Investments based on “Environmental, Social, and Governance” criteria during the COVID-19 crisis
Keywords:
ESG criteria; sustainability; pandemic; stock volatility; price resilience.
Abstract
Purpose: In view of this, this study aims to analyze investments during the COVID-19 pandemic based on ESG criteria.
Methodology: A systematic review was carried out in 3 (three) international journal databases: SCIENCE DIRECT, SCOPUS, and WEB OF SCIENCE, resulting in a total of 27 (twenty-seven) valid articles. In order to identify patterns, trends, and relationships in the studies, a qualitative content analysis was conducted.
Originality/Relevance: Previous studies do not provide evidence regarding the use of ESG criteria as an analysis parameter for investments in times of non-financial crises, given that the COVID-19 pandemic is unprecedented.
Results: It was evident that the pandemic affected organizational projects, serving as a trigger for dynamic changes. The consequences of this non-financial crisis prompted significant interventions by corporations. In this regard, it was found that the relationship between ESG criteria and performance factors, company value, and growth options is considered a strategic pillar for successful investment.
Contributions: The study contributes to elucidating the directions investors are taking in terms of investments based on specific criteria, in the face of risks posed by non-financial crises. Finally, the study provides the scientific community with a starting point regarding evidence of ESG criteria as a valuable means of analysis for investments, as well as raising questions about the behavior of organizations regarding environmental, social, and corporate governance responsibilities in times of crises and recessions.
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References
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Boldeanu, F. T; Clemente-Almendros, J. A; Tache, I; Seguí-Amortegui, L. A. (2022). Is ESG Relevant to Electricity Companies during Pandemics? A Case Study on European Firms during COVID-19. Sustainability, v.14.
Bosone, C; Blogliardi, S. M; Giudici, P. (2022). Are ESG Female? The Hidden Benefits of Female Presence on Sustainable Finance. Review of Economic Analysis 14 (2022) 253-274
Broadstock, D. C; Chan, K; Cheng, L. T; Wang, X. (2021). The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China. Finance Research Letters, 38, 101716. https://doi. org/10.1016/j.frl.2020.101716
Capelle-Blancard, G; Desroziers, A; Zerbib, O. D. (2021). Socially Responsible Investing Strategies under Pressure: Evidence from the COVID-19 Crisis. The Journal of Portfolio Management Novel Risks 2021, 47 (9) 178-197; DOI: https://doi.org/10.3905/jpm.2021.1.288
Cavellucci, L. C. B. (2009). Mapas conceituais: uma breve revisão. MEC – Eixo 3, Elaboração de Projetos. S.l.: s.n.
Chodnicka-Jaworska, P. (2022). Environmental, Social, and Governance Impact on Energy Sector Default Risk—Long-Term Issuer Credit Ratings Perspective. Frontiers in Energy Research.
Csedő, Z; Magyari, J; Zavarkó, M (2022). Dynamic Corporate Governance, Innovation, and Sustainability: Post-COVID Period. Sustainability (Switzerland).
Demers, E; Hendrikse, J; Joos, P; Lev, B. (2021). ESG did not immunize stocks during the COVID-19 crisis, but investments in intangible assets did. Journal of Business Finance & Accounting published, V.48, p.433–462.
Diaz, A; Esparcia, C; Lopez, R. (2022). The diversifying role of socially responsible investments during the COVID-19 crisis: A risk management and portfolio performance analysis. Economic Analysis and Policy.
Diaz-Pena, L. D; Delgadillo, V. M. C; Ivan, C. V. M (2022). Financial firm's performance: a comparative analysis based on ESG metrics and net zero legislation. Journal Of Sustainable Finance & Investment, DOI: Https://Doi.Org/10.1080/20430795.2022.2119830
Díaz, V; Ibrushi, D; Zhao, J. (2021). Reconsidering systematic factors during the Covid-19 pandemic: The rising importance of ESG. Finance Research Letters, v.38.
