The ESG Stopping Effect: Do Investor Reactions Differ Across the Lifecycle of ESG Initiatives?

Who Gets to Play Dirty? Using Legitimacy Theory to Examine Investor Reactions to Differing Modes of Corporate Tax Minimization*

“…3 3 Graham et al (2014) document that managers' concerns are not limited to investors, but also extend to consumers and other stakeholders in the firm. Since investors are likely consumers themselves (though the same may not be true in reverse), the theory examined in this study through the lens of investment would yield the same predictions if applied to consumers or other stakeholders in the firm (Garavaglia et al 2022). …”