Does ESG create financial value, or is it merely an artefact of regulation? This question has become increasingly difficult to answer because the mandatory disclosure requirements have reshaped corporate behaviour since 2020. The present thesis addresses the issue directly by examining the relationship between ESG and financial performance in a predominantly voluntary setting, using a global sample of firms observed over a period of 2014-2018, before the major regulatory wave that transformed ESG from a strategic choice into a legal obligation. The analysis is structured into two levels. First, a descriptive investigation of pillar-level ESG scores (Environmental, Social, and Governance) examines their distribution, temporal trends, and inter-correlations across sectors and markets.