Feng, Z; Wu, Z. (2021). ESG Disclosure, REIT Debt Financing and Firm Value. J Real Estate Finan Econ. https://doi.org/10.1007/s11146-021-09857-x
Ferriani, F; Natoli, F. (2021). ESG risks in times of Covid-19. Applied Economics Letters, v.28, p.1537-1541.
Folger-Laronde, Z; Pashang, S; Feor, L; ElAlfy, A. (2022). ESG ratings and financial performance of exchange-traded funds during the COVID-19 pandemic. Journal of Sustainable Finance & Investment, 1–7. doi:10.1080/20430795.2020.1782814
Galvão, M. C. B; Ricarte, I. L. M. (2020). Revisão Sistemática da Literatura: conceituação, produção e publicação. LOGEION: Filosofia da informação, v. 6 n. 1, p.57-73, set.2019/fev. 2020. Rio de Janeiro.
Hoepner, A; Cojoianu, T; Ascui, F; Clark, G; Wojcik, D. (2020). Does the fossil fuel divestment movement impact new oil & gas fundraising. Journal of Economic Geography, 21, 1–33. https://doi.org/10.1093/ jeg/lbaa027
Hong, K; Kim, J; Kwack, S. Y. (2022). External Monitoring, ESG, and Information Content of Discretionary Accruals. Sustainability, 14, 7599.
Irigaray, H. A. R.; Socker, F. (2022). ESG: novo conceito para velhos problemas. Cad. EBAPE BR, Rio de Janeiro.
Jayaram, R; Singh, S. (2020). Sustainable finance: a systematic review, International Journal of Indian Culture and Business Management, Inderscience Enterprises Ltd, v.21(3), p.317-339.
Kinateder, H; Campbell, R; Choudhury, T. (2021). Safe haven in GFC versus COVID-19: 100 turbulent days in the financial markets, Finance Research Letters, Vol. 43, p. 101951, available at: https://doi.org/10.1016/j.frl.2021.101951
Khoury, R. E; Nasrallah, N; Harb, E; Hussainey, K. (2022). Exploring the performance of responsible companies in G20 during the COVID-19 outbreak. Journal of Cleaner Production, v.354. France.
La Rosa, F; Liberatore, G; Mazzi, F; Terzani, S. (2018). The impact of corporate social performance on the cost of debt and access to debt financing for listed European non-financial firms. European Management Journal, 36(4), 519–529.
La Fuente, G. de; Ortiz, M; Velasco, P. (2022). The value of a firm’s engagement in ESG practices: Are we looking at the right side? Long Range Planning.
Li, Z; Feng, L; Pan, Z; Sohail, H. M. (2022). ESG performance and stock prices: evidence from the COVID-19 outbreak in China. Humanities and Social Sciences Communications.
Lima Junior, M. P. de; Aldatz, R. J. (2013). Análise de investimento do segmento de transporte em condições de incerteza e risco. Revista Ambiente Contábil, v.5, nº 1.
Lins, K. V; Servaes, H; Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785–1824. https://doi. org/10.1111/jofi.12505
Lin, A. J; Chang, H-Y; Hung, B. (2022). Identifying Key Financial, Environmental, Social, Governance (ESG), Bond, and COVID-19 Factors Affecting Global Shipping Companies—A Hybrid Multiple-Criteria Decision-Making Method. Sustainability (Switzerland).
Lööf, H; Sahamkhadam, M; Stephan, A. (2022). Is Corporate Social Responsibility investing a free lunch? The relationship between ESG, tail risk, and upside potential of stocks before and during the COVID-19 crisis. Finance Research Letters.
