On the resilience of ESG firms during the COVID-19 crisis: evidence across countries and asset classes

IF 8.6 1区 管理学 Q1 BUSINESS
Gianfranco Gianfrate, Mirco Rubin, Dario Ruzzi, Mathijs van Dijk
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引用次数: 0

Abstract

We use the exogenous shock of COVID-19 to explore the resilience of firms with strong ESG (environmental, social, and governance) ratings across 63 countries and three asset classes: stocks, credit default swaps (CDS), and corporate bonds. We show that the resilience of strong ESG firms is not a consistent global phenomenon outside of North America and varies considerably across countries. Additional evidence points towards a substitution effect between firm-level sustainability performance as captured by ESG ratings and country-level sustainability performance especially in terms of healthcare coverage. Overall, our findings indicate that the capacity of strong ESG firms to serve as “rainy day assets” is geography-dependent and that ESG considerations can also affect international corporate debt markets.

Abstract Image

COVID-19危机期间ESG公司的复原力:不同国家和资产类别的证据
我们利用 COVID-19 的外生冲击,在 63 个国家和三个资产类别(股票、信用违约掉期 (CDS) 和公司债券)中探讨了 ESG(环境、社会和治理)评级较高的公司的抗风险能力。我们发现,除北美地区外,ESG评级较高的公司在全球范围内的抗风险能力并不一致,各国之间的差异也很大。其他证据表明,ESG 评级所反映的公司层面的可持续发展表现与国家层面的可持续发展表现之间存在替代效应,尤其是在医疗保健覆盖面方面。总之,我们的研究结果表明,ESG 强大的公司作为 "雨天资产 "的能力取决于地理位置,ESG 考虑因素也会影响国际企业债务市场。
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来源期刊
CiteScore
16.20
自引率
10.30%
发文量
84
期刊介绍: The Selection Committee for the JIBS Decade Award is pleased to announce that the 2023 award will be presented to Anthony Goerzen, Christian Geisler Asmussen, and Bo Bernhard Nielsen for their article titled "Global cities and multinational enterprise location strategy," published in JIBS in 2013 (volume 44, issue 5, pages 427-450). The prestigious JIBS Decade Award, sponsored by Palgrave Macmillan, recognizes the most influential paper published in the Journal of International Business Studies from a decade earlier. The award will be presented at the annual AIB conference. To be eligible for the JIBS Decade Award, an article must be one of the top five most cited papers published in JIBS for the respective year. The Selection Committee for this year included Kaz Asakawa, Jeremy Clegg, Catherine Welch, and Rosalie L. Tung, serving as the Committee Chair and JIBS Editor-in-Chief, all from distinguished universities around the world.
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