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DOI10.1016/j.enpol.2021.112330
Does sustainability activities performance matter during financial crises? Investigating the case of COVID-19
Yoo S.; Keeley A.R.; Managi S.
发表日期2021
ISSN03014215
卷号155
英文摘要As a market for sustainability investing is growing rapidly, understanding the impact of environmental, social, and governance (ESG) activities on firms’ financial performance is becoming increasingly important. In this study, we examine the effect of ESG performance on stock returns and volatility during the financial crisis resulting from the coronavirus (COVID-19) pandemic. To quantify the impact, we use company-level daily ESG score data and United Nations Global Compact (GC) score data. In our dataset, ESG scores indicate ESG performance that is deemed important to financial materiality, and the GC score indicates the firm reputation for following UN rules. Our results indicate that during the pandemic, an increase in the ESG score, especially the E score component, is related to higher returns and lower volatility. Conversely, increasing GC scores is correlated with lower stock returns and higher volatility. In addition, we find that firms in lower return groups benefit more than other firms. Focusing on energy sector impacts, we show that although the non-energy sector benefits more than the energy sector from increasing E scores, energy sector firms can still reduce their stock price volatility by increasing these scores. Our study offers significant implications for ESG investment strategies during financial crises. © 2021 Elsevier Ltd
关键词COVID-19EnvironmentalGovernanceReputationSocialStock return
英文关键词Financial markets; Sustainable development; COVID-19; Energy sector; Environmental; Environmental activities; Financial crisis; Governance; Performance; Reputation; Social; Stock returns; Investments; COVID-19; financial crisis; stock market; United Nations; Coronavirus
语种英语
来源期刊Energy Policy
文献类型期刊论文
条目标识符http://gcip.llas.ac.cn/handle/2XKMVOVA/205425
作者单位Urban Institute & School of Engineering, Kyushu University, Japan
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Yoo S.,Keeley A.R.,Managi S.. Does sustainability activities performance matter during financial crises? Investigating the case of COVID-19[J],2021,155.
APA Yoo S.,Keeley A.R.,&Managi S..(2021).Does sustainability activities performance matter during financial crises? Investigating the case of COVID-19.Energy Policy,155.
MLA Yoo S.,et al."Does sustainability activities performance matter during financial crises? Investigating the case of COVID-19".Energy Policy 155(2021).
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