Cited by 144Sustainable Finance and Green BondsCorporate Social Responsibility ReportingFinancial Markets and Investment Strategies

The DOI matches its Crossref record; 48 of the 49 references it cites were found in a registry or an index.

Does responsible investing pay during economic downturns: Evidence from the COVID-19 pandemic

Open access

Omura, Akihiro, Roca, Eduardo, Nakai, Miwa·2021·Finance Research Letters

DOI 10.1016/j.frl.2020.101914PMC PMC9760375

Open this paper in CoChat — free account

Abstract

We investigate the performance of SRI/ESG investments against conventional investments during the COVID-19 pandemic. Although previous studies have examined the performance of SRI during financial crises, little is known about their performance during the COVID-19 crisis. Applying asset-pricing models, we analyze returns, abnormal returns, and the Sharpe ratio of the ESG ETFs in the US and the MSCI SRI indices for the world, the US, Japan, and Europe before and during the pandemic period vis-à-vis conventional investments. Our results confirm the greater outperformance of SRI indices during the pandemic. These findings have academic and practical implications.

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

Integrity signals

Registry

Crossref · 10.1016/j.frl.2020.101914

Cites

48 of 48 references verified0 citation errors · 0 not checkable

Statistics

Claims the paper makes

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

Claims other papers make about this one

Each is checked against this paper’s own text: does it say what the citing paper says it does?

Self-check

Percentages, sums and reported differences re-computed from the paper’s own numbers.

The self-check needs the paper’s full text.

A five-factor asset pricing model
Fama, E. F., & French, K. R. (2015) · Journal of Financial Economics · doi:10.1016/j.jfineco.2014.10.010 · Cited by 7,852
ESG and financial performance: aggregated evidence from more than 2000 empirical studies
Friede, G., Busch, T., & Bassen, A. (2015) · Journal of Sustainable Finance & Investment · doi:10.1080/20430795.2015.1118917 · Cited by 6,278
Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence
Albuquerque, R. A., Koskinen, Y. J., & Zhang, C. (2018) · Management Science · doi:10.1287/mnsc.2018.3043 · Cited by 2,392
Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach
Flammer, C. (2015) · Management Science · doi:10.1287/mnsc.2014.2038 · Cited by 1,949
Socially responsible investments: Institutional aspects, performance, and investor behavior
Renneboog, L. D. R., ter Horst, J., & Zhang, C. (2008) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2007.12.039 · Cited by 1,907
The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China
Broadstock, D. C., Chan, K., Cheng, L. T. W., & Wang, X. (2020) · Finance research letters · doi:10.1016/j.frl.2020.101716 · Cited by 1,691
Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash
Albuquerque, R., Koskinen, Y., Yang, S., & Zhang, C. (2020) · The Review of Corporate Finance Studies · doi:10.1093/rcfs/cfaa011 · Cited by 1,234
International evidence on ethical mutual fund performance and investment style
Bauer, R. M. M. J., Koedijk, K. C. G., & Otten, R. (2004) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2004.06.035 · Cited by 1,205
The effect of socially responsible investing on portfolio performance
Kempf, A., & Osthoff, P. (2007) · European Financial Management · doi:10.1111/j.1468-036x.2007.00402.x · Cited by 851
Mutual Fund Attributes and Investor Behavior
Bollen, N. P. B. (2007) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109000004142 · Cited by 785

Show all 49 references

Research works printed but not linked: 1

Global Sustainable Investment Alliance, 2013. 2012 global sustainable investment review. Available online: http://gsiareview2012.gsi-alliance.org/pubData/source/Global%20Sustainable%20Investement%20Alliance.pdf.

