This paper provides empirical evidence that higher lobbying expenditures are associated with higher operational performance variability. The estimates indicate a positive relationship between lobbying expenditures and the variability of return on asset and return on equity. The results are...

Investment funds marketed as “sustainable” or “ESG” (Environmental, Social and Governance) have proliferated in recent years. In the wake of this trend, skepticism is looming among the public over the trustworthiness of these financial actors and the distinctiveness of their investment...