新冠肺炎大流行前和大流行期间常规指数和可持续指数的表现：比较分析

Q2 Economics, Econometrics and Finance

Indian Journal of Finance Pub Date : 2023-03-01 DOI:10.17010/ijf/2023/v17i5/172736

Manpreet Kaur Makkar, Atif Ghayas, Nitin Gupta

{"title":"新冠肺炎大流行前和大流行期间常规指数和可持续指数的表现：比较分析","authors":"Manpreet Kaur Makkar, Atif Ghayas, Nitin Gupta","doi":"10.17010/ijf/2023/v17i5/172736","DOIUrl":null,"url":null,"abstract":"Purpose: There has been a significant increase in the demand for ESG (environmental, social, and governance) investment by investors in recent years. Investors are recognizing that companies that prioritize ESG factors in their operations are more likely to be sustainable and resilient in the long term. The purpose of this study was to examine whether the ESG-responsible firms are performing better than the other firms in the pre-COVID and during the COVID periods. The paper also tried to investigate the impact of COVID-19 cases on the index movement. Methodology: The study employed the descriptive analysis on the financial data of NSE NIFTY 500 and NIFTY 100 Enhanced ESG index. The EGARCH model was applied to estimate the effect of COVID-19 on the volatility of the NIFTY 100 Enhanced ESG index. Findings: The results showed that there was no leverage effect in the ESG index in both periods. That means that the ESG Index can act as a cushion during the pandemic period. The ESG Index outperformed the conventional market index, thus acting as a COVID-19 safe asset class. This gives an opportunity to investors and fund managers to diversify their risk by acting sustainably responsible for society. Practical Implications: This study compared the performance of ESG-indexed firms with that of other firms in the pre-COVID and during COVID time period to check whether there was any difference between them. This study provided empirical evidence for practitioners, policymakers, and academicians in support of ESG investment as it showed that the ESG Index performed better than the conventional index during the COVID period. Originality: This study used secondary data to study the performance of the EGS firms in the pre and during COVID period in order to compare with the other firms. In the context of India, this study may be the first one to compare the performance of the ESG firms with the normal firms in the pre and during the COVID period. © 2023, Associated Management Consultants Pvt. Ltd.. All rights reserved.","PeriodicalId":38337,"journal":{"name":"Indian Journal of Finance","volume":"1 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Performance of Conventional and Sustainable Index in Pre and During the COVID-19 Pandemic : A Comparative Analysis\",\"authors\":\"Manpreet Kaur Makkar, Atif Ghayas, Nitin Gupta\",\"doi\":\"10.17010/ijf/2023/v17i5/172736\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Purpose: There has been a significant increase in the demand for ESG (environmental, social, and governance) investment by investors in recent years. Investors are recognizing that companies that prioritize ESG factors in their operations are more likely to be sustainable and resilient in the long term. The purpose of this study was to examine whether the ESG-responsible firms are performing better than the other firms in the pre-COVID and during the COVID periods. The paper also tried to investigate the impact of COVID-19 cases on the index movement. Methodology: The study employed the descriptive analysis on the financial data of NSE NIFTY 500 and NIFTY 100 Enhanced ESG index. The EGARCH model was applied to estimate the effect of COVID-19 on the volatility of the NIFTY 100 Enhanced ESG index. Findings: The results showed that there was no leverage effect in the ESG index in both periods. That means that the ESG Index can act as a cushion during the pandemic period. The ESG Index outperformed the conventional market index, thus acting as a COVID-19 safe asset class. This gives an opportunity to investors and fund managers to diversify their risk by acting sustainably responsible for society. Practical Implications: This study compared the performance of ESG-indexed firms with that of other firms in the pre-COVID and during COVID time period to check whether there was any difference between them. This study provided empirical evidence for practitioners, policymakers, and academicians in support of ESG investment as it showed that the ESG Index performed better than the conventional index during the COVID period. Originality: This study used secondary data to study the performance of the EGS firms in the pre and during COVID period in order to compare with the other firms. In the context of India, this study may be the first one to compare the performance of the ESG firms with the normal firms in the pre and during the COVID period. © 2023, Associated Management Consultants Pvt. Ltd.. All rights reserved.\",\"PeriodicalId\":38337,\"journal\":{\"name\":\"Indian Journal of Finance\",\"volume\":\"1 1\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2023-03-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Indian Journal of Finance\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.17010/ijf/2023/v17i5/172736\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"Economics, Econometrics and Finance\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Indian Journal of Finance","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.17010/ijf/2023/v17i5/172736","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"Economics, Econometrics and Finance","Score":null,"Total":0}