Sorted by citations

Are ESG Stocks Safe-Haven during COVID-19?
Rubbaniy, G., Khalid, A. A., Rizwan, M. F., & Ali, S. (2021) · Studies in Economics and Finance · doi:10.1108/sef-08-2021-0320 · Cited by 154
Interdependence of clean energy and green markets with cryptocurrencies
Arfaoui, N., Naeem, M. A., Boubaker, S., Mirza, N., & Karim, S. (2023) · Energy Economics · doi:10.1016/j.eneco.2023.106584 · Cited by 138
From ESG to holistic value addition: Rethinking sustainable investment from the lens of stakeholder theory
Talan, G., Sharma, G. D., Pereira, V. E., & Muschert, G. W. (2024) · International Review of Economics & Finance · doi:10.1016/j.iref.2024.103530 · Cited by 131
A Systematic Literature Review on ESG during the COVID-19 Pandemic
Savio, R., D’Andrassi, E., & Ventimiglia, F. (2023) · Sustainability · doi:10.3390/su15032020 · Cited by 80
The impact of ESG ratings on low carbon investment: Evidence from renewable energy companies
Lu, J., & Li, H. (2024) · Renewable Energy · doi:10.1016/j.renene.2024.119984 · Cited by 80
Risk-return performance of optimized ESG equity portfolios in the NYSE
Prol, J. L., & Kim, K. (2022) · Finance research letters · doi:10.1016/j.frl.2022.103312 · Cited by 71
Sustainable investment and environmental, social, and governance investing: A bibliometric and systematic literature review
Kapil, S., & Rawal, V. (2023) · Business Ethics the Environment & Responsibility · doi:10.1111/beer.12588 · Cited by 68
The diversifying role of socially responsible investments during the COVID-19 crisis: A risk management and portfolio performance analysis
Díaz, A., Esparcia, C., & López, R. (2022) · Economic Analysis and Policy · doi:10.1016/j.eap.2022.05.001 · Cited by 63
Are sustainable investments interdependent? The international evidence
Mirza, N., Naeem, M. A., Nguyen, T. T. H., Arfaoui, N., & Oliyide, J. A. (2022) · Economic Modelling · doi:10.1016/j.econmod.2022.106120 · Cited by 62
Are ESG indexes a safe-haven or hedging asset? Evidence from the COVID-19 pandemic in China
Piserà, S., & Chiappini, H. (2022) · International Journal of Emerging Markets · doi:10.1108/ijoem-07-2021-1018 · Cited by 60
How does board gender diversity drive the ESG performance‐cash holdings relationship? Evidence from China
Marie, M., Qi, B., Elamer, A. A., Khatatbeh, I. N., & Rabab'a, E. A. A. (2024) · International Journal of Finance & Economics · doi:10.1002/ijfe.3037 · Cited by 58
A more sustainable future: Can politically connected CEOs spur the nexus between ESG performance and firm financial performance?
Marie, M., Qi, B., Elgammal, M., & Elnahass, M. (2024) · Journal of International Financial Markets Institutions and Money · doi:10.1016/j.intfin.2024.102056 · Cited by 54
Sustainable mutual fund performance and flow in the recent years through the COVID-19 pandemic
Fang, F., & Parida, S. (2022) · International Review of Financial Analysis · doi:10.1016/j.irfa.2022.102387 · Cited by 51
ESG investment preference and fund vulnerability
Hu, W. (2023) · International Review of Financial Analysis · doi:10.1016/j.irfa.2023.103002 · Cited by 44
Retail investor trading and ESG pricing in China
Liu, X., & Wan, D. (2023) · Research in International Business and Finance · doi:10.1016/j.ribaf.2023.101911 · Cited by 43
Is there any market state-dependent contribution from Blockchain-enabled solutions to ESG investments? Evidence from conventional and Islamic ESG stocks
Shahzad, U., Asl, M. G., & Tedeschi, M. (2023) · International Review of Economics & Finance · doi:10.1016/j.iref.2023.03.001 · Cited by 44
Corporate social responsibility and corporate financial performance: The role of executive directors in family firms
Tenuta, P., & Cambrea, D. R. (2022) · Finance research letters · doi:10.1016/j.frl.2022.103195 · Cited by 42
