Agoraki, Maria-Eleni K., Giaka, Maria, Konstantios, Dimitrios and Patsika, Victoria ![]() ![]() |
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Abstract
This study examines the association between firms’ ESG reputational risk and financial performance under the EU regulatory policy changes and the COVID-19 period. Analyzing a panel of 1,816 European listed firms during the period 2007-2021, we document evidence that firms with lower ESG reputational risk have reduced information asymmetry, are less financial constrained and perform better. To establish causality, we design a quasi-natural experiment focusing on the 2014/95/EU directive of non-financial disclosing and the COVID-19 exogenous shock. Our findings are robust to several estimation techniques that address endogeneity, self-selection, and model sensitivity.
Item Type: | Article |
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Date Type: | Publication |
Status: | Published |
Schools: | Business (Including Economics) |
Publisher: | Elsevier |
ISSN: | 0261-5606 |
Date of First Compliant Deposit: | 9 December 2022 |
Date of Acceptance: | 29 November 2022 |
Last Modified: | 06 Jan 2024 04:31 |
URI: | https://orca.cardiff.ac.uk/id/eprint/154741 |
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