Date of Award

Spring 5-25-2022

Degree Type


Degree Name

Doctor of Business Administration (DBA)

First Advisor

Dr. Vahap Uysal

Second Advisor

Dr. Sanjay Deshmukh

Third Advisor

Dr. Sébastien Michenaud


Utilizing a large sample of firms over a 13-year period, we examine the impact of ESG Score on profitability. While we fail to find a significant effect for the continuous ESG Score variable, we find conditions where Corporate Social Responsibility (CSR) plays an important role in financial performance. Specifically, after controlling for relevant firm characteristics and fixed effects, we find that the highest quartile of ESG Scores experience an average increase in return on assets of 4%. This effect is amplified for the CSR-sensitive energy industry. Additionally, CSR can play an important role in mitigating loss during times of economic crisis. Our analysis of the Covid-19 Pandemic suggests that firms with high environmental stewardship benefit financially, while firms with low environmental stewardship experience additional losses that compound the overall negative effect of the crisis. Our study suggests that the relationship between CSR and financial performance is complex and subject to certain conditions.