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The Impact of Corporate Sustainability on Organizational Processes and Performance Robert G. Eccles, Ioannis Ioannou, and George Serafeim . Abstract We investigate the effect of Corporate Sustainability on Organizational processes and performance. Using a matched sample of 180 US companies, we find that corporations that voluntarily adopted Sustainability policies by 1993 termed as High Sustainability companies exhibit by 2009, distinct Organizational processes compared to a matched sample of firms that adopted almost none of these policies termed as Low Sustainability companies. We find that the boards of directors of these companies are more likely to be formally responsible for Sustainability and top executive compensation incentives are more likely to be a function of Sustainability metrics. Moreover, High Sustainability companies are more likely to have established processes for stakeholder engagement, to be more long-term oriented, and to exhibit higher measurement and disclosure of nonfinancial information.
5 dependent variables - we mitigate the likelihood of biases that could potentially arise from reverse causality. We identify two groups of firms: those that have and those that have not adopted a
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