The DOI matches its Crossref record; 12 of the 12 references it cites were found in a registry or an index.
ESG Ratings and Stock Performance during the COVID-19 Crisis
Open accessAbstract
We investigate the association between Environmental, Social, and Governance (ESG) ratings and stock performance during the COVID-19 crisis. Although there is mixed evidence in the literature whether ESG is valuable in times of crisis, we find high ESG-rated European firms to be associated with higher abnormal returns and lower stock volatility. After decomposing ESG into its separate components, we find the social score to be the predominant driver of our results. Further, we argue that ESG is value-enhancing in low-trust countries, and in countries with poorer security regulations and where lower disclosure standards prevail.
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Cites
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“Beginning with Friedman [30], there is an ongoing discussion of whether companies should maximize shareholder value or stakeholder wealth.”
BackgroundCorporate Social and Financial Performance: A Meta-Analysis
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Does corporate social responsibility affect the cost of capital?
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Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash
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Agency Problems of Corporate Philanthropy
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Cited by
Sandberg, H., Alnoor, A., & Tiberius, V. (2023) · Business Strategy and the Environment · doi:10.1002/bse.3259 · Cited by 285
Metadata
- Authors
- Engelhardt, N., Ekkenga, J., & Posch, P.
- Venue
- Sustainability
- Publisher
- MDPI AG
- Published
- 2021-06-25
- Volume
- 13
- Issue
- 13
- Pages
- 7133
- ISSN
- 2071-1050 (ISSN-L)
- OpenAlex
- W3173908785
- Cited by
- 204
- References
- 12
- FWCI
- 30.58
- Type
- journal article
- Language
- en
- Open access
- gold
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