Is ESG-ness the vaccine?

Fabio Pizzutilo

Applied Economics Letters, 2023, vol. 30, issue 4, 484-487

Abstract: In an attempt to foster debate on whether firms’ commitment to ESG policies affects stocks risk-adjusted performance, we analysed the blue-chips of the European countries most affected by COVID-19. We found statistical evidence that companies that follow high ESG standards outperformed low ESG-ranked firms during Phase 1 of COVID-19. In particular, the dampening effect on the downside stock market movement was more evident during the first part of Phase 1 characterized by the sudden crash of stock prices.

Date: 2023
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DOI: 10.1080/13504851.2021.1994124

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