Martin, P. R; Moser, D. V. (2016). Managerss green investment disclosures and investors reaction. Journal of Accounting and Economics, 61(1), 239–254. https://doi.org/10.1016/j.jacceco.2015.08.004
Mavlutova, I; Fomins, A; Spilbergs, A; Atstaja, D; Brizga, J. (2022). Opportunities to Increase Financial Well-Being by Investing in Environmental, Social and Governance with Respect to Improving Financial Literacy under COVID-19: The Case of Latvia. Sustainability, 14, 339. https://doi.org/10.3390/su14010339
Nakamura, E. (2011). Does environmental investment really contribute to firm performance? An empirical analysis using Japanese firms. Eurasian Business Review, 1(2), 91–111.
Omura, A; Roca, E; Nakai, M. (2021). Does responsible investing pay during economic downturns: Evidence from the COVID-19 pandemic. Finance Research Letters, v.42.
Park, S. R; Jang, J. Y. (2021). The Impact of ESG Management on Investment Decision: Institutional Investors’ Perceptions of Country-Specific ESG Criteria. International Journal of Financial Studies. MDPI.
Palma-Ruiz, J. M; Castillo-Apraiz, J; Gómez-Martínez, R. (2020) Socially Responsible Investing as a Competitive Strategy for Trading Companies in Times of Upheaval Amid COVID-19: Evidence from Spain. Int. J. Financial Stud., 8, 41. https://doi.org/10.3390/ijfs8030041
Papathanasiou, S; Dokas, I; Koutsokostas, D. (2022). Value investing versus other investment strategies: A volatility spillover approach and portfolio hedging strategies for investors. North American Journal Of Economics And Finance, v.62, November 2022, 101764.
Park, S. R; Oh, K-S. (2022). Integration of ESG Information Into Individual Investors’ Corporate Investment Decisions: Utilizing the UTAUT Framework. Frontiers in Psichology. Perspective.
Pereira, R; Marcilio, B. B; Gurecio, M. J; Takimoto, T, Fialho, F. (2021). ESG: Uma Revisão Integrativa. In: ENGEMA 2021 - XXIII Encontro Internacional sobre Gestão Empresarial e Meio Ambiente da FEA/USP. São Paulo. Anais do XXIII Encontro Internacional sobre Gestão Empresarial e Meio Ambiente.
Rubbaniy, G; Khalid, A. A; Umar, M; Mirza, N. (2020). “European stock markets’ response to Covid-19, lockdowns, government response stringency and Central banks’ interventions”, Available at SSRN 3758227
Rubbaniy, G; Khalid, A. A; Rizwan, M. F; Ali, S. (2022). "Are ESG stocks safe-haven during COVID-19?" Studies in Economics and Finance, v.39, n.2, p.239-255. https://doi.org/10.1108/SEF-08-2021-0320
Saini, N; Antil, A; Gunasekaran, A; Malik, K; Balakumar, S. (2022). Environment-Social-Governance Disclosures nexus between Financial Performance: A Sustainable Value Chain Approach. Resources, Conservation and Recycling.
Salisu, A. A; Akanni, L. O. (2020). “Constructing a global fear index for the COVID-19 pandemic”, Emerging Markets Finance and Trade, v.56, n.10, p.2310-2331.
Singh, A. (2020). COVID-19 and safer investment bets. Finance Research Letters.
Singh, N. P; Makhija, P; Chacko, E. (2021). Sustainable investment and the COVID-19 effect – volatility analysis of ESG index. International Journal of Sustainable Economy, v.13, n.4, p.357-368.
Souza, A. A. de; Pereira, A. V; Bieger, C. I; Martins, V. A. (2018). Análise de investimentos e insolvência para tomada de decisão de investimento de pequenos investidores, sob a ótica de um sócio investidor. Revista Ensino e Pesquisa em Administração e Engenharia, v.4, n.1.
Sun, W; Cui, K. (2014). Linking corporate social responsibility to firm default risk. European Management Journal, 32 (2), 275–287.
Sun, L; Small, G. (2022). Has sustainable investing made an impact in the period of COVID-19? Evidence from Australian exchange traded funds. Journal of Sustainable Finance & Investment v.12, n.1, pp.251-273.
