Emerging Risks: An Overview

Walker, Thomas; Gramlich, Dieter; Vico, Kalima; Dumont-Bergeron, Adele

doi:10.1007/978-3-030-38858-4_1

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2023

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“…Several studies examine the relationship between environmental (E), social (S), and governance (G) factors (Berlinger et al, 2022;Primecz et al, 2019). Financial institutions also face ecological, societal, and governmental challenges that require rethinking their investment and risk management practices (Gyura, 2020;Mihálovits and Tapaszti, 2018;Walker et al, 2020).…”

Section: Introductionmentioning

confidence: 99%

Does ESG Improve Crisis Resilience? Empirical Evidence of Global Emerging Equity Markets during the Covid-19 Crisis

Naffa

Dudás²

2023

Period. Polytech. Soc. Man. Sci.

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We examine the role of Environmental, Social, and Governance (ESG) factors in explaining the crisis resilience of 1031 global emerging market (GEM) equities during the Covid-19 crisis downturn of Q1 2020. We use linear and quantile regressions (QR) and find a statistically significant negative relationship between a firm's ESG management score and crisis resilience as proxied by stock maximal drawdown. Our results suggest that companies with better ESG management were less crisis resilient, a finding consistent with agency-theory-based explanations found in the literature. Results are robust across all OLS and QR models.

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Section: Introductionmentioning

confidence: 99%