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The Role of Corporate Sustainability and Its Consistency on Firm Financial Performance: Canadian Evidence*
Authors:Kobana Abukari  Alhassan Musah  Abdelouahid Assaidi
Institution:1. Laurentian University;2. University for Development Studies
Abstract:This paper investigates the impact of corporate sustainability and the consistency of corporate sustainability efforts on firm financial performance in Canada. Using data on 266 Canadian companies over the 2007–2017 period, we find a significantly positive association between corporate sustainability performance and firm financial performance. In addition, we find that companies that perform consistently well on sustainability (i.e., consistent performers) achieve better financial performance compared to inconsistent performers. Thus, far from their being net costs/expenses, our results indicate that corporate sustainability performance and consistency in sustainability performance both provide net benefits and significantly impact financial performance positively, implying that corporate sustainability not only helps address the needs of the current and future generations but also has a positive effect on the corporate bottom line. Taken together, our results suggest that not only does corporate sustainability have a positive effect on firm performance, but better financial performance may be achieved through a committed—rather than a “tokenism”—approach to corporate sustainability.
Keywords:corporate sustainability  environmental social and governance  firm performance  financial performance  profitability  développement durable  environnement  social et gouvernance  rendement des entreprises  rendement financier  rentabilité
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