文章基本信息

标题：ESG Ratings and Stock Performance during the COVID-19 Crisis
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作者：Nils Engelhardt ; Jens Ekkenga ; Peter Posch 等
期刊名称：Sustainability
印刷版ISSN：2071-1050
出版年度：2021
卷号：13
期号：13
页码：7133
DOI：10.3390/su13137133
语种：English
出版社：MDPI, Open Access Journal
摘要：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.