How ESG engagement shapes firm life cycle progression: Evidence from U.S. data

Tang-Lin Hwang and Yu-Hong Liu

Finance Research Letters, 2025, vol. 83, issue C

Abstract: This study examines how ESG profiles influence future evolution of a firm's life cycle. Firms with ESG ratings are more likely to move into growth and mature stages than those without disclosures. The results are robust to endogeneity and various checks, offering empirical support for ESG's benefits to shareholders, stakeholders, investors, managers, and policymakers.

Keywords: ESG; Firm life cycle (search for similar items in EconPapers)
JEL-codes: G30 G32 M14 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:83:y:2025:i:c:s1544612325008487

DOI: 10.1016/j.frl.2025.107589

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