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.

Date: 2010
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https://doi.org/10.1111/j.1467-629X.2009.00315.x

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