环境、社会和治理(ESG)实践是否影响COVID-19大流行期间的异常回报?来自巴西的证据

Q3 Business, Management and Accounting

Latin American Business Review Pub Date : 2023-10-27 DOI:10.1080/10978526.2023.2266997

Andre Carvalhal, Sidney Nakahodo

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Did Environmental, Social, and Governance (ESG) Practices Affect Abnormal Returns During the COVID-19 Pandemic? Evidence From Brazil

Abstract This study examines the effect of environmental, social, and governance (ESG) practices on Brazilian stock returns during the COVID-19 pandemic. Brazil provides interesting insights because it has a crucial role in the ESG agenda worldwide and was the second most severely affected country in terms of number of deaths due to COVID-19. We provide evidence that Brazilian companies with good ESG practices had higher returns during the COVID-19 crisis. This superior performance is associated with ESG broadly, but not with governance separately. Our findings are robust to several industry and firm characteristics and support the hypothesis that ESG companies are more resistant during crises.

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来源期刊

Latin American Business Review Business, Management and Accounting-Business and International Management

CiteScore

2.40

自引率

0.00%

发文量

期刊介绍： Latin American Business Review is a quarterly, refereed journal which facilitates the exchange of information and new ideas between academics, business practitioners, public policymakers, and those in the international development community. Special features of the journal will keep you current on various teaching, research, and information sources. These activities all focus on the business and economic environment of the diverse and dynamic countries of the Americas.