Working Paper
How ESG Reduces Risk: The Role of Consumers and Institutional Investors
Apr 7, 2023
Analyzes data on firms ESG scores, Consumer-Based Brand Equity (CBBE) measures, daily ad spend and stock prices, firms’ financial statements and institutional investor ownership to determine the role of consumers and institutional investors in mediating the association between ESG factors and firm idiosyncratic risk and how this varies for each factor, moderated by competitive intensity of the business sector.