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Sandberg, H., Alnoor, A., & Tiberius, V. (2023). Environmental, Social, and Governance Ratings and Financial Performance: Evidence from the European Food Industry. Business Strategy and the Environment, 32, 2471-2489.
https://doi.org/10.1002/bse.3259

has been cited by the following article:

• TITLE: Assessing the Interplay between Stock Market Value, Macroeconomic Indicators, and Firm Fundamentals in the European Food Industry

  AUTHORS: Vasileios L. Lavrentiadis

  KEYWORDS: GDP, Net Sales, EBITDA, Stock Price, Food Industry

  JOURNAL NAME: Theoretical Economics Letters, Vol.15 No.5, October 21, 2025

  ABSTRACT: This research examines the dynamic relationship between GDP, net sales, EBITDA, and stock price for the European food industry. Utilizing a VAR framework over the period 2005 to 2025, this study finds that firm earnings (EBITDA and net sales) and stock prices exhibit a strong and positive dynamic relationship. Moreover, GDP exerts a significant positive influence on firm earnings, confirming that macroeconomic conditions affect accounting performance in the food sector. Overall, the findings indicate that the industry’s financial and market performance is highly cyclical and sensitive to broader economic fluctuations, though short-term movements remain largely driven by firm-specific factors.