“UWaterloo researcher Tony Wirjanto finds that investment strategies built on ESG principles deliver stronger, more resilient returns — even during times of economic stress… The study, titled ESG information integration into portfolio optimization is published in the Journal of Risk Management in Financial Institutions. “

[COMMENTARY] This is another good study on the case for ESG investing. The one drawback of this study is that it only covers the period from 2014 to 2019.
Doing good really does pay: the financial case for sustainable investing, by Tony Wirjanto, December 3, 2025, School of Accounting and Finance, University of Waterloo, Canada.