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Firms’ Sustainability Performance and Market Longevity

Fafaliou, Irene and Giaka, Maria and Konstantios, Dimitrios and Polemis, Michael (2020): Firms’ Sustainability Performance and Market Longevity.

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Abstract

This study examines the impact of sustainability (ESG) on US listed firms’ exit decision. Using a recent dataset of a large number of US firms over the period 2007- 2016, we perform a dynamic empirical analysis of the relation between ESG and firms’ exiting mechanism by measuring environmental, social and governance issues. We provide evidence that corporate sustainability is a tool that can reduce risks and enable companies to boost surviving mechanisms and face less probability of failure. Finally, we perform several statistical tests for robustness purposes

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