | 2.358 | 0.021 | 0.014 | 0.162 | 0.101 |
EBIT margin | −0.013 | 0.014 | −0.018 | −0.936 | 0.352 | −0.040 | 0.014 | −0.012 |
Net Assets Turnover | 0.102 | 0.046 | 0.044 | 2.228 | 0.029 | 0.011 | 0.193 | 0.094 |
Name | Actual | Forecast/Prediction | Discrepancy | Proportion/Percentage |
---|---|---|---|---|
Watkin Jones PLC | 25.00 | 24.42 | 0.58 | 2.33% |
Vistry Group PLC | 35.07 | 36.07 | −1.01 | −2.87% |
Severfield PLC | 42.13 | 47.39 | −5.26 | −12.49% |
Renew Holdings PLC | 41.11 | 40.89 | 0.22 | 0.53% |
Persimmon PLC | 43.30 | 43.10 | 0.20 | 0.46% |
Morgan Sindall Group PLC | 52.91 | 54.90 | −1.99 | −3.76% |
Kier Group PLC | 36.70 | 36.23 | 0.47 | 1.27% |
Henry Boot PLC | 47.68 | 50.93 | −3.25 | −6.81% |
Galliford Try Holdings PLC | 32.00 | 31.29 | 0.71 | 2.22% |
Crest Nicholson Holdings Plc | 43.89 | 46.53 | −2.64 | −6.01% |
Costain Group PLC | 56.25 | 59.68 | −3.42 | −6.09% |
Berkeley Group Holdings PLC | 62.75 | 64.59 | −1.84 | −2.94% |
Bellway PLC | 65.23 | 62.83 | 2.40 | 3.69% |
Barratt Redrow PLC | 60.31 | 58.08 | 2.24 | 3.71% |
Balfour Beatty PLC | 46.13 | 48.34 | −2.21 | −4.79% |
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Martin, H.; Zhou, Y.; Raman, R. Financial Metrics and Environment, Social, Governance (ESG) Performance: A Cross Border Comparison of China and the UK Construction Industries. Buildings 2025, 15, 1236. https://doi.org/10.3390/buildings15081236
Martin H, Zhou Y, Raman R. Financial Metrics and Environment, Social, Governance (ESG) Performance: A Cross Border Comparison of China and the UK Construction Industries. Buildings. 2025; 15(8):1236. https://doi.org/10.3390/buildings15081236
Chicago/Turabian StyleMartin, Hector, Yuheng Zhou, and Raghu Raman. 2025. "Financial Metrics and Environment, Social, Governance (ESG) Performance: A Cross Border Comparison of China and the UK Construction Industries" Buildings 15, no. 8: 1236. https://doi.org/10.3390/buildings15081236
APA StyleMartin, H., Zhou, Y., & Raman, R. (2025). Financial Metrics and Environment, Social, Governance (ESG) Performance: A Cross Border Comparison of China and the UK Construction Industries. Buildings, 15(8), 1236. https://doi.org/10.3390/buildings15081236