ESG did not immunize stocks during the COVID‐19 crisis, but investments in intangible assets did

Demers, Elizabeth; Hendrikse, Jurian; Joos, Philip; Lev, Baruch

doi:10.1111/jbfa.12523

Public

ESG did not immunize stocks during the COVID‐19 crisis, but investments in intangible assets did

Published in Journal of Business Finance &amp Accounting • Mar 1, 2021

Authors:

Elizabeth Demers

Jurian Hendrikse

Philip Joos

Abstract

Environmental, social and governance ("ESG") scores have been widely touted as indicators of share price resilience during the COVID-19 crisis. Contrary to this conventional wisdom, we present robust evidence that once industry affiliation, market-based measures of risk and accounting-based measures...

Subject

Coronavirus disease 2019 (COVID-19)

Financial crisis

Business

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