Table 7 reports the results of adding other socially preferred firms to the Retire dummy and we rename it as Socially preferred. We also remove sin firms here. ESG, E, S and G are the natural logarithm of one plus actual ESG, Environmental, Social and Governance scores as downloaded from Bloomberg. Control variables are the same as in Table 4. Other variables are defined as in  Appendix 1. We estimate the regression with industry and year fixed effects. The standard errors in parentheses are clustered at industry level. Continuous variables are winsorised at the 1st and 99th percentiles. *, ** and *** denote significance at the 10, 5 and 1% levels, respectively