- Tytuł:
- Stock Market Performance in the Face of External Shocks. Does ESG Compliance Immunize Against the Pandemic?
- Autorzy:
-
Meier, Jan-Hendrik
Lipkow, Niklas
Paientko, Tetiana - Powiązania:
- https://bibliotekanauki.pl/articles/53615524.pdf
- Data publikacji:
- 2024-06-17
- Wydawca:
- Stowarzyszenie Księgowych w Polsce
- Tematy:
-
COVID-19
ESG
stock market performance
shocks
crisis - Opis:
- Purpose: This study explores the link between corporate social responsibility and enhanced stock market resilience during crises. It examines whether adherence to Environmental, Social, and Governance (ESG) principles improves stock performance under economic stress. Methodology/approach: We use a standard event study with market model estimation to evaluate the impact of the first reported COVID-19 deaths on stock performance for companies in the STOXX Europe 600 and the S&P 500. Findings: The results show that capital market participants reward ESG performance during crises. Environmental and social factors enhance resilience, while corporate governance does not seem relevant in this context. Research limitations: The research focuses on the early COVID-19 pandemic stages, potentially missing long-term ESG dynamics. The sample comprises US and European companies, possibly limiting global generalizability. Practical implications: Understanding the relationship between ESG compliance and stock market resilience is crucial for investors, corporations, and policymakers to make informed decisions in a changing economic environment. Originality/value: This study demonstrates that during a pandemic, stock market resilience is driven by strong environmental and social performance rather than corporate governance, using a broad sample of US and European companies to highlight regional differences in ESG impact during crises.
- Źródło:
-
Zeszyty Teoretyczne Rachunkowości; 2024, 48(2); 129-144
1641-4381
2391-677X - Pojawia się w:
- Zeszyty Teoretyczne Rachunkowości
- Dostawca treści:
- Biblioteka Nauki
Artykuł