Quantile connectedness between social network sentiment and sustainability index volatility: Evidence from the Moroccan financial market
DOI:
https://doi.org/10.18559/ebr.2024.3.1200Keywords:
COVID-19, ESG, frequency spillovers, quantile connectedness, sustainabilityAbstract
The goal of this paper is to investigate the connectedness between investor sentiment and volatility on the environmental, social, and governance index (ESG) in Morocco. Therefore, on the basis of an investor sentiment index constructed from the X platform, and using quantile and frequency connectedness approaches, the findings reveal a significant connectedness between sentiment and ESG volatility, particularly during turbulent events. Although sentiment acts most of the time as a net receiver of shocks, notably during the COVID-19 pandemic and geopolitical crises, it sometimes becomes a net sender of shocks. Furthermore, the spillovers between sentiment and ESG volatility are determined mainly by the long-term component, especially during extreme events, implying the persistence of shock transmission due to high uncertainty. The results also illustrate the impact of market conditions on the spillovers between sentiment and ESG volatility. The conclusions of this study provide useful guidance for pro-ESG investors, policymakers, and companies.
Downloads
References
Abdollahi, H., Fjesme, S. L., & Sirnes, E. (2024). Measuring market volatility connectedness to media sentiment. The North American Journal of Economics and Finance, 71, 102091. https://doi.org/10.1016/j.najef.2024.102091
View in Google Scholar
AlZaabi, S. A. (2021). Correlating sentiment in Reddit’s Wallstreetbets with the stock market using machine learning techniques. Rochester Institute of Technology [thesis].
View in Google Scholar
Albuquerque, R., Koskinen, Y., Yang, S., & Zhang, C. (2020). Resiliency of environmental and social stocks: An analysis of the exogenous COVID-19 market crash. The Review of Corporate Finance Studies, 9(3), 593–621. https://doi.org/10.1093/rcfs/cfaa011
View in Google Scholar
Ando, T., Greenwood-Nimmo, M., & Shin, Y. (2022). Quantile connectedness: Modeling tail behavior in the topology of financial networks. Management Science, 68(4), 2401–2431. https://doi.org/10.1287/mnsc.2021.3984
View in Google Scholar
Bannier, C. E., Bofinger, Y., & Rock, B. (2022). Corporate social responsibility and credit risk. Finance Research Letters, 44, 102052. https://doi.org/10.1016/j.frl.2021.102052
View in Google Scholar
Baruník, J., & Křehlík, T. (2018). Measuring the frequency dynamics of financial connectedness and systemic risk. Journal of Financial Econometrics, 16(2), 271–296. https://doi.org/10.1093/jjfinec/nby001
View in Google Scholar
Bofinger, Y., Heyden, K. J., & Rock, B. (2022). Corporate social responsibility and market efficiency: Evidence from ESG and misvaluation measures. Journal of Banking & Finance, 134, 106322. https://doi.org/10.1016/j.jbankfin.2021.106322
View in Google Scholar
Bollerslev, T. (1986). Generalized autoregressive conditional heteroskedasticity. Journal of Econometrics, 31(3), 307–327. https://doi.org/10.1016/0304-4076(86)90063-1
View in Google Scholar
Boubaker, S., Liu, Z., & Zhan, Y. (2022). Customer relationships, corporate social responsibility, and stock price reaction: Lessons from China during health crisis times. Finance Research Letters, 47, 102699. https://doi.org/10.1016/j.frl.2022.102699
View in Google Scholar
Broadstock, D. C., Chan, K., Cheng, L. T., & Wang, X. (2021). The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China. Finance Research Letters, 38, 101716. https://doi.org/10.1016/j.frl.2020.101716
View in Google Scholar
Caldara, D., & Iacoviello, M. (2022). Measuring geopolitical risk. American Economic Review, 112(4), 1194–1225. https://doi.org/10.1257/aer.20191823
View in Google Scholar
