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Does ESG Improve Crisis Resilience? Empirical Evidence of Global Emerging Equity Markets during the Covid-19 Crisis.
- Source :
- Periodica Polytechnica: Social & Management Sciences; 2024, Vol. 32 Issue 1, p17-27, 11p
- Publication Year :
- 2024
-
Abstract
- We examine the role of Environmental, Social, and Governance (ESG) factors in explaining the crisis resilience of 1031 global emerging market (GEM) equities during the Covid-19 crisis downturn of Q1 2020. We use linear and quantile regressions (QR) and find a statistically significant negative relationship between a firm's ESG management score and crisis resilience as proxied by stock maximal drawdown. Our results suggest that companies with better ESG management were less crisis resilient, a finding consistent with agency-theory-based explanations found in the literature. Results are robust across all OLS and QR models. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 14163837
- Volume :
- 32
- Issue :
- 1
- Database :
- Complementary Index
- Journal :
- Periodica Polytechnica: Social & Management Sciences
- Publication Type :
- Academic Journal
- Accession number :
- 176028250
- Full Text :
- https://doi.org/10.3311/PPso.19147