³ Data from Factset, calculations by authors. See David F. Larcker, Brian Tayan, Vinay Trivedi, and Owen Wurzbacher, “Stakeholders and Shareholders: Are Executives Really ‘Penny Wise and Pound Foolish’ About ESG?” Stanford Closer Look Series (July 2019). See www.gsb.stanford.edu/faculty-research/publications/stakeholders-shareholders-are-executives-really-penny-wise-pound.