Safe haven between European ESG and energy sector under Russian-Ukraine war: Role of sustainable investments for portfolio diversification
Ahad, M., Imran, Z. A., & Shahzad, K. (2024) · Energy Economics · doi:10.1016/j.eneco.2024.107853 · Cited by 42
Spillovers and dependency between green finance and traditional energy markets under different market conditions
Wu, R., Li, B., & Qin, Z. (2024) · Energy Policy · doi:10.1016/j.enpol.2024.114263 · Cited by 41
Resilience of Environmental and Social Stocks under Stress: Lessons from the COVID‐19 Pandemic
Abedifar, P., Bouslah, K., Neumann, C., & Amine Tarazi, A. (2022) · Financial Markets Institutions and Instruments · doi:10.1111/fmii.12166 · Cited by 39
An industry-guided review of responsible investing: Bridging the divide between academia and industry
Fan, J. H., Omura, A., & Roca, E. (2022) · Journal of Cleaner Production · doi:10.1016/j.jclepro.2022.131685 · Cited by 37
Self-citation
Returns behavior of ESG ETFs in the COVID‐19 market crash: Are green funds more resilient?
ElBannan, M. A. (2023) · Journal of Corporate Accounting & Finance · doi:10.1002/jcaf.22680 · Cited by 32
Screening activity matters: Evidence from ESG portfolio performance from an emerging market
Beloskar, V. D., & Rao, S. V. D. N. (2023) · International Journal of Finance & Economics · doi:10.1002/ijfe.2798 · Cited by 28
What drives sustainable investing? Adoption determinants of sustainable investing exchange-traded funds in Europe
Marszk, A., & Lechman, E. (2023) · Structural Change and Economic Dynamics · doi:10.1016/j.strueco.2023.11.018 · Cited by 28
How reactive is investment in US green bonds and ESG-eligible stocks in times of crisis? Exploring the COVID-19 crisis
Perote, J., Vicente‐Lorente, J. D., & Vicente, J. (2023) · Finance research letters · doi:10.1016/j.frl.2023.103638 · Cited by 28
Measuring the efficiency of mutual funds: Does ESG controversies score affect the mutual fund performance during the COVID-19 pandemic?
Petridis, K., Kiosses, N., Tampakoudis, I. A., & Abdelaziz, F. B. (2023) · Operational Research · doi:10.1007/s12351-023-00795-5 · Cited by 27
CSR in times of crisis: a systematic literature review
Glavas, D., & Visentin, G. (2024) · Management Review Quarterly · doi:10.1007/s11301-024-00445-w · Cited by 26
Using green and ESG assets to achieve post-COVID-19 environmental sustainability
Hasan, M. B., Rashid, M. M., Hossain, M. N., Rahman, M. M., & Amin, M. R. (2023) · Fulbright Review of Economics and Policy · doi:10.1108/frep-04-2022-0026 · Cited by 26
Hidden Gem or Fool’s Gold: Can passive ESG ETFs outperform the benchmarks?
Dumitrescu, A., Järvinen, J., & Zakriya, M. (2023) · International Review of Financial Analysis · doi:10.1016/j.irfa.2023.102540 · Cited by 25
Sustainable finance disclosure regulation insights: Unveiling socially responsible funds performance during COVID‐19 pandemic and Russia–Ukraine war
Cosma, S., Cucurachi, P. A., Gentile, V., & Rimo, G. (2023) · Business Strategy and the Environment · doi:10.1002/bse.3650 · Cited by 28
Fund flows and performance: New evidence from retail and institutional SRI mutual funds
Klinkowska, O., & Zhao, Y. (2023) · International Review of Financial Analysis · doi:10.1016/j.irfa.2023.102596 · Cited by 24
Has the risk of socially responsible investments (SRI) companies stocks changed in the COVID-19 period? International evidence
Brzeszczyński, J., Gajdka, J., Pietraszewski, P., & Schabek, T. (2022) · Finance research letters · doi:10.1016/j.frl.2022.102986 · Cited by 23
Impact of ESG preferences on investments and emissions in a DSGE framework
Wang, R., Bian, Y., & Xiong, X. (2024) · Economic Modelling · doi:10.1016/j.econmod.2024.106731 · Cited by 19
AI vs. ESG? Uncovering a Bidirectional Struggle in China’s Sustainable Finance
Du, Z., & Chen, C. (2025) · Sustainability · doi:10.3390/su17094238 · Cited by 19
