ESG analysis considers an entity's interactions with the natural world and society, along with the quality of its governance. S&P Global Ratings believes ESG analysis provides a holistic view of potential areas of environmental and social risk and opportunity for companies in rapidly evolving markets. Some empirical data suggest ties between strong performance on environmental, social, and governance (ESG) factors and improved corporate financial performance and investment returns. However, the findings are largely mixed, and relatively few studies have explored these dynamics outside the equity field.