Abstract
This study examines the Environment, Social, and Governance (ESG) of firms operating in the alcohol, tobacco, and gaming industries, which are referred to as “sin” firms. We find that “sin” firms have higher ESG scores than their “non-sin” counterparts. Our results also show that “sin” firms perform better than “non-sin” firms in the social category of ESG. Moreover, within the social category,“sin” firms perform better in the subcategories of employee and community. Overall, our evidence suggests that a firm providing harmful products does not necessarily have a low degree of sustainability.
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