Weathering the Storm: The Role of ESG Performance and Firm Fundamentals in Explaining Stock Returns During the Covid-19 Pandemic
This study investigates whether firms with higher ESG scores showed greater financial resilience measured by reduced downside risk and superior performance outcomes during the COVID-19 market shock specifically in the Nordic region. Conducted by drawing on the theories stakeholder theory, and the risk management hypothesis. It examined if ESG attributes could serve insulatory effects by preserving
