Table 7

The relationship between environmental and social sustainability disclosure and financial performance

Financial measureLeadersOpportunistsLaggardsChallengers
 EnvironmentalSocialEnvironmentalSocialEnvironmentalSocialEnvironmentalSocial
ROAFirm AFirm AFirm FFirm CFirm BFirm BFirm IFirm I
Firm CFirm DFirm HFirm E    
Firm DFirm JFirm GFirm F
Firm E  Firm G
Firm JFirm H
Total revenue growthFirm CFirm JFirm BFirm BFirm GFirm GFirm AFirm A
Firm E Firm FFirm C  Firm DFirm D
Firm J Firm HFirm E  Firm IFirm I
   Firm F    
   Firm H    
Common firmsFirm C, E, JFirm JFirm F, HFirm C, E, F, H  Firm IFirm I

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