Previous research indicates that stocks of companies endowed with high levels of Environmental, Societal, and Governance (ESG) responsibility characteristics fared better during the financial crisis of 2008-2009. But it is not known why this happens, or whether it applies to other systematic crises of different type. To add new knowledge on this issue, we utilize … Continue reading Do Environmental, Societal, and Governance (ESG) efforts make firms less vulnerable to financial market shocks? Evidence from the Covid-19 pandemic