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Dissecting the Performance of Socially Responsible Firms

Walkshäusl, Christian


High-rated ESG (environmental, social, governance) firms do not outperform low-rated ESG firms in international markets. However, ESG-rated firms in general outperform unrated firms after controlling for firm size, book-to-market ratio, momentum, operating profitability, and investment. The following explanations are provided for these observations. First, though higher ESG ratings predict higher ...


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