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 accessAbstract
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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“These results are noteworthy because they seem limited to only active sustainable funds.”
From Sustainable mutual fund performance and flow in the recent years through the COVID-19 pandemic (2022) · cites this paper as Omura, Roca, and Nakai (2021)
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“Other papers find that sustainable ETFs and index funds do not perform well during the early part of the pandemic (Omura et al., 2021 and Pavlova & de Boyrie, 2022).”
From Sustainable mutual fund performance and flow in the recent years through the COVID-19 pandemic (2022) · cites this paper as Omura et al., 2021
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“Omura, Roca, and Nakai (2021) don't find any superior performance of sustainable exchange-traded funds (ETF) compared to the benchmark indices.”
From Sustainable mutual fund performance and flow in the recent years through the COVID-19 pandemic (2022) · cites this paper as Omura, Roca, and Nakai (2021)
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Cites
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
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
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.
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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
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
Metadata
- Authors
- Omura, A., Roca, E., & Nakai, M.
- Affiliations
- Griffith University (AU)
- Fukui Prefectural University (JP)
- Corresponding author
- Omura, Akihiro
- Venue
- Finance Research Letters
- Publisher
- Elsevier BV
- Published
- 2021-10
- Volume
- 42
- Pages
- 101914
- ISSN
- 1544-6123 (ISSN-L)
- 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
- 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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