These results have implications for investors that integrate environmental and social data in their investment decision making process. Given recent evidence that investors across both buy-side (., money managers, hedge funds, insurance companies, pension funds) and sell-side companies are paying attention to environmental and social performance metrics and disclosure (Eccles, Krzus, and Serafeim, 2011), evidence about the performance consequences of a culture of sustainability are particularly relevant. The remainder of the paper is as follows. Section 2 presents the sample selection and summary statistics. Sections 3, 4, 5, and 6 show the differences in governance, stakeholder.
