研究團隊於學術期刊「國際商務與金融研究」（Research in International Business and Finance）發表題為「了解 ESG 的資源部署效率和財務績效：DEA 方法」（Understanding resource deployment efficiency for ESG and financial performance: A DEA approach）的學術文章，分析了效率測量於環境、社會及管治（ESG）投資的應用。有關研究為研究資助局2021/2022年度本地自資學位界別競逐研究資助計劃下的「教員發展計劃」資助項目「結構效率測量的統一框架：理論與應用」（UGC/FDS15/E02/21）成果的一部分。
論文摘要（英文）：
COVID-19 has stimulated additional research interest on economic sustainability and ESG in both academia and industry. This study adopts a DEA approach to examine the efficiency of achieving ESG targets and their relationships with financial performance. Using MSCI ESG data from 2015 to 2019 on 1108 Chinese firms, we examine the ESG proportional and pillar mix efficiencies. The dominant strategies for our sampled firms are to improve overall ESG performance by enhancing the E and S pillars through sacrificing G’s performance. The second result shows a positive relationship between proportional efficiency and financial performance while a mixed relationship between pillar mix efficiency and financial performance. However, for the technology sector, there exists some trade-offs between ESG performance and financial performance. Specifically, relative to non-technology firms, improving proportional and pillar mix efficiencies for technology firms could result in some sacrifice in stock valuation.