气候变化领域集成服务门户(CCPortal): Do responsible practices lead to higher firm productivity? Evidence from Europe

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DOI	10.1002/ijfe.3011
	Do responsible practices lead to higher firm productivity? Evidence from Europe
	Pisera, Stefano; Gandullia, Luca; Girardone, Claudia
发表日期	2024
ISSN	1076-9307
EISSN	1099-1158
英文摘要	This study examines the impact of corporate social responsibility (CSR) in its environmental, social and governance (ESG) dimensions on firm productivity. We analyze a data set comprising 448 non-financial firms operating in 15 European countries during the period 2002-2018 and find compelling evidence indicating that both the overall ESG scores and their individual sub-pillars, are positively associated with total factor productivity (TFP). To ensure the robustness of our findings, we employ multiple analytical approaches to address potential endogeneity and selection biases. Our evidence demonstrates that the link between ESG and TFP link becomes more pronounced during economic slowdowns, particularly in the aftermath of the financial crisis. Furthermore, our investigation reveals that firms' environmental performance plays a pivotal role in driving this relationship. To validate this outcome, we employ a quasi-natural experiment, focused on the adoption of the international climate change treaty, the 2015 'Paris Agreement'. Overall, our results offer valuable insights for policymakers and regulators and confirm that involvement in sustainability practices within the non-financial sector not only yields societal benefits but also bolsters firm-level productivity.
英文关键词	corporate social responsibility; environmental social and governance scores; Paris Agreement; Total factor productivity European firms
语种	英语
WOS研究方向	Business & Economics
WOS类目	Business, Finance
WOS记录号	WOS:001237417400001
来源期刊	INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/294009
作者单位	University of Genoa; University of Genoa; University of Essex
推荐引用方式 GB/T 7714	Pisera, Stefano,Gandullia, Luca,Girardone, Claudia. Do responsible practices lead to higher firm productivity? Evidence from Europe[J],2024.
APA	Pisera, Stefano,Gandullia, Luca,&Girardone, Claudia.(2024).Do responsible practices lead to higher firm productivity? Evidence from Europe.INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS.
MLA	Pisera, Stefano,et al."Do responsible practices lead to higher firm productivity? Evidence from Europe".INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS (2024).