Chen, H. Y., & Yang, S. S. (2020). Do investors exaggerate corporate ESG information? Evidence of the ESG momentum effect in the Taiwanese market. Pacific-Basin Finance Journal, 63, 101407. https://doi.org/10.1016/j.pacfin.2020.101407
View in Google Scholar
Chen, Y., & Lin, B. (2022). Quantifying the extreme spillovers on worldwide ESG leaders’ equity. International Review of Financial Analysis, 84, 102425. https://doi.org/10.1016/j.irfa.2022.102425
View in Google Scholar
Cheng, R., Kim, H., & Ryu, D. (2024). ESG performance and firm value in the Chinese market. Investment Analysts Journal, 53(1), 1–15. https://doi.org/10.1080/10293523.2023.2218124
View in Google Scholar
Chiu, C. W. J., Harris, R. D., Stoja, E., & Chin, M. (2018). Financial market volatility, macroeconomic fundamentals and investor sentiment. Journal of Banking & Finance, 92, 130–145. https://doi.org/10.1016/j.jbankfin.2018.05.003
View in Google Scholar
Cunado, J., Chatziantoniou, I., Gabauer, D., de Gracia, F. P., & Hardik, M. (2023). Dynamic spillovers across precious metals and oil realized volatilities: Evidence from quantile extended joint connectedness measures. Journal of Commodity Markets, 30, 100327. https://doi.org/10.1016/j.jcomm.2023.100327
View in Google Scholar
Da, Z., Engelberg, J., & Gao, P. (2011). In search of attention. The Journal of Finance, 66(5), 1461–1499. https://doi.org/10.1111/j.1540-6261.2011.01679.x
View in Google Scholar
Daugaard, D. (2020). Emerging new themes in environmental, social and governance investing: A systematic literature review. Accounting & Finance, 60(2), 1501–1530. https://doi.org/10.1111/acfi.12479
View in Google Scholar
Demers, E., Hendrikse, J., Joos, P., & Lev, B. (2021). ESG did not immunize stocks during the COVID‐19 crisis, but investments in intangible assets did. Journal of Business Finance & Accounting, 48(3–4), 433–462. https://doi.org/10.1111/jbfa.12523
View in Google Scholar
Dhasmana, S., Ghosh, S., & Kanjilal, K. (2023). Does investor sentiment influence ESG stock performance? Evidence from India. Journal of Behavioral and Experimental Finance, 37, 100789. https://doi.org/10.1016/j.jbef.2023.100789
View in Google Scholar
Diebold, F. X., & Yilmaz, K. (2012). Better to give than to receive: Predictive directional measurement of volatility spillovers. International Journal of Forecasting, 28(1), 57–66. https://doi.org/10.1016/j.ijforecast.2011.02.006
View in Google Scholar
Döttling, R., & Kim, S. (2024). Sustainability preferences under stress: Evidence from COVID-19. Journal of Financial and Quantitative Analysis, 59(2), 435–473. https://doi.org/10.1017/S0022109022001296
View in Google Scholar
Duc, D. T. V., Hoai, N. T., Nguyen, D. P., Anh, N. H., & Hai, H. H. (2024). Google Search intensity and stock returns in frontier markets: Evidence from the Vietnamese market. Economics and Business Review, 10(1), 30–56. https://doi.org/10.18559/ebr.2024.1.778
View in Google Scholar
El Khoury, R., Alshater, M. M., Li, Y., & Xiong, X. (2024). Quantile time-frequency connectedness among G7 stock markets and clean energy markets. The Quarterly Review of Economics and Finance, 93, 7190. https://doi.org/10.1016/j.qref.2023.11.004
View in Google Scholar
El Ouadghiri, I., Guesmi, K., Peillex, J., & Ziegler, A. (2021). Public attention to environmental issues and stock market returns. Ecological Economics, 180, 106836. https://doi.org/10.1016/j.ecolecon.2020.106836
View in Google Scholar
El Oubani, A. (2022). Market efficiency dynamics during the COVID-19 pandemic. Revue des Etudes Multidisciplinaires en Sciences Economiques et Sociales, 7(2), 357–376. https://doi.org/10.48375/IMIST.PRSM/remses-v7i2.32041
View in Google Scholar
El Oubani, A. (2023). Complex adaptive behavior of investors to market dynamics: A PLS-SEM analysis. Journal of Applied Structural Equation Modeling, 7(2), 1–25. https://doi.org/10.47263/JASEM.7(2)03
View in Google Scholar
El Oubani, A. (2024). Investor sentiment and sustainable investment: evidence from North African stock markets. Future Business Journal, 10(1), 68. https://doi.org/10.1186/s43093-024-00349-x
