https://ojs.uni-miskolc.hu/index.php/tmp <p>Theory, Methodology, Practice (TMP) – Review of Business and Management was launched by the Faculty of Economics, University of Miskolc in 2002, with the aim of providing a forum for high-quality original research papers on the subject of business (including the business environment) and management.</p> University of Miskolc, Faculty of Economics en-US Theory, Methodology, Practice – Review of Business and Management 1589-3413 https://ojs.uni-miskolc.hu/index.php/tmp/article/view/4891 <p>This study examines the relationship between environmental, social, and governance (ESG) performance and foreign direct investment (FDI) inflows across countries, with particular attention to the individual ESG pillars. The analysis covers 189 countries over 2011–2025, using period averages to construct a cross-sectional dataset. ESG performance is derived from Sustainable Development Goal indicators and analyzed both as an aggregate index and through its environmental, social, and governance pillars. Descriptive statistics, Pearson correlation analysis, and ordinary least squares regression with macroeconomic controls are employed. The aggregate ESG index is not significantly associated with FDI inflows. Governance is negatively and significantly associated with FDI, while the environmental pillar is positive but insignificant in the main model and becomes significant after excluding two influential observations. The social pillar remains insignificant. Overall, the results indicate substantial heterogeneity across ESG dimensions.</p> <p>&nbsp;</p> Janka Grofčíková Katarína Izáková Copyright (c) 2026 Janka Grofčíková, Katarína Izáková https://creativecommons.org/licenses/by/4.0 2026-11-03 2026-11-03 22 02 3 14 10.18096/TMP.2026.02.01