气候变化领域集成服务门户(CCPortal): Does sustainability activities performance matter during financial crises? Investigating the case of COVID-19

CCPortal

DOI	10.1016/j.enpol.2021.112330
	Does sustainability activities performance matter during financial crises? Investigating the case of COVID-19
	Yoo S.; Keeley A.R.; Managi S.
发表日期	2021
ISSN	03014215
卷号	155
英文摘要	As a market for sustainability investing is growing rapidly, understanding the impact of environmental, social, and governance (ESG) activities on firms’ financial performance is becoming increasingly important. In this study, we examine the effect of ESG performance on stock returns and volatility during the financial crisis resulting from the coronavirus (COVID-19) pandemic. To quantify the impact, we use company-level daily ESG score data and United Nations Global Compact (GC) score data. In our dataset, ESG scores indicate ESG performance that is deemed important to financial materiality, and the GC score indicates the firm reputation for following UN rules. Our results indicate that during the pandemic, an increase in the ESG score, especially the E score component, is related to higher returns and lower volatility. Conversely, increasing GC scores is correlated with lower stock returns and higher volatility. In addition, we find that firms in lower return groups benefit more than other firms. Focusing on energy sector impacts, we show that although the non-energy sector benefits more than the energy sector from increasing E scores, energy sector firms can still reduce their stock price volatility by increasing these scores. Our study offers significant implications for ESG investment strategies during financial crises. © 2021 Elsevier Ltd
关键词	COVID-19 Environmental Governance Reputation Social Stock return
英文关键词	Financial markets; Sustainable development; COVID-19; Energy sector; Environmental; Environmental activities; Financial crisis; Governance; Performance; Reputation; Social; Stock returns; Investments; COVID-19; financial crisis; stock market; United Nations; Coronavirus
语种	英语
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/205425
作者单位	Urban Institute & School of Engineering, Kyushu University, Japan
推荐引用方式 GB/T 7714	Yoo S.,Keeley A.R.,Managi S.. Does sustainability activities performance matter during financial crises? Investigating the case of COVID-19[J],2021,155.
APA	Yoo S.,Keeley A.R.,&Managi S..(2021).Does sustainability activities performance matter during financial crises? Investigating the case of COVID-19.Energy Policy,155.
MLA	Yoo S.,et al."Does sustainability activities performance matter during financial crises? Investigating the case of COVID-19".Energy Policy 155(2021).