View in Google Scholar
El Oubani, A., & Lekhal, M. (2022). An agent-based model of financial market efficiency dynamics. Borsa Istanbul Review, 22(4), 699–710. https://doi.org/10.1016/j.bir.2021.10.005
View in Google Scholar
Engelhardt, N., Ekkenga, J., & Posch, P. (2021). ESG ratings and stock performance during the COVID-19 crisis. Sustainability, 13(13), 7133. https://doi.org/10.3390/su13137133
View in Google Scholar
Engle, R. F. (1982). Autoregressive conditional heteroscedasticity with estimates of the variance of UK inflation. Econometrica, 50, 987–1008. https://doi.org/10.2307/1912773
View in Google Scholar
Fama, E. F. (1970). Efficient capital markets: A review of theory an empirical work. Journal of Finance, 25(2), 383–417. https://doi.org/10.2307/2325486
View in Google Scholar
Ferrer, R., Shahzad, S. J. H., López, R., & Jareño, F. (2018). Time and frequency dynamics of connectedness between renewable energy stocks and crude oil prices. Energy Economics, 76, 1–20. https://doi.org/10.1016/j.eneco.2018.09.022
View in Google Scholar
Ford, J. M., Gehricke, S. A., & Zhang, J. E. (2022). Option traders are concerned about climate risks: ESG ratings and short-term sentiment. Journal of Behavioral and Experimental Finance, 35, 100687. https://doi.org/10.1016/j.jbef.2022.100687
View in Google Scholar
Gao, Y., Li, Y., Zhao, C., & Wang, Y. (2022). Risk spillover analysis across worldwide ESG stock markets: New evidence from the frequency-domain. The North American Journal of Economics and Finance, 59, 101619. https://doi.org/10.1016/j.najef.2021.101619
View in Google Scholar
Garel, A., & Petit-Romec, A. (2021). Investor rewards to environmental responsibility: Evidence from the COVID-19 crisis. Journal of Corporate Finance, 68, 101948. https://doi.org/10.1016/j.jcorpfin.2021.101948
View in Google Scholar
Giannarakis, G., Partalidou, X., Zafeiriou, E., & Sariannidis, N. (2016). An analysis of United States on Dow Jones sustainability index. Investment Management and Financial Innovations 13(3), 353–361. http://dx.doi.org/10.21511/imfi.13(3-2).2016.07
View in Google Scholar
Guo, P., & Shi, J. (2024). Geopolitical risks, investor sentiment and industry stock market volatility in China: Evidence from a quantile regression approach. The North American Journal of Economics and Finance, 72, 102139. https://doi.org/10.1016/j.najef.2024.102139
View in Google Scholar
Haroon, O., & Rizvi, S. A. R. (2020). COVID-19: Media coverage and financial markets behavior—A sectoral inquiry. Journal of Behavioral and Experimental Finance, 27, 100343. https://doi.org/10.1016/j.jbef.2020.100343
View in Google Scholar
Hartzmark, S. M., & Sussman, A. B. (2019). Do investors value sustainability? A natural experiment examining ranking and fund flows. The Journal of Finance, 74(6), 2789–2837. https://doi.org/10.1111/jofi.12841
View in Google Scholar
Isaak, M., & Lentz, W. (2020). Consumer preferences for sustainability in food and non-food horticulture production. Sustainability, 12(17), 7004. https://doi.org/10.3390/su12177004
View in Google Scholar
Jarque, C. M., & Bera, A. K. (1980). Efficient tests for normality, homoscedasticity and serial independence of regression residuals. Economics Letters, 6(3), 255–259. https://doi.org/10.1016/0165-1765(80)90024-5
View in Google Scholar
Khan, M. A., Khan, A., Hassan, M. K., & Maraghini, M. P. (2024). Market response to environmental social and governance performance: A global analysis. Research in International Business and Finance, 67, 102131. https://doi.org/10.1016/j.ribaf.2023.102131
View in Google Scholar
Klink, S., & Gonciarenko, S. (2017, April 19). Philips couples sustainability performance to interest rate of its new EUR 1 billion Revolving Credit Facility [Press release]. https://www.philips.com/a-w/about/news/archive/standard/news/press/2017/20170419-philips-couples-sustainability-performance-to-interest-rate-of-its-new-eur-1-billion-revolving-credit-facility.html
