AMEUR, Hachmi Ben; BOUSSETTA, Selma

doi:10.1007/s11156-023-01218-4

Métadonnées

Afficher la notice complète

Licence d’utilisation du document

AMEUR, Hachmi Ben

BOUSSETTA, Selma

Bordeaux Sciences Economiques [BSE]

Langue

Article de revue

Ce document a été publié dans

Review of Quantitative Finance and Accounting. 2023-10-19

Résumé en anglais

This paper contributes to the understanding of the relation between the environmental and social positioning of companies and the financial resilience in the specific context of the COVID-19 crisis. Resilience is measured through two dimensions based on stock price data: the severity of loss which captures the stability and the duration of recovery which captures the flexibility dimension. Using a sample of 1508 US based firms, we provide evidence that firms with high environmental and social (ES) rating were more resilient than low ES rating firms during the COVID-19 pandemic by lessening the severity of price drop and recovering faster. This effect is enhanced by using a non-linear approach based on quantiles. Further, we provide evidence that the effect of ES on resilience is focused on the environmental and social components. Interestingly, we show that management and shareholders sub-categories of the governance rating, have no impact on firm’s time to recovery during pandemic crisis.< Réduire

Mots clés en anglais

Corporate social responsibility

Financial resilience

Stock market

Us companies

Métadonnées

Partager cette publication !

Licence d’utilisation du document

Do environmental and social practices matter for the financial resilience of companies? Evidence from US firms during the COVID-19 pandemic

Langue

Ce document a été publié dans

Résumé en anglais

Mots clés en anglais

URI

DOI

Unités de recherche