Journal
BUSINESS STRATEGY AND THE ENVIRONMENT
Volume 31, Issue 1, Pages 32-45Publisher
WILEY
DOI: 10.1002/bse.2872
Keywords
Carbon Efficiency Index; COVID-19; government response; green investment; stakeholder engagement; sustainable development
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This paper investigates the resilience of environmentally friendly companies in the context of the COVID-19 pandemic, finding that green companies have been positively affected by the outbreak. The results provide practical implications for companies seeking to remain resilient during challenging times and stakeholders looking to invest in safe, long-term returns.
This paper investigates the resilience of environmentally friendly companies in an overwhelming economic and social environment that has been generated after the outbreak of the novel coronavirus disease (COVID-19) pandemic. To this respect, we have investigated the cointegration between the Standard & Poor's (S&P) 500 Carbon Efficiency Index (CEI) with COVID-19 cases, supplemented with covariates such as government response stringency to the pandemic, economic policy uncertainty, oil prices and global markets fluctuations. We have used daily data from 2nd January to 5th October 2020 and have employed a robust estimator within a Fourier approach to accommodate both sharp and smooth breaks. Our results suggest that green companies have been positively affected by the outbreak of COVID-19. Our paper provides practical implications for companies that wish to furnish themselves with resilience during rough times and stakeholders who wish to invest in safe, long-lasting returns.
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