Mitigating Contagion Risk by ESG Investing
Cerqueti, R., Ciciretti, R., Dalò, A., & Nicolosi, M. (2022) · Sustainability · doi:10.3390/su14073805 · Cited by 18
International market exposure to sovereign ESG
Morgenstern, C., Coqueret, G., & Kelly, J. (2022) · Journal of Sustainable Finance & Investment · doi:10.1080/20430795.2022.2148817 · Cited by 18
Pension insurance contributions and ESG performance: Evidence from China
Li, R., Zhu, Z., & Xiao-yan, W. (2023) · Finance research letters · doi:10.1016/j.frl.2023.104638 · Cited by 18
Safe haven properties of industrial stocks against ESG in the United States: Portfolio implication for sustainable investments
Imran, Z. A., Ahad, M., Shahzad, K., Ahmad, M., & Hameed, I. M. A. (2024) · Energy Economics · doi:10.1016/j.eneco.2024.107712 · Cited by 18
Comparing the resilience of socially responsible and SIN investment during the COVID-19 pandemic
Meehan, D., & Corbet, S. (2024) · Research in International Business and Finance · doi:10.1016/j.ribaf.2024.102537 · Cited by 17
Quantile-based spillover connectedness among stochastic volatilities of ESG equities, Islamic and conventional stocks with implications for portfolio management
Asl, M. G., Khalfaoui, R., Tavakkoli, H. R., & Jabeur, S. B. (2023) · International Journal of Emerging Markets · doi:10.1108/ijoem-03-2022-0362 · Cited by 16
Impact investing: Scientometric review and research agenda
Singhania, M., & Swami, D. (2023) · Business Ethics the Environment & Responsibility · doi:10.1111/beer.12599 · Cited by 16
Environmental, social, and governance factor and financial returns: what is the relationship? Investigating environmental, social, and governance factor models
Bax, K., Broccardo, E., & Paterlini, S. (2024) · Current Opinion in Environmental Sustainability · doi:10.1016/j.cosust.2023.101398 · Cited by 15
Millennial behavioral intentions toward socially responsible investment: an application of norm activation model in a developing country
Raut, R. K., Kumar, R., & Das, N. (2025) · Journal of Global Responsibility · doi:10.1108/jgr-01-2024-0002 · Cited by 14
Financial firm’s performance: a comparative analysis based on ESG metrics and net zero legislation
Díaz-Peña, L. D. C., Delgadillo, V. M. C., & Iván, C.-V. M. (2022) · Journal of Sustainable Finance & Investment · doi:10.1080/20430795.2022.2119830 · Cited by 14
Entrepreneurial finance in an extended period of crises
Groh, A. P., Guenther, C., Schweizer, D., & Silvio Vismara, A. (2025) · Small Business Economics · doi:10.1007/s11187-025-01007-4 · Cited by 13
Socially Responsible Investment During the COVID-19 Pandemic: Evidence from Morocco, Egypt and Turkey
Harabida, M., Radi, B., & Gueyié, J. (2022) · International Journal of Economics and Finance · doi:10.5539/ijef.v14n4p65 · Cited by 12
Exploring the financial performance of ESG investing in India: evidence using asset-pricing models
Hasan, I., Singh, S., & Kashiramka, S. (2025) · China Accounting and Finance Review · doi:10.1108/cafr-12-2023-0153 · Cited by 12
The Impact of COVID-19 on Investors’ Investment Intention of Sustainability-Related Investment: Evidence from China
Xu, X., Xie, Y. Y., Xiong, F., & Li, Y. (2022) · Sustainability · doi:10.3390/su14095325 · Cited by 14
Dynamics of Volatility Spillover between Energy and Environmental, Social and Sustainable Indices
Babu, M., Lourdesraj, A. A., Hariharan, C., Jayapal, G., Indhumathi, G., Sathya, J., & Kathiravan, C. (2022) · International Journal of Energy Economics and Policy · doi:10.32479/ijeep.13482 · Cited by 12
Stopping or Continuing to Follow Best Practices in Terms of ESG during the COVID-19 Pandemic? An Exploratory Study of European Listed Companies
Bifulco, G. M., Savio, R., Izzo, M. F., & Tiscini, R. (2023) · Sustainability · doi:10.3390/su15031796 · Cited by 12
ESG Score and Mutual Fund Performance : Empirical Evidence from India
