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Firms’ ESG reputational risk and market longevity: A firm-level analysis for the United States

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  • Fafaliou, Irene
  • Giaka, Maria
  • Konstantios, Dimitrios
  • Polemis, Michael

Abstract

This study examines the impact of environmental, social, and governance (ESG) reputational risk on a sample of listed firms’ market longevity. Using a novel panel dataset consisting of US firms over the period 2007–2019, we perform dynamic empirical analysis to quantify the underlying relationships between firms’ ESG reputational risk and market longevity. We argue that ESG reputational risk has a negative impact on firm growth opportunities, mitigating thus market longevity. The empirical findings survive several robustness checks, providing useful managerial implications for stakeholders and market participants..

Suggested Citation

  • Fafaliou, Irene & Giaka, Maria & Konstantios, Dimitrios & Polemis, Michael, 2022. "Firms’ ESG reputational risk and market longevity: A firm-level analysis for the United States," Journal of Business Research, Elsevier, vol. 149(C), pages 161-177.
    • Handle: RePEc:eee:jbrese:v:149:y:2022:i:c:p:161-177
    DOI: 10.1016/j.jbusres.2022.05.010
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    More about this item

    Keywords

    Sustainability; ESG reputational risk; Longevity; Survival Analysis;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G3 - Financial Economics - - Corporate Finance and Governance
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

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