Tampakoudis, I; Noulas, A; Kiosses, N; Drogalas, G. (2022). The effect of ESG on value creation from mergers and acquisitions. What changed during the COVID-19 pandemic? Emerald Publishing Limited, v.21, n.6, p.1117-1141.
Trujano, J. E; Levesque, A. M. (2022). Development finance institutions and the care economy: opportunities for building more resilient and gender-equitable economies. Journal of Sustainable Finance & Investiment.
Umar, Z; Gubareva, M; Tran, D. K; Teplova, T. (2021). Impact of the Covid-19 induced panic on the Environmental, Social and Governance leaders’ equity volatility: A time-frequency analysis. Research in International Business and Finance.
Van Camp, J; Braet, J. (2016). Taxonomizing performance measurement systems’ failures. International journal of productivity and performance management.
Van Hoang, T. H; Syed, Q. R. (2021), “Investor sentiment and volatility prediction of currencies and commodities during the COVID-19 pandemic”, Asian Economics Letters, v.1 n.4, p.18642
Wernerfelt, B; Montgomery, C. A. (1988). Tobins Q and the importance of focus in firm performance. The American Economic Review, 78(1), 246–250.
Whittemore, R; Knafl, K. (2005). The integrative review: updated methodology. Journal of advanced nursing, 52(5), 546-553.
Viana, L. C; Gaio, L. E; Belli, M. M; Cunha, C. F. (2022). Investimento em Sustentabilidade e o Impacto Mercadológico: uma Avaliação a partir do score ESG. Desafio Online.
Yoo, S; Keeley, A. R; Managi, S. (2021). Does sustainability activities performance matter during financial crises? Investigating the case of COVID-19. Energy Policy, v.155.
Zhan, J. X; Santos-Paulino, A. U. (2021). Investing in the Sustainable Development Goals: Mobilization, channeling, and impact. J Int Bus Policy 4, 166–183. https://doi.org/10.1057/s42214-020-00093-3
Zhou, G; Liu, L; Luo, S. (2022). Sustainable development, ESG performance and company market value: Mediating effect of financial performance. Business Strategy and the Environment, 1–17. https://doi.org/ 10.1002/bse.3089
Zhou, D; Zhou, R. (2022). ESG Performance and Stock Price Volatility in Public Health Crisis: Evidence from COVID-19 Pandemic. International Journal of Environmental Research and Public Health.
Boldeanu, F. T; Clemente-Almendros, J. A; Tache, I; Seguí-Amortegui, L. A. (2022). Is ESG Relevant to Electricity Companies during Pandemics? A Case Study on European Firms during COVID-19. Sustainability, v.14.
Bosone, C; Blogliardi, S. M; Giudici, P. (2022). Are ESG Female? The Hidden Benefits of Female Presence on Sustainable Finance. Review of Economic Analysis 14 (2022) 253-274
Broadstock, D. C; Chan, K; Cheng, L. T; Wang, X. (2021). The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China. Finance Research Letters, 38, 101716. https://doi. org/10.1016/j.frl.2020.101716
Capelle-Blancard, G; Desroziers, A; Zerbib, O. D. (2021). Socially Responsible Investing Strategies under Pressure: Evidence from the COVID-19 Crisis. The Journal of Portfolio Management Novel Risks 2021, 47 (9) 178-197; DOI: https://doi.org/10.3905/jpm.2021.1.288
Cavellucci, L. C. B. (2009). Mapas conceituais: uma breve revisão. MEC – Eixo 3, Elaboração de Projetos. S.l.: s.n.
Chodnicka-Jaworska, P. (2022). Environmental, Social, and Governance Impact on Energy Sector Default Risk—Long-Term Issuer Credit Ratings Perspective. Frontiers in Energy Research.
