Percorrer por autor "Heipp, Lukas Ruprecht"
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- Did ESG provide stock market resilience? : an empirical analysis of European firms during COVID-19Publication . Heipp, Lukas Ruprecht; Revelo, JoséThis study examines whether ESG contributed to stock market resilience in Europe during the COVID-19 crisis. Using a dataset of publicly listed firms across 29 European countries, I applied Ordinary Least Squares regression and Difference-in-Differences analysis to assess ESG’s impact on stock returns. The findings indicate that ESG did not significantly influence stock performance. Instead, larger firms with higher cash reserves and lower debt demonstrated stronger resilience in the short-term. Additionally, momentum effects played a crucial role. Over time, as financial uncertainty diminished, market-based risk measures became the dominant drivers of stock performance. Several factors may explain these results, including ESG rating inconsistencies, reporting differences, and greenwashing concerns. Furthermore, the relevance of ESG varies across industries, reducing the effectiveness of broad ESG metrics in predicting resilience. These findings have important implications for corporate leaders, investors, and regulators. Firms should focus on financial stability and material ESG factors that drive real value. Investors must critically assess ESG ratings, while regulators should enhance disclosure standards for greater transparency and comparability.