Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 1, 2023 erstellt
Description:
Using daily foot-traffic data, we find a significant decrease in firms’ store visits following negative environmental and social (E&S) incidents. The decrease in visits by more E&S-conscious consumers is four times greater than that by less E&S-conscious consumers. Our results are stronger when the incidents are severe; populations are more educated and younger; firms have high E&S ratings and large advertising expenditures; and local product markets are more competitive. Lastly, we find that following E&S incidents, firm sales drop twice as much in more E&S-conscious areas. Our findings suggest that E&S practices can affect firm value via consumers shopping behavior