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The determinants of corporate sustainability performance

Tracy Artiach, Darren Lee, David Nelson and Julie Walker

Accounting and Finance, 2010, vol. 50, issue 1, 31-51

Abstract: This paper investigates the factors that drive high levels of corporate sustainability performance ("CSP"), as proxied by membership of the Dow Jones Sustainability World Index. Using a stakeholder framework, we examine the incentives for US firms to invest in sustainability principles and develop a number of hypotheses that relate "CSP" to firm-specific characteristics. Our results indicate that leading "CSP" firms are significantly larger, have higher levels of growth and a higher return on equity than conventional firms. Contrary to our predictions, leading "CSP" firms do not have greater free cash flows or lower leverage than other firms. Copyright (c) The Authors. Journal compilation (c) 2009 AFAANZ.

Date: 2010
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