Online Appendix: Does Sustainability Generate Better Financial Performance? Review, Meta-analysis, and Propositions
Open accessAbstract
In this appendix to Atz, Van Holt, Liu, and Bruno (2021), “Does Sustainability Generate Better Financial Performance? Review, Meta-analysis, and Propositions” (available at https://ssrn.com/abstract=3708495), we provide additional information on how the studies were selected, coded, and analyzed. The appendix contains four parts: the detailed search and inclusion methodology (part A), the codebook (part B), the link to the sample file of studies (part C), and the second-order meta-analysis (part D) including the full list of 27 meta-analysis or reviews.
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There is overwhelming evidence that corporate sustainability improves corporate financial performance.
“There is, however, overwhelming evidence that corporate sustainability improves corporate financial performance.”
From A review on ESG investing: Investors' expectations, beliefs and perceptions (2024) · cites this paper as Atz et al. (2021)
Returns from ESG investing documented in the literature are not different on average from returns from conventional investments.
“The meta-study ofAtz et al. (2021) find that returns from ESG investing documented in the literature are not different on average from returns from conventional investments.”
From A review on ESG investing: Investors' expectations, beliefs and perceptions (2024) · cites this paper as Atz et al. (2021)
Cites
Busch, T., & Friede, G. (2018) · Corporate Social Responsibility and Environmental Management · doi:10.1002/csr.1480 · Cited by 345 · see citing works
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A review on ESG investing: Investors' expectations, beliefs and perceptions
Kräussl, R., Oladiran, T., & Stefanova, D. (2024) · Journal of Economic Surveys · doi:10.1111/joes.12599 · Cited by 175 · see citing works
- Authors
- Atz, U., Van Holt, T., Liu, Z. Z., & Bruno, C.
- Affiliations
- New York University (US)
- Johns Hopkins University (US)
- Corresponding author
- Atz, Ulrich
- Venue
- SSRN Electronic Journal
- Publisher
- Elsevier BV
- Published
- 2021
- ISSN
- 1556-5068 (ISSN-L)
- OpenAlex
- W3216703946
- Cited by
- 13
- References
- 1
- Citations by year
- 2026: 1 · 2025: 1 · 2024: 3 · 2023: 3 · 2022: 5
- Type
- posted content
- Language
- en
- Open access
- green
- doi.org
- Locations
- SSRN Electronic Journal (acceptedVersion)
- Topics
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
- Social Sciences › Economics, Econometrics and Finance › Finance › Sustainable Finance and Green Bonds
- Social Sciences › Business, Management and Accounting › Marketing › Environmental Sustainability in Business
- Keywords
- corporate sustainability, financial performance, sustainability reporting, ESG, meta-analysis
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