This study investigates the relationship between monetary policy uncertainty and the Environmental, Social, and Governance (ESG) performance of energy firms. For empirical analysis this study used unbalanced panel data of 3991 firm-year observations from 35 countries covering the period from 2002 to 2021. Utilizing the Shadow Short Rate as a proxy for monetary policy uncertainty, our baseline results reveal a consistent negative association between uncertainty and ESG performance within the energy sector. To address endogeneity concerns, two-step system GMM, 2SLS, and PSM were employed. The channel analysis on the interaction between monetary policy uncertainty and eco-friendly practices indicated a positive association between the interaction and energy firms' ESG performance. Thus, strategic alignment with sustainability goals is crucial for mitigating the adverse impacts of monetary policy uncertainty and ensuring long-term ESG performance of energy firms. Policy implications suggest that regulators can contribute to economic stability by reducing uncertainty, while policymakers can incentivize sustainable practices.

中文翻译：

---

能源公司的货币政策不确定性和 ESG 表现


本研究调查了货币政策不确定性与能源公司的环境、社会和治理（ESG）绩效之间的关系。为了进行实证分析，本研究使用了来自 35 个国家 2002 年至 2021 年期间 3991 个公司年度观察结果的不平衡面板数据。利用影子短期利率作为货币政策不确定性的代理，我们的基线结果揭示了不确定性和不确定性之间存在一致的负相关关系。能源行业的 ESG 表现。为了解决内生性问题，采用了两步系统 GMM、2SLS 和 PSM。对货币政策不确定性与环保实践之间相互作用的渠道分析表明，这种相互作用与能源公司的 ESG 绩效呈正相关。因此，与可持续发展目标的战略一致性对于减轻货币政策不确定性的不利影响和确保能源公司的长期 ESG 绩效至关重要。政策影响表明，监管机构可以通过减少不确定性来促进经济稳定，而政策制定者可以激励可持续的做法。