Csedő, Z; Magyari, J; Zavarkó, M (2022). Dynamic Corporate Governance, Innovation, and Sustainability: Post-COVID Period. Sustainability (Switzerland).
Demers, E; Hendrikse, J; Joos, P; Lev, B. (2021). ESG did not immunize stocks during the COVID-19 crisis, but investments in intangible assets did. Journal of Business Finance & Accounting published, V.48, p.433–462.
Diaz, A; Esparcia, C; Lopez, R. (2022). The diversifying role of socially responsible investments during the COVID-19 crisis: A risk management and portfolio performance analysis. Economic Analysis and Policy.
Diaz-Pena, L. D; Delgadillo, V. M. C; Ivan, C. V. M (2022). Financial firm's performance: a comparative analysis based on ESG metrics and net zero legislation. Journal Of Sustainable Finance & Investment, DOI: Https://Doi.Org/10.1080/20430795.2022.2119830
Díaz, V; Ibrushi, D; Zhao, J. (2021). Reconsidering systematic factors during the Covid-19 pandemic: The rising importance of ESG. Finance Research Letters, v.38.
Feng, Z; Wu, Z. (2021). ESG Disclosure, REIT Debt Financing and Firm Value. J Real Estate Finan Econ. https://doi.org/10.1007/s11146-021-09857-x
Ferriani, F; Natoli, F. (2021). ESG risks in times of Covid-19. Applied Economics Letters, v.28, p.1537-1541.
Folger-Laronde, Z; Pashang, S; Feor, L; ElAlfy, A. (2022). ESG ratings and financial performance of exchange-traded funds during the COVID-19 pandemic. Journal of Sustainable Finance & Investment, 1–7. doi:10.1080/20430795.2020.1782814
Galvão, M. C. B; Ricarte, I. L. M. (2020). Revisão Sistemática da Literatura: conceituação, produção e publicação. LOGEION: Filosofia da informação, v. 6 n. 1, p.57-73, set.2019/fev. 2020. Rio de Janeiro.
Hoepner, A; Cojoianu, T; Ascui, F; Clark, G; Wojcik, D. (2020). Does the fossil fuel divestment movement impact new oil & gas fundraising. Journal of Economic Geography, 21, 1–33. https://doi.org/10.1093/ jeg/lbaa027
Hong, K; Kim, J; Kwack, S. Y. (2022). External Monitoring, ESG, and Information Content of Discretionary Accruals. Sustainability, 14, 7599.
Irigaray, H. A. R.; Socker, F. (2022). ESG: novo conceito para velhos problemas. Cad. EBAPE BR, Rio de Janeiro.
Jayaram, R; Singh, S. (2020). Sustainable finance: a systematic review, International Journal of Indian Culture and Business Management, Inderscience Enterprises Ltd, v.21(3), p.317-339.
Kinateder, H; Campbell, R; Choudhury, T. (2021). Safe haven in GFC versus COVID-19: 100 turbulent days in the financial markets, Finance Research Letters, Vol. 43, p. 101951, available at: https://doi.org/10.1016/j.frl.2021.101951
Khoury, R. E; Nasrallah, N; Harb, E; Hussainey, K. (2022). Exploring the performance of responsible companies in G20 during the COVID-19 outbreak. Journal of Cleaner Production, v.354. France.
La Rosa, F; Liberatore, G; Mazzi, F; Terzani, S. (2018). The impact of corporate social performance on the cost of debt and access to debt financing for listed European non-financial firms. European Management Journal, 36(4), 519–529.
La Fuente, G. de; Ortiz, M; Velasco, P. (2022). The value of a firm’s engagement in ESG practices: Are we looking at the right side? Long Range Planning.
Li, Z; Feng, L; Pan, Z; Sohail, H. M. (2022). ESG performance and stock prices: evidence from the COVID-19 outbreak in China. Humanities and Social Sciences Communications.
