increase performance on immaterial issues in companies with agency problems, low awareness of the materiality of sustainability …Shareholder activism on sustainability issues has become increasingly prevalent over the years, with the number of … proposals on material versus immaterial issues are related to firms' subsequent environmental or social performance and market …

performance, whereas the adoption of common sustainability actions is not. Our results provide insights into the role of …We explore the conditions under which firms maintain their competitive advantage through sustainability … sustainability actions over time for almost all industries in our sample, suggesting that they rapidly diffuse via imitation. We also …