Agoraki, Maria-Eleni K., Giaka, Maria, Konstantios, Dimitrios and Patsika, Victoria  ORCID: https://orcid.org/0000-0002-5763-2020
2023.
Firms' sustainability, financial performance, and regulatory dynamics: Evidence from European firms.
Journal of International Money and Finance
131
, 102785.
10.1016/j.jimonfin.2022.102785
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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 |
|---|---|
| Date Type: | Publication |
| Status: | Published |
| Schools: | 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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