2019冠状病毒病期间的可持续性、弹性和回报:来自美国和印度股市的经验证据

IF 1.2 Q3 BUSINESS, FINANCE

Journal of Emerging Market Finance Pub Date : 2023-03-25 DOI:10.1177/09726527231158555

Neetu Yadav, Vandana Bhama

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引用次数: 1

摘要

全球发布的越来越多的咨询报告显示，与股票指数相比，环境、社会和治理（ESG）指数的回报率更高，证据喜忧参半。本研究分析了在动荡时期，可持续性是否为受新冠肺炎疫情影响最严重的美国和印度提供了韧性。该研究测试了在新冠肺炎大流行期间和之后，较高的ESG分数是否会导致较高的股票回报。研究结果显示，在新冠肺炎危机期间，样本公司的可持续性与股票回报之间几乎没有负面关联。没有经验证据表明可持续性可以保证危机时期的复原力。投资者有自己的偏好渠道和对可持续性的品味，这超出了他们的财务动机。JEL代码：Q01、G120

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Sustainability, Resilience, and Returns During COVID-19: Empirical Evidence from US and Indian Stock Markets

The growing number of consulting reports published globally show mixed evidence of higher returns for environmental, social, and governance (ESG) indices as compared to equity indices. The present study analyzes whether or not sustainability provided resilience, during turbulent times, to the US and India, who were worst hit by the COVID-19 pandemic. The study tests whether higher ESG scores led to higher stock returns during and after the COVID-19 pandemic. The findings revealed little and negative associations of sustainability with stock returns for sample firms during the COVID-19 crisis. There is no empirical evidence indicating that sustainability guarantees resilience during crisis times. Investors have their own preference channels and taste for sustainability that are beyond their financial motives. JEL Codes: Q01, G120

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来源期刊

Journal of Emerging Market Finance BUSINESS, FINANCE-

CiteScore

1.80

自引率

33.30%

发文量

期刊介绍： The Journal of Emerging Market Finance is a forum for debate and discussion on the theory and practice of finance in emerging markets. While the emphasis is on articles that are of practical significance, the journal also covers theoretical and conceptual aspects relating to emerging financial markets. Peer-reviewed, the journal is equally useful to practitioners and to banking and investment companies as to scholars.