Soni, T. K. (2023) · Indian Journal of Finance · doi:10.17010/ijf/2023/v17i3/172671 · Cited by 11
Are there other fish in the sea? Exploring the hedge, diversifier and safe-haven features of ESG investments
Pedini, L., & Severini, S. (2024) · Studies in Economics and Finance · doi:10.1108/sef-05-2023-0255 · Cited by 11
Performance of negatively screened sustainable investments during crisis
Lin, X., & Swain, R. B. (2024) · International Review of Economics & Finance · doi:10.1016/j.iref.2024.04.001 · Cited by 11
Quantifying dynamic connectedness among diverse green and sustainable financial assets: Evidence from quantile-base VAR technique
Rahman, M. A., & Hasan, M. B. (2025) · Finance Research Open · doi:10.1016/j.finr.2025.100007 · Cited by 11
Determinants of socially responsible investment intentions in India: The role of non‐economic goals
Passi, A. K., Mehta, P., & Jain, E. (2024) · Corporate Social Responsibility and Environmental Management · doi:10.1002/csr.3052 · Cited by 10
Is investing inherently emotionally arousing process? Fund manager perspective
Verma, S., Ps, R., & Kumar, S. (2023) · Qualitative Research in Financial Markets · doi:10.1108/qrfm-09-2022-0153 · Cited by 10
Sustainable investing in extreme market conditions: doing well while doing good
Valadkhani, A., & O’Mahony, B. (2024) · Journal of Economic Studies · doi:10.1108/jes-11-2023-0626 · Cited by 10
Investigating the impact of ESG ratings on ETF performance during market disruptions: Evidence from the COVID-19 pandemic and Russian (full-scale) invasion of Ukraine
Supatgiat, C., Phiromswad, P., Sahin, O. F., & Sarajoti, P. (2025) · Research in International Business and Finance · doi:10.1016/j.ribaf.2025.102904 · Cited by 9
The value of political connections and Sharia compliance during the COVID-19 pandemic
Wahyono, B. (2022) · Eurasian economic review : · doi:10.1007/s40822-021-00197-y · Cited by 9
ON THE RELATIONSHIP BETWEEN FINANCIAL AND SUSTAINABLE VARIABLES: INSIGHTS FROM GRAPHICAL GAUSSIAN MODEL
Fermo, C. D., Tanzi, P. M., Nicolosi, M., & Stanghellini, E. (2024) · Journal of Financial Management Markets and Institutions · doi:10.1142/s2282717x24300010 · Cited by 9
Size and ESG premiums: Evidence from Chinese A-share market
Wu, Y., Zhou, R., & Zhang, C. (2024) · The North American Journal of Economics and Finance · doi:10.1016/j.najef.2024.102246 · Cited by 9
Swipe, spend and splurge: exploring how mobile pay affects consumer overspending amid economic downturn and gender difference
Bai, Z., Xu, M., & Hu, J. (2025) · International Journal of Bank Marketing · doi:10.1108/ijbm-08-2024-0519 · Cited by 8
New bottle or new label? Distinguishing impact investing from responsible and ethical investing
Dordi, T., Stephens, P., Geobey, S., & Weber, O. (2023) · Accounting and Finance · doi:10.1111/acfi.13147 · Cited by 8
Resilience of ethical and nonethical stock during COVID-19 crisis: a case of Indonesia Stock Exchange
Qoyum, A., Hashfi, R. U. A., Hanafi, M. M., Thaker, H. M. T., & Effendi, J. (2024) · Journal of Islamic accounting and business research · doi:10.1108/jiabr-03-2023-0113 · Cited by 8
Potential of environmental, social, and governance investment as a hedge in Indonesia during COVID-19 pandemic
Robiyanto, R., Agustina, F. D., Utami, I., Frensidy, B., & Huruta, A. D. (2025) · Cogent Social Sciences · doi:10.1080/23311886.2024.2447909 · Cited by 7
The Nexus between Corporate Financial Ratio and Price Earnings Performance: Evidence from President Election Period in Indonesia
Cahyono, S., Fernando, H. A., & Primasatya, R. D. (2023) · Jurnal Akuntansi dan Keuangan · doi:10.9744/jak.25.2.101-116 · Cited by 7
Dynamic Connectedness and Investment Strategies between Commodities and ESG Stocks: Evidence from India
