DOI: 10.1016/j.enpol.2021.112330
论文题名: Does sustainability activities performance matter during financial crises? Investigating the case of COVID-19
作者: Yoo S. ; Keeley A.R. ; Managi S.
刊名: Energy Policy
ISSN: 03014215
出版年: 2021
卷: 155 语种: 英语
中文关键词: COVID-19
; Environmental
; Governance
; Reputation
; Social
; Stock 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
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 Citation statistics:
资源类型: 期刊论文
标识符: http://119.78.100.158/handle/2HF3EXSE/168102
Appears in Collections: 气候变化与战略
There are no files associated with this item.
作者单位: Urban Institute & School of Engineering, Kyushu University, Japan
Recommended Citation:
Yoo S.,Keeley A.R.,Managi S.. Does sustainability activities performance matter during financial crises? Investigating the case of COVID-19[J]. Energy Policy,2021-01-01,155