Morocco's green shield: ESG stock performance under global climate, economic, geopolitical and oil uncertainties

IF 3.3 2区社会学 Q2 ENVIRONMENTAL SCIENCES Sustainable Futures Pub Date : 2024-07-11 DOI:10.1016/j.sftr.2024.100250

Karim Belcaid

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Abstract

This study employs the Nonlinear Autoregressive Distributed Lag (NARDL) model to explore the dynamics of the Moroccan Environmental, Social, and Governance stock market (MASI ESG), considering the influence of global factors, including oil price (Brent), Global Economic Policy Uncertainty (GEPU), geopolitical risk (GPR), and climate policy uncertainty (CPU).

A significant positive relationship between MASI ESG and Brent is identified, attributed to Morocco's energy import reliance. Increasing oil prices incentivize sustainable practices, thereby enhancing ESG performance. Conversely, GEPU negatively impacts MASI ESG in the long term, discouraging investors during economic uncertainties, posing a threat to ESG's sustained viability. The study unveils a nuanced relationship between GPR and ESG performance, where geopolitical risk exhibits a dual nature, presenting challenges during long-term turmoil but potentially boosting confidence amid short-term fluctuations.

While initially insignificant, CPU demonstrates a sustained positive relationship with MASI ESG over time, emphasizing the growing significance of climate-conscious strategies for long-term ESG performance. We evince the potential of the Moroccan ESG market to contribute to a sustainable future by attracting responsible investments and fostering sustainable business practices. By overcoming challenges and embracing innovation, the Moroccan ESG market can emerge as a model for other developing countries striving for sustainable economic growth.

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摩洛哥的绿色盾牌：全球气候、经济、地缘政治和石油不确定性下的 ESG 股票表现

本研究采用非线性自回归分布滞后（NARDL）模型探讨摩洛哥环境、社会和治理股票市场（MASI ESG）的动态，同时考虑到全球因素的影响，包括石油价格（布伦特）、全球经济政策不确定性（GEPU）、地缘政治风险（GPR）和气候政策不确定性（CPU）。石油价格上涨激励了可持续发展实践，从而提高了环境、社会和公司治理绩效。相反，从长远来看，GEPU 对 MASI ESG 有负面影响，在经济不稳定时会打击投资者的积极性，对 ESG 的持续生存构成威胁。研究揭示了 GPR 与 ESG 表现之间的微妙关系，其中地缘政治风险表现出双重性，在长期动荡中带来挑战，但在短期波动中可能增强信心。虽然最初并不显著，但随着时间的推移，CPU 与 MASI ESG 呈现出持续的正相关关系，强调了气候意识战略对长期 ESG 表现的日益重要意义。通过吸引负责任的投资和促进可持续的商业实践，我们看到了摩洛哥 ESG 市场为可持续未来做出贡献的潜力。通过克服挑战和拥抱创新，摩洛哥环境、社会和公司治理市场可以成为其他努力实现可持续经济增长的发展中国家的典范。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Sustainable Futures Social Sciences-Sociology and Political Science

CiteScore

9.30

自引率

1.80%

发文量

审稿时长

71 days

期刊介绍： Sustainable Futures: is a journal focused on the intersection of sustainability, environment and technology from various disciplines in social sciences, and their larger implications for corporation, government, education institutions, regions and society both at present and in the future. It provides an advanced platform for studies related to sustainability and sustainable development in society, economics, environment, and culture. The scope of the journal is broad and encourages interdisciplinary research, as well as welcoming theoretical and practical research from all methodological approaches.