A Data-Driven Investigation of Risk Measurement and Its Association with Financial Performance for Corporate Sustainability: Comparative Evidence from the Manufacturing and Health Sectors

Abstract

This study investigates the critical relationship between data-driven risk measurement and financial performance within the broader context of corporate sustainability, offering a comprehensive comparative analysis between the manufacturing and health sectors. By constructing a robust quantitative risk indicator system encompassing operational risk, environmental, social, and governance (ESG) risk, and financial volatility, the research rigorously examines how varying degrees of risk exposure influence long-term corporate performance and strategic management decision-making. A sophisticated mixed-methods approach, integrating qualitative case analysis and quantitative panel data regression, is employed to ensure methodological rigor. The empirical findings reveal highly distinct, sector-specific patterns. In the manufacturing industry, operational risk emerges as the strongest negative predictor of financial performance, directly reflecting the absolute centrality of production processes and supply chain reliability. Conversely, in the health sector, ESG risk dominates as the primary risk factor, highlighting the paramount importance of corporate governance, strict regulatory compliance, and sustained stakeholder trust. Furthermore, financial volatility consistently demonstrates significant negative associations with performance across both sectors. The qualitative case studies provide profound contextual depth, illustrating exactly how supply chain disruptions in manufacturing and governance failures in healthcare translate into severe financial consequences. Ultimately, this study contributes valuable empirical evidence regarding the differential impact of sustainability-related risks across distinct industries. It offers actionable insights for corporate managers to tailor risk mitigation strategies to specific sector contexts, and for policymakers to design highly differentiated regulatory approaches, underscoring that effective risk management must be sector-specific rather than uniformly applied.