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    Isolating defensive corporate ESG effects: Evidence from purely domestic anti-COVID-19 measures

    Access Status
    In process
    Authors
    Goodell, J.W.
    Corbet, S.
    Hou, Y.
    Hu, Y.
    Oxley, Leslie
    Date
    2024
    Type
    Journal Article
    
    Metadata
    Show full item record
    Citation
    Goodell, J.W. and Corbet, S. and Hou, Y. and Hu, Y. and Oxley, L. 2024. Isolating defensive corporate ESG effects: Evidence from purely domestic anti-COVID-19 measures. Journal of Financial Stability. 71.
    Source Title
    Journal of Financial Stability
    DOI
    10.1016/j.jfs.2024.101220
    ISSN
    1572-3089
    Faculty
    Faculty of Business and Law
    School
    School of Accounting, Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/97462
    Collection
    • Curtin Research Publications
    Abstract

    Few studies investigate whether ESG mitigates the harmful effects of changes in firms’ external environments. We evidence that ESG mitigated the impact of COVID-19 work-from-home and workplace prescriptions amongst several other pandemic-related government regulatory interventions, even when controlling for firm size. In a novel approach, we apply scrutiny of firms to restrict our cross-national sample to only firms with no cross-border trade, that is, explicitly domestically focused operational processes irrespective of the endpoint of corporate sales, enhancing methodological robustness. Consequently, we isolate an ESG effect. Results indicate the existence of a premium during the onset of each analysed national pandemic experience, particularly pronounced for those corporations that had achieved more substantiative ESG-based preparation and development before the onset of the COVID-19 pandemic.

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