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|Title||The impact of sustainable investments during the COVID-19 crisis in Europe|
|Institution||University of Zurich|
|Faculty||Faculty of Business, Economics and Informatics|
|Number of Pages||45|
|Abstract Text||Research on the US market shows that ESG activities help firms stock returns during the COVID-19 pandemic. This study finds that in the European market, the “ESG factor” does not influence stock returns during COVID-19. When controlling for certain factors, stock prices are even negatively impacted by the ESG score. Further results suggest that the commonly known accounting-based measurements of financial health (liquidity and debt) were crucial for stock price reactions in the pandemic, and that the negative impact on ESG was mainly driven by the governance score.|