Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash

被引：515

作者：

Albuquerque, Rui ^{[1
,2
]}

Koskinen, Yrjo ^{[3
]}

Yang, Shuai ^{[3
]}

Zhang, Chendi ^{[4
]}

机构：

[1] Boston Coll, Carroll Sch Management, ECGI, Chestnut Hill, MA 02167 USA

[2] CEPR, Chestnut Hill, MA 02167 USA

[3] Univ Calgary, Haskayne Sch Business, Calgary, AB, Canada

[4] Univ Exeter, Business Sch, Exeter, Devon, England

来源：

REVIEW OF CORPORATE FINANCE STUDIES | 2020年 / 9卷 / 03期

关键词：

FINANCIAL PERFORMANCE; CORPORATE; RESPONSIBILITY;

D O I：

10.1093/rcfs/cfaa011

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The COVID-19 pandemic and the subsequent lockdown brought about an exogenous and unparalleled stock market crash. The crisis thus provides a unique opportunity to test theories of environmental and social (ES) policies. This paper shows that stocks with higher ES ratings have significantly higher returns, lower return volatility, and higher operating profit margins during the first quarter of 2020. ES firms with higher advertising expenditures experience higher stock returns, and stocks held by more ES-oriented investors experience less return volatility during the crash. This paper highlights the importance of customer and investor loyalty to the resiliency of ES stocks.

引用

页码：593 / 621

页数：29

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