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Article

American Corporate Sustainability and Extra-Financial Performance: Is There an Inverted-U Relationship

by
Nahed Zghidi
1,
Rihab Bousnina
2,* and
Samarkand Mokni
2
1
Commercial High School of Sfax, University of Sfax, Airport Road Km 4.5, BP 1081, Sfax 3018, Tunisia
2
Faculty of Economics and Management of Sfax, University of Sfax, Airport Road Km 4, BP 1088, Sfax 3018, Tunisia
*
Author to whom correspondence should be addressed.
J. Risk Financ. Manag. 2023, 16(10), 435; https://doi.org/10.3390/jrfm16100435
Submission received: 29 August 2023 / Revised: 21 September 2023 / Accepted: 27 September 2023 / Published: 6 October 2023
(This article belongs to the Special Issue Contemporary Issues in Sustainable Banking and Finance)
Versions Notes

Abstract

In this paper, we explore the nexus between extra-financial performance (sustainable ESG) and firm performance within a sample of American firms from different vital sectors. In particular, we examine whether extra-financial performance has an effect on company performance. To this end, we have used a non-linear model. The study is based on a sample of 93 American companies over the period 2010–2019. We find that the association between extra-financial performance and firms’ financial performance is nonlinear, exhibiting an inverted U-shaped pattern. In particular, the results emphasize the importance of caution when pursuing ESG initiatives. Enterprise managers should monitor the effect of ESG activities on extra-financial performance and confirm the ESG threshold of their organization.
Keywords: extra-financial performance; corporate sustainability; ESG; financial performance and American corporate extra-financial performance; corporate sustainability; ESG; financial performance and American corporate

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MDPI and ACS Style

Zghidi, N.; Bousnina, R.; Mokni, S. American Corporate Sustainability and Extra-Financial Performance: Is There an Inverted-U Relationship. J. Risk Financ. Manag. 2023, 16, 435. https://doi.org/10.3390/jrfm16100435

AMA Style

Zghidi N, Bousnina R, Mokni S. American Corporate Sustainability and Extra-Financial Performance: Is There an Inverted-U Relationship. Journal of Risk and Financial Management. 2023; 16(10):435. https://doi.org/10.3390/jrfm16100435

Chicago/Turabian Style

Zghidi, Nahed, Rihab Bousnina, and Samarkand Mokni. 2023. "American Corporate Sustainability and Extra-Financial Performance: Is There an Inverted-U Relationship" Journal of Risk and Financial Management 16, no. 10: 435. https://doi.org/10.3390/jrfm16100435

APA Style

Zghidi, N., Bousnina, R., & Mokni, S. (2023). American Corporate Sustainability and Extra-Financial Performance: Is There an Inverted-U Relationship. Journal of Risk and Financial Management, 16(10), 435. https://doi.org/10.3390/jrfm16100435

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