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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

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Omura, Akihiro, Roca, Eduardo, Nakai, Miwa·2021·Finance Research Letters
DOI 10.1016/j.frl.2020.101914PMC PMC9760375
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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.

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  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.

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Metadata

Authors
Omura, A., Roca, E., & Nakai, M.
Affiliations
  • Griffith University (AU)
  • Fukui Prefectural University (JP)
Corresponding author
Omura, Akihiro
ORCID
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
Licence
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

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