Corporate resilience during crises and the role of ESG factors: Evidence from the COVID-19 pandemic

Thomas Walker, Alisha Fernandes and Moein Karami

Finance Research Letters, 2024, vol. 69, issue PB

Abstract: This study explores the relationship between environmental, social, and governance (ESG) factors and investor behavior during the COVID-19 crisis, utilizing a sample of S&P 500 companies. Findings suggest that these factors may not have had a significant influence on investment decisions during this period. Despite a notable overall market response to major COVID-19 related events, our findings reveal that ESG factors provide minimal explanatory power for individual stock price returns. This observation invites further investigation into the conditions under which ESG considerations are prioritized by investors.

Keywords: Covid-19; ESG; Financial crisis; Financial performance (search for similar items in EconPapers)
JEL-codes: G01 G32 Q56 (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:69:y:2024:i:pb:s1544612324011978

DOI: 10.1016/j.frl.2024.106168

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