An empirical approach for ESG strategies: policy guidelines for entrepreneurs

PurposeThis study aims to investigate the strategic priorities of environmental, social and governance (ESG) factors in the contexts of the United States, Korea and Bangladesh. Specifically, it examines how entrepreneurs can integrate these priorities into business operations to drive long-term success, including sustainable revenue growth and enhanced brand perception.Design/methodology/approachUsing a ranked-order approach, this study analyzed a sample of 512 responses from the United States (n = 107), Korea (n = 292) and Bangladesh (n = 113) to prioritize ESG factors for each country. We also conducted a one-way ANOVA to measure how individuals ranked ESG by level of importance in three countries.FindingsThe findings of this study reveal that ESG should be tailored to specific business contexts within each country rather than treated as a universal global standard. More specifically, in the United States, entrepreneurs place significant emphasis on all three ESG dimensions – environmental, social and governance. In contrast, entrepreneurs in Korea prioritize governance factors over social and environmental considerations. Meanwhile, in Bangladesh, the focus is primarily on environmental factors.Originality/valueThis study serves as an eye-opener for entrepreneurs in the United States, Korea and Bangladesh, highlighting where they should focus their efforts when considering ESG factors. It is also the first comparative analysis of ESG priorities across developed and developing countries.