Abstract Environmental, social, and governance (ESG) performance has increasingly become the most pressing concern for governments, social organizations, companies, and other stakeholders. Understanding macro ESG behavior can assist governments in achieving their sustainable development goals (SDGs). In this paper, we investigate whether the macro ESG index of OPEC and non‐OPEC oil‐producing countries over the period 1990–2020 exhibits mean‐reversion behavior and whether the external shocks are transient or permanent. By conducting a series...
