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Research Article

Is ESG-ness the vaccine?

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Pages 484-487 | Published online: 21 Oct 2021
 

ABSTRACT

In an attempt to foster debate on whether firms’ commitment to ESG policies affects stocks risk-adjusted performance, we analysed the blue-chips of the European countries most affected by COVID-19. We found statistical evidence that companies that follow high ESG standards outperformed low ESG-ranked firms during Phase 1 of COVID-19. In particular, the dampening effect on the downside stock market movement was more evident during the first part of Phase 1 characterized by the sudden crash of stock prices.

JEL CLASSIFICATION:

Disclosure statement

No potential conflict of interest was reported by the author(s).

Notes

1 Welch’s two sample t-test 2.0513 (P-val = 0.0432).

2 Welch’s two sample t-test −2.7879 (P-val = 0.0065).

3 Anyone interested in the results of the other models may contact the author.

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