Sharma, I., Bumba, M., Verma, B., & Verma, B. (2024) · Australasian Accounting Business and Finance Journal · doi:10.14453/aabfj.v18i3.05 · Cited by 7
Revisión de la Literatura sobre el Rendimiento de la Inversión ESG: Un Estudio Bibliométrico
Citalán, R. E. M., Tinoco, J. D., & Castro, A. M. (2024) · Revista Mexicana de Economía y Finanzas · doi:10.21919/remef.v20i1.1210 · Cited by 7
Does ESG affect stock market dependence? An empirical exploration of S&P 1200 companies shows the divergent nature of E–S–G pillars
Gyönyör, L. S., & Horváth, M. (2024) · Research in International Business and Finance · doi:10.1016/j.ribaf.2024.102230 · Cited by 7
Corporate immunity during crises and pandemics: does ESG matter? Literature review and future prospects
Mounir, H., & Ali, H. (2022) · Management & Sustainability An Arab Review · doi:10.1108/msar-10-2022-0047 · Cited by 7
Does Socially Responsible Investing Outperform Conventional Investing? A Cross-Country Perspective
Hasan, I., Singh, S., & Kashiramka, S. (2024) · Asia-Pacific Financial Markets · doi:10.1007/s10690-024-09489-0 · Cited by 6
Does the stock market react to the sustainability index reconstitutions? Evidence from the S&P BSE 100 ESG index
Goyal, P., & Soni, P. (2024) · South Asian Journal of Business Studies · doi:10.1108/sajbs-11-2023-0409 · Cited by 6
Analysis of the Effectiveness of Classical Models in Forecasting Volatility and Market Dynamics: Insights from the MASI and MASI ESG Indices in Morocco
Hamou, O., Oudgou, M., & Boudhar, A. (2025) · Journal of risk and financial management · doi:10.3390/jrfm18070370 · Cited by 9
Does commitment to environment and society pays? Evidence from COVID-19 impact on stock volatility
Sharma, N., Kaur, A., & Rawat, S. (2022) · Vilakshan – XIMB Journal of Management · doi:10.1108/xjm-08-2021-0213 · Cited by 6
ESG vs conventional indices: Comparing efficiency in the Ukrainian stock market
Plastun, A., Макаренко, І. О., Huliaieva, L., Гузенко, Т., & Shalyhina, I. (2023) · Investment Management and Financial Innovations · doi:10.21511/imfi.20(2).2023.01 · Cited by 6
Impact of Covid-19 Pandemic on Environmental, Social, and Governance Index in India
Babu, M., Lourdesraj, A. A., Hariharan, C., Gayathri, J., Butani, C. S. K., & Kathiravan, C. (2022) · IOP Conference Series Earth and Environmental Science · doi:10.1088/1755-1315/1057/1/012017 · Cited by 6
Mapping the Intellectual Landscape of ESG : A Bibliometric and Thematic Approach
Phore, J., Kumar, A. R., Bharti, Deepa, Ahuja, S., & Soti, N. (2025) · Corporate Social Responsibility and Environmental Management · doi:10.1002/csr.70331 · Cited by 5
When health and environment are entwined: An analysis of green, conventional and government bonds during the COVID-19 variants of concern (VOC)
Thaker, H. M. T., Dharmendra, A. M., Wong, S. W., Hosen, M., & Hesary, F. T. (2023) · Journal of Climate Finance · doi:10.1016/j.jclimf.2023.100011 · Cited by 5
Herding behavior by socially responsible investors during the COVID-19 pandemic
Lobato, M., Rodríguez, J., & Romero, H. (2023) · Review of Behavioral Finance · doi:10.1108/rbf-04-2023-0101 · Cited by 5
What explains the size of Sovereign Wealth Funds? A panel analysis (2008–2018)
Balestra, A., Caruso, R., & Domizio, M. D. (2024) · Finance research letters · doi:10.1016/j.frl.2024.105200 · Cited by 5
Performance Evaluation of Socially Responsible Funds Compared to Their Benchmark Index in India: Evidence from the Covid-19 Crisis
Jonwall, R., Gupta, S., & Pahuja, S. (2024) · Asia-Pacific Financial Markets · doi:10.1007/s10690-024-09460-z · Cited by 5
Financial returns of going green: evidence from MSCI indices
Heldmann, J., Bruckner, T. M., & Dang, H. D. (2025) · Journal of Asset Management · doi:10.1057/s41260-025-00404-4 · Cited by 5
Socially conscious investments: a structured literature review and prospective insights