Lima Junior, M. P. de; Aldatz, R. J. (2013). Análise de investimento do segmento de transporte em condições de incerteza e risco. Revista Ambiente Contábil, v.5, nº 1.
Lins, K. V; Servaes, H; Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785–1824. https://doi. org/10.1111/jofi.12505
Lin, A. J; Chang, H-Y; Hung, B. (2022). Identifying Key Financial, Environmental, Social, Governance (ESG), Bond, and COVID-19 Factors Affecting Global Shipping Companies—A Hybrid Multiple-Criteria Decision-Making Method. Sustainability (Switzerland).
Lööf, H; Sahamkhadam, M; Stephan, A. (2022). Is Corporate Social Responsibility investing a free lunch? The relationship between ESG, tail risk, and upside potential of stocks before and during the COVID-19 crisis. Finance Research Letters.
Martin, P. R; Moser, D. V. (2016). Managerss green investment disclosures and investors reaction. Journal of Accounting and Economics, 61(1), 239–254. https://doi.org/10.1016/j.jacceco.2015.08.004
Mavlutova, I; Fomins, A; Spilbergs, A; Atstaja, D; Brizga, J. (2022). Opportunities to Increase Financial Well-Being by Investing in Environmental, Social and Governance with Respect to Improving Financial Literacy under COVID-19: The Case of Latvia. Sustainability, 14, 339. https://doi.org/10.3390/su14010339
Nakamura, E. (2011). Does environmental investment really contribute to firm performance? An empirical analysis using Japanese firms. Eurasian Business Review, 1(2), 91–111.
Omura, A; Roca, E; Nakai, M. (2021). Does responsible investing pay during economic downturns: Evidence from the COVID-19 pandemic. Finance Research Letters, v.42.
Park, S. R; Jang, J. Y. (2021). The Impact of ESG Management on Investment Decision: Institutional Investors’ Perceptions of Country-Specific ESG Criteria. International Journal of Financial Studies. MDPI.
Palma-Ruiz, J. M; Castillo-Apraiz, J; Gómez-Martínez, R. (2020) Socially Responsible Investing as a Competitive Strategy for Trading Companies in Times of Upheaval Amid COVID-19: Evidence from Spain. Int. J. Financial Stud., 8, 41. https://doi.org/10.3390/ijfs8030041
Papathanasiou, S; Dokas, I; Koutsokostas, D. (2022). Value investing versus other investment strategies: A volatility spillover approach and portfolio hedging strategies for investors. North American Journal Of Economics And Finance, v.62, November 2022, 101764.
Park, S. R; Oh, K-S. (2022). Integration of ESG Information Into Individual Investors’ Corporate Investment Decisions: Utilizing the UTAUT Framework. Frontiers in Psichology. Perspective.
Pereira, R; Marcilio, B. B; Gurecio, M. J; Takimoto, T, Fialho, F. (2021). ESG: Uma Revisão Integrativa. In: ENGEMA 2021 - XXIII Encontro Internacional sobre Gestão Empresarial e Meio Ambiente da FEA/USP. São Paulo. Anais do XXIII Encontro Internacional sobre Gestão Empresarial e Meio Ambiente.
Rubbaniy, G; Khalid, A. A; Umar, M; Mirza, N. (2020). “European stock markets’ response to Covid-19, lockdowns, government response stringency and Central banks’ interventions”, Available at SSRN 3758227
Rubbaniy, G; Khalid, A. A; Rizwan, M. F; Ali, S. (2022). "Are ESG stocks safe-haven during COVID-19?" Studies in Economics and Finance, v.39, n.2, p.239-255. https://doi.org/10.1108/SEF-08-2021-0320
Saini, N; Antil, A; Gunasekaran, A; Malik, K; Balakumar, S. (2022). Environment-Social-Governance Disclosures nexus between Financial Performance: A Sustainable Value Chain Approach. Resources, Conservation and Recycling.
