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Can sustainable practices protect investors during financial market instability? a multi-sector analysis during the COVID-19 pandemic

Purpose: The aim of this study is to analyse the relationship between firms' sustainable practices and corporate financial performance during the COVID-19 pandemic. Specifically, this study aims to analyse the effect of sustainable practices on firms' stock returns during and after the fir...

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Main Authors: Nirino, Niccolo, Petruzzella, Felice, Alam, Gazi Mahabubul, Campobasso, Francesco
Format: Article
Published: Emerald Publishing 2022
Online Access:http://psasir.upm.edu.my/id/eprint/100626/
https://www.emerald.com/insight/content/doi/10.1108/MD-12-2021-1654/full/html
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spelling my.upm.eprints.1006262023-09-21T05:08:21Z http://psasir.upm.edu.my/id/eprint/100626/ Can sustainable practices protect investors during financial market instability? a multi-sector analysis during the COVID-19 pandemic Nirino, Niccolo Petruzzella, Felice Alam, Gazi Mahabubul Campobasso, Francesco Purpose: The aim of this study is to analyse the relationship between firms' sustainable practices and corporate financial performance during the COVID-19 pandemic. Specifically, this study aims to analyse the effect of sustainable practices on firms' stock returns during and after the first COVID-19 pandemic emergency. Design/methodology/approach: A quantitative study was conducted to determine the impact of sustainable practices on firms' stock returns, using a sample of 1,418 European listed firms. In particular, we tested the effect of environmental (E) and social (S) scores, providing a multi-sectoral analysis in order to consider sector specificities. Findings: The empirical outcomes indicate the existence of a negative (weak) or null relationship between sustainable practices and stock returns, failing to provide evidence that these practices are able to protect shareholders value during times of crisis. Practical implications: The results obtained made it possible to highlight significant implications for investors and practitioners. They may have particular attention in evaluating firm's sustainable practices trying to understand more precisely the value that such practices can have for the company and its shareholders. Originality/value: This article is part of the stream of studies that analysed the impact of sustainable practices on stock returns during a period of crisis in order to contribute to filling the gap due to the lack of consensus and the mixed results in the literature. Emerald Publishing 2022-09 Article PeerReviewed Nirino, Niccolo and Petruzzella, Felice and Alam, Gazi Mahabubul and Campobasso, Francesco (2022) Can sustainable practices protect investors during financial market instability? a multi-sector analysis during the COVID-19 pandemic. Management Decision, 60 (10). 2875 - 2894. ISSN 0025-1747; ESSN: 1758-6070 https://www.emerald.com/insight/content/doi/10.1108/MD-12-2021-1654/full/html 10.1108/MD-12-2021-1654
institution Universiti Putra Malaysia
building UPM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Putra Malaysia
content_source UPM Institutional Repository
url_provider http://psasir.upm.edu.my/
description Purpose: The aim of this study is to analyse the relationship between firms' sustainable practices and corporate financial performance during the COVID-19 pandemic. Specifically, this study aims to analyse the effect of sustainable practices on firms' stock returns during and after the first COVID-19 pandemic emergency. Design/methodology/approach: A quantitative study was conducted to determine the impact of sustainable practices on firms' stock returns, using a sample of 1,418 European listed firms. In particular, we tested the effect of environmental (E) and social (S) scores, providing a multi-sectoral analysis in order to consider sector specificities. Findings: The empirical outcomes indicate the existence of a negative (weak) or null relationship between sustainable practices and stock returns, failing to provide evidence that these practices are able to protect shareholders value during times of crisis. Practical implications: The results obtained made it possible to highlight significant implications for investors and practitioners. They may have particular attention in evaluating firm's sustainable practices trying to understand more precisely the value that such practices can have for the company and its shareholders. Originality/value: This article is part of the stream of studies that analysed the impact of sustainable practices on stock returns during a period of crisis in order to contribute to filling the gap due to the lack of consensus and the mixed results in the literature.
format Article
author Nirino, Niccolo
Petruzzella, Felice
Alam, Gazi Mahabubul
Campobasso, Francesco
spellingShingle Nirino, Niccolo
Petruzzella, Felice
Alam, Gazi Mahabubul
Campobasso, Francesco
Can sustainable practices protect investors during financial market instability? a multi-sector analysis during the COVID-19 pandemic
author_facet Nirino, Niccolo
Petruzzella, Felice
Alam, Gazi Mahabubul
Campobasso, Francesco
author_sort Nirino, Niccolo
title Can sustainable practices protect investors during financial market instability? a multi-sector analysis during the COVID-19 pandemic
title_short Can sustainable practices protect investors during financial market instability? a multi-sector analysis during the COVID-19 pandemic
title_full Can sustainable practices protect investors during financial market instability? a multi-sector analysis during the COVID-19 pandemic
title_fullStr Can sustainable practices protect investors during financial market instability? a multi-sector analysis during the COVID-19 pandemic
title_full_unstemmed Can sustainable practices protect investors during financial market instability? a multi-sector analysis during the COVID-19 pandemic
title_sort can sustainable practices protect investors during financial market instability? a multi-sector analysis during the covid-19 pandemic
publisher Emerald Publishing
publishDate 2022
url http://psasir.upm.edu.my/id/eprint/100626/
https://www.emerald.com/insight/content/doi/10.1108/MD-12-2021-1654/full/html
_version_ 1781706676238286848
score 13.211869

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