Shah, A., Unny, B., & Shome, S. (2024) · Asia-Pacific Journal of Business Administration · doi:10.1108/apjba-07-2023-0323 · Cited by 4
SUSTAINABLE INVESTMENT VERSUS CONVENTIONAL INVESTMENT: A STUDY FROM INDIAN STOCK MARKET DURING COVID-19 PANDEMIC
Yadav, S., Jawa, R., & Zamani, K. (2022) · International Journal of Engineering Technologies and Management Research · doi:10.29121/ijetmr.v9.i4.2022.1137 · Cited by 4
The impact of green bonds on issuers' environmental performance
Chen, Y., Erlwein‐Sayer, C., Mamon, R. S., Spagnolo, F., & Spagnolo, N. (2026) · Quantitative Finance · doi:10.1080/14697688.2026.2641012 · Cited by 4
ESG Equity Investing: A Short SurveyPreprint
Coqueret, G. (2020) · SSRN Electronic Journal · doi:10.2139/ssrn.3715753 · Cited by 5
Dynamic linkage between environmental segments of stock markets: the role of global risk factors
Gabriel, V. M. D. S., de Almeida, D. M. F., Dionísio, A., & Ferreira, P. (2024) · Journal of Sustainable Finance & Investment · doi:10.1080/20430795.2024.2344525 · Cited by 3
Global ESG fund evolution-an analysis of sustainable investment growth through comparison
Priya, & Sharma, K. (2024) · E3S Web of Conferences · doi:10.1051/e3sconf/202457703003 · Cited by 3
Does sustainability affect performance and systematic risk of IPO-focused mutual funds?
Kammoun, M., & Bouden, H. M. (2025) · Journal of Sustainable Finance & Investment · doi:10.1080/20430795.2025.2460815 · Cited by 3
The Reasoning of a Responsible Investment Position in the Structure of the Stock Exchange Market
Воронцова, А., Plastun, A., Filatova, H., Kostenko, E., & Dzhobava, E. (2021) · European Journal of Management Issues · doi:10.15421/192122 · Cited by 3
Fear and Greed Amid Market Turmoil : Impact on Stock Markets, ESG Assets, and Green Fintech
Elbayar, M., Mezghani, T., & Abbes, M. B. (2025) · Journal of Chinese Economic and Business Studies · doi:10.1080/14765284.2025.2492919 · Cited by 2
Performance and investment styles of green mutual funds: a cross-country analysis
Jindal, L. (2025) · Journal of Asset Management · doi:10.1057/s41260-025-00403-5 · Cited by 2
Does CSR matter in times of crisis? Evidence from the Nordic stock market response to COVID-19
Khatri, I. (2025) · Journal of Sustainable Finance & Investment · doi:10.1080/20430795.2025.2571515 · Cited by 2
Does ESG Investing Pay off? Comparing the Performance of ESG and Traditional ETFs Across European and US Markets
Tenorio‐Salgueiro, S., Salgueiro, A. M., Lado‐Sestayo, R., & Búa, M. V. (2025) · Business Strategy and the Environment · doi:10.1002/bse.70309 · Cited by 2
Analysis of Stock Market Reaction in Malaysia During Covid-19 Pandemic via ARIMA
Rosli, N. A. I. M., Saruchi, S. A., Tajuddin, N. I. I., Ulaganathan, P., Singh, G. S. A., & Yunus, N. A. (2023) · Mekatronika · doi:10.15282/mekatronika.v5i1.9027 · Cited by 2
Are sustainable firms more innovative? The case of China
Mitsunami, K., & Nakai, M. (2024) · Japan and the World Economy · doi:10.1016/j.japwor.2024.101238 · Cited by 2
Self-citation
The performance of anti-ESG ETFs in the United States
Rompotis, G. G. (2024) · Journal of Asset Management · doi:10.1057/s41260-024-00381-0 · Cited by 2
Social conscious investment: analysis of the impact of COVID-19 based on ETF
Nehrey, M., & Тараненко, А. (2021) · Bulletin of V N Karazin Kharkiv National University Economic Series · doi:10.26565/2311-2379-2021-101-01 · Cited by 2
EARNING DOWNSIDE RISK AND THE SIGNIFICANCE OF ESG PERFORMANCE IN THE PRIMARY ECONOMIC SECTOR
Bakar, N. A., Remli, N., Arifin, J., & Roslan, F. (2025) · International Journal of Business and Society · doi:10.33736/ijbs.7882.2025 · Cited by 2
Assessing risk and loss aversion: COVID-19 and investor behavior in the Polish stock market
Łukowski, M., Śliwiński, P. P., Gemra, K., & Maruszewski, J. (2025) · Central European Management Journal · doi:10.1108/cemj-02-2024-0047 · Cited by 2