Salisu, A. A; Akanni, L. O. (2020). “Constructing a global fear index for the COVID-19 pandemic”, Emerging Markets Finance and Trade, v.56, n.10, p.2310-2331.
Singh, A. (2020). COVID-19 and safer investment bets. Finance Research Letters.
Singh, N. P; Makhija, P; Chacko, E. (2021). Sustainable investment and the COVID-19 effect – volatility analysis of ESG index. International Journal of Sustainable Economy, v.13, n.4, p.357-368.
Souza, A. A. de; Pereira, A. V; Bieger, C. I; Martins, V. A. (2018). Análise de investimentos e insolvência para tomada de decisão de investimento de pequenos investidores, sob a ótica de um sócio investidor. Revista Ensino e Pesquisa em Administração e Engenharia, v.4, n.1.
Sun, W; Cui, K. (2014). Linking corporate social responsibility to firm default risk. European Management Journal, 32 (2), 275–287.
Sun, L; Small, G. (2022). Has sustainable investing made an impact in the period of COVID-19? Evidence from Australian exchange traded funds. Journal of Sustainable Finance & Investment v.12, n.1, pp.251-273.
Tampakoudis, I; Noulas, A; Kiosses, N; Drogalas, G. (2022). The effect of ESG on value creation from mergers and acquisitions. What changed during the COVID-19 pandemic? Emerald Publishing Limited, v.21, n.6, p.1117-1141.
Trujano, J. E; Levesque, A. M. (2022). Development finance institutions and the care economy: opportunities for building more resilient and gender-equitable economies. Journal of Sustainable Finance & Investiment.
Umar, Z; Gubareva, M; Tran, D. K; Teplova, T. (2021). Impact of the Covid-19 induced panic on the Environmental, Social and Governance leaders’ equity volatility: A time-frequency analysis. Research in International Business and Finance.
Van Camp, J; Braet, J. (2016). Taxonomizing performance measurement systems’ failures. International journal of productivity and performance management.
Van Hoang, T. H; Syed, Q. R. (2021), “Investor sentiment and volatility prediction of currencies and commodities during the COVID-19 pandemic”, Asian Economics Letters, v.1 n.4, p.18642
Wernerfelt, B; Montgomery, C. A. (1988). Tobins Q and the importance of focus in firm performance. The American Economic Review, 78(1), 246–250.
Whittemore, R; Knafl, K. (2005). The integrative review: updated methodology. Journal of advanced nursing, 52(5), 546-553.
Viana, L. C; Gaio, L. E; Belli, M. M; Cunha, C. F. (2022). Investimento em Sustentabilidade e o Impacto Mercadológico: uma Avaliação a partir do score ESG. Desafio Online.
Yoo, S; Keeley, A. R; Managi, S. (2021). Does sustainability activities performance matter during financial crises? Investigating the case of COVID-19. Energy Policy, v.155.
Zhan, J. X; Santos-Paulino, A. U. (2021). Investing in the Sustainable Development Goals: Mobilization, channeling, and impact. J Int Bus Policy 4, 166–183. https://doi.org/10.1057/s42214-020-00093-3
Zhou, G; Liu, L; Luo, S. (2022). Sustainable development, ESG performance and company market value: Mediating effect of financial performance. Business Strategy and the Environment, 1–17. https://doi.org/ 10.1002/bse.3089
Zhou, D; Zhou, R. (2022). ESG Performance and Stock Price Volatility in Public Health Crisis: Evidence from COVID-19 Pandemic. International Journal of Environmental Research and Public Health.
Published
2025-07-06
How to Cite
Fernandes, S. N. da S., Ferreira, J. de O., da Costa, A. T., & Bertolini, G. R. F. (2025). Investments based on “Environmental, Social, and Governance” criteria during the COVID-19 crisis. Enfoque: Reflexão Contábil, 44(2), 159-178. https://doi.org/10.4025/enfoque.v44i2.66403
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