引用次数: 0

摘要

目的：近年来，投资者对ESG（环境、社会和治理）投资的需求显著增加。投资者认识到，从长远来看，在运营中优先考虑ESG因素的公司更有可能是可持续的和有弹性的。本研究的目的是检验负责ESG的公司在新冠疫情前和新冠疫情期间的表现是否优于其他公司。该论文还试图调查新冠肺炎病例对指数运动的影响。方法：本研究对NSE NIFTY 500和NIFTY 100增强ESG指数的财务数据进行描述性分析。EGARCH模型用于估计新冠肺炎对NIFTY 100增强型ESG指数波动性的影响。研究结果：结果表明，在这两个时期，ESG指数都没有杠杆效应。这意味着ESG指数可以在疫情期间发挥缓冲作用。ESG指数表现优于传统市场指数，因此成为新冠肺炎安全资产类别。这为投资者和基金经理提供了一个机会，通过对社会可持续负责来分散风险。实际意义：这项研究将ESG指数公司的业绩与其他公司在新冠疫情前和新冠疫情期间的业绩进行了比较，以检查它们之间是否存在任何差异。这项研究为从业者、政策制定者和学者提供了支持ESG投资的经验证据，因为它表明ESG指数在新冠疫情期间的表现优于传统指数。独创性：本研究使用二次数据研究了EGS公司在新冠疫情前和疫情期间的表现，以便与其他公司进行比较。在印度的背景下，这项研究可能是第一次将ESG公司在新冠疫情前和疫情期间的表现与正常公司进行比较。©2023，Associated Management Consultants Pvt.有限公司。保留所有权利。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Performance of Conventional and Sustainable Index in Pre and During the COVID-19 Pandemic : A Comparative Analysis

Purpose: There has been a significant increase in the demand for ESG (environmental, social, and governance) investment by investors in recent years. Investors are recognizing that companies that prioritize ESG factors in their operations are more likely to be sustainable and resilient in the long term. The purpose of this study was to examine whether the ESG-responsible firms are performing better than the other firms in the pre-COVID and during the COVID periods. The paper also tried to investigate the impact of COVID-19 cases on the index movement. Methodology: The study employed the descriptive analysis on the financial data of NSE NIFTY 500 and NIFTY 100 Enhanced ESG index. The EGARCH model was applied to estimate the effect of COVID-19 on the volatility of the NIFTY 100 Enhanced ESG index. Findings: The results showed that there was no leverage effect in the ESG index in both periods. That means that the ESG Index can act as a cushion during the pandemic period. The ESG Index outperformed the conventional market index, thus acting as a COVID-19 safe asset class. This gives an opportunity to investors and fund managers to diversify their risk by acting sustainably responsible for society. Practical Implications: This study compared the performance of ESG-indexed firms with that of other firms in the pre-COVID and during COVID time period to check whether there was any difference between them. This study provided empirical evidence for practitioners, policymakers, and academicians in support of ESG investment as it showed that the ESG Index performed better than the conventional index during the COVID period. Originality: This study used secondary data to study the performance of the EGS firms in the pre and during COVID period in order to compare with the other firms. In the context of India, this study may be the first one to compare the performance of the ESG firms with the normal firms in the pre and during the COVID period. © 2023, Associated Management Consultants Pvt. Ltd.. All rights reserved.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Indian Journal of Finance Economics, Econometrics and Finance-Economics, Econometrics and Finance (miscellaneous)

CiteScore

1.50

自引率

0.00%

发文量

期刊介绍： a source of sophisticated analysis of developments in the rapidly expanding world of finance, is a double blind peer reviewed refereed monthly journal that publishes articles on a wide variety of topics ranging from corporate to personal finance, insurance to financial economics, and derivatives. It provides a forum for exchange of ideas and techniques among academicians and practitioners and thereby, advances applied research in financial management. The journal, with its mission to promote thinking on various facets of finance, is targeted at academicians, scholars, and professionals associated with the field of finance to promote pragmatic research by disseminating the results of research in finance, accounting, financial economics, and sub - areas such as theory and analysis of fiscal markets and instruments, financial derivatives research, insurance, portfolio selection, credit and market risk, statistical and empirical financial studies based on advanced stochastic methods, financial instruments for risk management, uncertainty, and information in relation to finance.