Authors: Omura, A., Roca, E., & Nakai, M.
Affiliations: Griffith University (AU)
Fukui Prefectural University (JP)
Corresponding author: Omura, Akihiro
ORCID: Omura, Akihiro
Roca, Eduardo
Nakai, Miwa
Venue: Finance Research Letters
Publisher: Elsevier BV
Published: 2021-10
Volume: 42
Pages: 101914
ISSN: 1544-6123 (ISSN-L)
DOI: 10.1016/j.frl.2020.101914
PMC: PMC9760375
OpenAlex: W3113640123
Cited by: 142
References: 49
Citations by year: 2026: 13 · 2025: 28 · 2024: 36 · 2023: 35 · 2022: 25 · 2021: 4
FWCI: 16.90
Type: journal article
Language: en
Open access: green
www.ncbi.nlm.nih.gov
Licence: www.elsevier.com/tdm/userlicense/1.0/ (tdm)
www.elsevier.com/legal/tdmrep-license (tdm)
Locations: Finance research letters (publishedVersion)
PubMed Central (publishedVersion)
PubMed (publishedVersion)
RePEc: Research Papers in Economics (submittedVersion)
Griffith Research Online (submittedVersion, other-oa)
Funders: Griffith University
Topics: Social Sciences › Economics, Econometrics and Finance › Finance › Sustainable Finance and Green Bonds
Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
Keywords: socially responsible investment, ESG investing, COVID-19 pandemic, economic downturn, abnormal returns, Sharpe ratio, asset pricing, financial crisis

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

Are you an author, or do you see a problem with this page? Request a review

Does responsible investing pay during economic downturns: Evidence from the COVID-19 pandemic

Abstract

Overview

Integrity signals

Verification

Claims the paper makes

Claims other papers make about this one

Self-check

Citations

Cites

Cited by

Related

Metadata

Record

About these checks