Liu Lian, Nemoto Naoko, Lu Changrong
Ankang University, China.
Asian Development Bank Institute, Japan.
Econ Anal Policy. 2023 Jun 28. doi: 10.1016/j.eap.2023.06.038.
Environmental, social, and governance (ESG) practices can play a crucial role in promoting green recovery by fostering sustainable and responsible economic growth. Based on a novel dataset of Japanese listed companies from January 2016 to December 2021, this study examines the effect of corporate (ESG) performance on the Japanese stock market during the COVID-19 pandemic. We contribute additional evidence to the literature by exploring the unique role of ESG factors that affect stock markets during economic downturns. The results of the study show a positive association between corporate ESG performance and stock returns during the COVID-19 period. Furthermore, we demonstrate that strong ESG performance contributed to enhanced stock market stability and increased market liquidity in Japan during the COVID-19 pandemic. These results provide a rationale for implementing supportive measures and regulations that encourage companies to adopt and disclose robust ESG practices. By doing so, they can contribute to the stability and liquidity of the stock market and fostering sustainable economic growth.
环境、社会和治理（ESG）实践可以通过促进可持续和负责任的经济增长，在推动绿色复苏方面发挥关键作用。基于一个涵盖2016年1月至2021年12月日本上市公司的全新数据集，本研究考察了企业（ESG）绩效在新冠疫情期间对日本股票市场的影响。我们通过探究ESG因素在经济衰退期间对股票市场影响的独特作用，为该文献提供了更多证据。研究结果表明，在新冠疫情期间，企业ESG绩效与股票回报之间存在正相关关系。此外，我们证明，强劲的ESG绩效有助于在新冠疫情期间增强日本股票市场的稳定性并提高市场流动性。这些结果为实施支持性措施和法规提供了理论依据，这些措施和法规鼓励公司采用并披露稳健的ESG实践。通过这样做，它们可以促进股票市场的稳定性和流动性，并推动可持续经济增长。
