期刊
JOURNAL OF BUSINESS FINANCE & ACCOUNTING
卷 48, 期 3-4, 页码 433-462出版社
WILEY
DOI: 10.1111/jbfa.12523
关键词
corporate social responsibility; COVID-19; economic crisis; ESG; greenwashing; intangible assets; share price resilience
Research suggests that during the COVID-19 crisis, while ESG scores did not have a significant impact on returns, investments in internally generated intangible assets within a company were economically and statistically significant positive determinants of stock performance.
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 of performance, financial position and intangibles investments have been controlled for, ESG offers no such positive explanatory power for returns during the COVID crisis. Specifically, ESG is insignificant in fully specified returns regressions for each of the Q1 2020 COVID market crisis period and for the full COVID year of 2020. By contrast, a measure of the firm's stock of investments in internally generated intangible assets is an economically and statistically significant positive determinant of returns during each of the Q1 market implosion and full 2020 COVID year periods. Our results are robust to alternative measures of returns, as well as for using Refinitiv, Refinitiv II and MSCI data to capture ESG performance. We conclude that ESG did not immunize stocks during the COVID-19 crisis, but those investments in intangible assets did.
作者
我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。
推荐
暂无数据