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A firm's financial performance is closely related to its environmental behavior. This result is valid especially in the case of socially responsible firms. In the present study a data econometric analysis is conducted based on a GARCH model for socially responsible and conventional firms. According to our findings, the performance of socially responsible firms is negatively related to an increase of global CO 2 emissions. The firms' costs for implementing environmental policies and the investors' attitude towards the aforementioned firms may account for our results.
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Sariannidis et al. (2012) studied this question.
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