Authors: Engelhardt, Nils
Ekkenga, Jens
Posch, Peter
Title: ESG ratings and stock performance during the COVID-19 crisis
Language (ISO): en
Abstract: 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.
Subject Headings: CSR
Financial markets
Subject Headings (RSWK): Corporate Social Responsibility
Issue Date: 2021-06-25
Rights link:
Appears in Collections:Professur Finance

Files in This Item:
File Description SizeFormat 
sustainability-13-07133-v2.pdf368.4 kBAdobe PDFView/Open

This item is protected by original copyright

This item is licensed under a Creative Commons License Creative Commons