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This study empirically explores the dynamic relation between the environmental and social (ES) performance of a firm and its stock market returns. We find robust evidence that worse stock market performance increases firms' efforts on ES activities. We show these patterns are present in firms...
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market-to-book ratio. Further, several control variables were utilized such as the bank's capital adequacy, profitability … adequacy, size, and profitability have a positive effect on the stock performance. To test the robustness of our analysis, we …
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