Corporate sustainability in the Nordic countries – The curvilinear effects on shareholder returns
نویسندگان
چکیده
The purpose of this paper is to investigate the effects Corporate Sustainability (CS; actual practices and reporting) on total shareholder returns (TSR). We also subcomponents Sustainability, i.e., environmental, social, governance practices. use fixed regression models relationship between TSR using 944 firm-year observations in Nordic stock markets. proxy sustainability reporting through Bloomberg's Environmental Social Governance (ESG) scores. Our robustness checks include tests for causality non-linearity relationship. find a positive relation CS TSR. Especially disclosure adds value. Firms that over-report, however, experience declines confirm our findings. This study highlights value relevance disclosing relate Sustainability. extend previous studies solely focus disclosure.
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ژورنال
عنوان ژورنال: Journal of Cleaner Production
سال: 2021
ISSN: ['0959-6526', '1879-1786']
DOI: https://doi.org/10.1016/j.jclepro.2021.127962