{"title":"Did Environmental, Social, and Governance (ESG) Practices Affect Abnormal Returns During the COVID-19 Pandemic? Evidence From Brazil","authors":"Andre Carvalhal, Sidney Nakahodo","doi":"10.1080/10978526.2023.2266997","DOIUrl":null,"url":null,"abstract":"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.","PeriodicalId":35384,"journal":{"name":"Latin American Business Review","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2023-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Latin American Business Review","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/10978526.2023.2266997","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"Business, Management and Accounting","Score":null,"Total":0}
引用次数: 0
Abstract
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.
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.
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