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Table 7: Empirical studies investigating the relationship of variousESG factors and corporate financial performanceStudy authorsTimeperiodesg issueESGFactorImpact (*)Aktas, de Bodt, and Cousin(2011)Bebchuk, Cohen, and Ferrell(2009)Bebchuk, Cohen, and Wang(2013)Borgers, Derwall, Koedijk, andter Horst (2013)Brammer and Millington(2006)Brammer, Brooks, and Pavelin(2006)Capelle-Blancard and Laguna(2010)1997-2007 Intangible Value Assessment Ratings ESG Positive (1)1990-2003 Entrenchment index G Positive (2)2000-2008 Governance quality/shareholder rights G No effect/no relation1992-2009 Stakeholder relations index S Mixed findings (3)1990-1999 Charitable giving SMixed findings (nonlinear)(4)2002-2005 Composite CSR index ES Mixed (5)1990-2005 Environmental disasters (explosions) at chemical plants E Positive (6)Cheung (2011) 2002-2008 Sustainability index inclusion/exclusions ESG PositiveCore, Guay, and Rusticus(2006)Core, Holthausen, and Larcker(1999)1990-1999 Governance index/shareholder rights G Positive1982-1984 Excessive compensation G Positive (7)Cormier and Magnan (1997) 1986-1993 Amount of pollution E Positive (8)Cremers and Nair (2005) 1990-2001 Reversed governance index and block holder ownership G PositiveDeng, Kang, and Low (2013) 1992-2007 Composite CSR index ESG PositiveDerwall, Guenster, Bauer, andKoedijk (2005)Doh, Howton, Howton, andSiegel (2010)Eccles, Ioannou, and Serafeim(2013)1995-2003 Corporate eco-efficiency E Positive2000-2005 Sustainability index inclusion/exclusion ESG Mixed (9)1991-2010 Corporate sustainability index ESG PositiveEdmans (2011) 1984-2009 Employee satisfaction S PositiveEdmans (2012) 1984-2011 Employee satisfaction S PositiveEdmans, Li, and Zhang (2014) 1984-2013 Employee satisfaction S Generally positiveFaleye and Trahan (2011) 1998-2005 Employee satisfaction S PositiveFilbeck and Preece (2003) 1998 Employee satisfaction S PositiveFisher-Vanden and Thorburn(2011)1993-2008 Environmental performance initiative participation E PositiveFlammer (2013a) 1980-2005 Corporate environmental footprint E PositiveFlammer (2013b) 1997-2011 Shareholder-sponsored CSR proposals ESG PositiveGiroud and Mueller (2010) 1976-1995 Industry concentration G Positive (10)Giroud and Mueller (2011) 1990-2006 Governance index in highly concentrated industries G Positive (11)Godfrey, Merrill, and Hansen(2009)Gompers, Ishii, and Metrick(2003)1991-2002/03Social initiative participation ESG Positive1990-1998 Shareholder rights G PositiveHamilton (1995) 1989 Volume of toxic releases E Positive (12)(continued)39