The Journal of Finance· 2025Q1

ESG News, Future Cash Flows, and Firm Value

François Derrien, Philipp Krüger, Augustin Landier, Tianhao Yao

47citations
Q1SCImago
2025year

Short summary

Negative ESG news leads analysts to significantly downgrade future earnings forecasts, particularly at longer horizons, by expecting lower future sales, which explains most of the impact on firm value.

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