Intersectoral <scp>network‐based</scp> channel of aggregate <scp>TFP</scp> shocks

Barauskaite, Kristina; Nguyen, Anh D. M.

doi:10.1002/ijfe.2193

Int. J Fin Econ

2020

DOI: 10.1002/ijfe.2193

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Intersectoral network‐based channel of aggregate TFP shocks

Kristina Barauskaite

Anh D. M. Nguyen

Abstract: The views expressed are those of the author(s) and do not necessarily represent those of the Bank of Lithuania.

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2024

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Do responsible practices lead to higher firm productivity? Evidence from Europe

Piserà,

Gandullia,

Girardone

2024

Int. J Fin Econ

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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.

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Do responsible practices lead to higher firm productivity? Evidence from Europe

Piserà,

Gandullia,

Girardone

2024

Int. J Fin Econ

View full text Add to dashboard Cite

show abstract

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Intersectoral network‐based channel of aggregate TFP shocks

Abstract: The views expressed are those of the author(s) and do not necessarily represent those of the Bank of Lithuania.

Cited by 1 publication

References 66 publications

Do responsible practices lead to higher firm productivity? Evidence from Europe

Do responsible practices lead to higher firm productivity? Evidence from Europe

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