View in Google Scholar
Koop, G., Pesaran, M. H., & Potter, S. M. (1996). Impulse response analysis in nonlinear multivariate models. Journal of Econometrics, 74(1), 119–147. https://doi.org/10.1016/0304-4076(95)01753-4
View in Google Scholar
Lei, H., Xue, M., Liu, H., & Ye, J. (2023). Precious metal as a safe haven for global ESG stocks: Portfolio implications for socially responsible investing. Resources Policy, 80, 103170. https://doi.org/10.1016/j.resourpol.2022.103170
View in Google Scholar
Lekhal, M., & El Oubani, A. (2020). Does the adaptive market hypothesis explain the evolution of emerging markets efficiency? Evidence from the Moroccan financial market. Heliyon, 6(7), e04429. https://doi.org/10.1016/j.heliyon.2020.e04429
View in Google Scholar
Li, H., Zhang, X., & Zhao, Y. (2022). ESG and firm’s default risk. Finance Research Letters, 47, 102713. https://doi.org/10.1016/j.frl.2022.102713
View in Google Scholar
Li, Y., Shi, Y., Shi, Y., Yi, S., & Zhang, W. (2023). COVID-19 vaccinations and risk spillovers: Evidence from Asia-Pacific stock markets. Pacific-Basin Finance Journal, 79, 102004. https://doi.org/10.1016/j.pacfin.2023.102004
View in Google Scholar
Liao, Y., & Pan, Z. (2022). Extreme risk connectedness among global major financial institutions: Links to globalization and emerging market fear. Pacific-Basin Finance Journal, 76, 101862. https://doi.org/10.1016/j.pacfin.2022.101862
View in Google Scholar
Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785–1824. https://doi.org/10.1111/jofi.12505
View in Google Scholar
Liu, L., Nemoto, N., & Lu, C. (2023). The Effect of ESG performance on the stock market during the COVID-19 Pandemic—Evidence from Japan. Economic Analysis and Policy, 79, 702–712. https://doi.org/10.1016/j.eap.2023.06.038
View in Google Scholar
Liu, Z., Wang, S., Liu, S., Yu, H., & Wang, H. (2022). Volatility risk premium, return predictability, and ESG sentiment: Evidence from China’s spots and options’ markets. Complexity, (1), 6813797. https://doi.org/10.1155/2022/6813797
View in Google Scholar
Lo, A. W. (2004). The adaptive markets hypothesis. The Journal of Portfolio Management, 30(5), 15–29. https://doi.org/10.3905/jpm.2004.442611
View in Google Scholar
Londono, J. M. (2019). Bad bad contagion. Journal of Banking & Finance, 108, 105652. https://doi.org/10.1016/j.jbankfin.2019.105652
View in Google Scholar
López-Cabarcos, M. Á., Pérez-Pico, A. M., & López-Pérez, M. L. (2019). Does social network sentiment influence S&P 500 Environmental & Socially Responsible Index? Sustainability, 11(2), 320. https://doi.org/10.3390/su11020320
View in Google Scholar
Mensi, W., Al-Yahyaee, K. H., Vo, X. V., & Kang, S. H. (2021). Modeling the frequency dynamics of spillovers and connectedness between crude oil and MENA stock markets with portfolio implications. Economic Analysis and Policy, 71, 397–419. https://doi.org/10.1016/j.eap.2021.06.001
View in Google Scholar
Murata, R., & Hamori, S. (2021). ESG disclosures and stock price crash risk. Journal of Risk and Financial Management, 14(2), 70. https://doi.org/10.3390/jrfm14020070
View in Google Scholar
Naeem, M. A., Farid, S., Faruk, B., & Shahzad, S. J. H. (2020). Can happiness predict future volatility in stock markets? Research in International Business and Finance, 54, 101298. https://doi.org/10.1016/j.ribaf.2020.101298
View in Google Scholar
Naeem, M. A., Yousaf, I., Karim, S., Tiwari, A. K., & Farid, S. (2023). Comparing asymmetric price efficiency in regional ESG markets before and during COVID-19. Economic Modelling, 118, 106095. https://doi.org/10.1016/j.econmod.2022.106095
View in Google Scholar
Nofsinger, J. R., Sulaeman, J., & Varma, A. (2019). Institutional investors and corporate social responsibility. Journal of Corporate Finance, 58, 700–725. https://doi.org/10.1016/j.jcorpfin.2019.07.012
View in Google Scholar
Nofsinger, J., & Varma, A. (2014). Socially responsible funds and market crises. Journal of Banking & Finance, 48, 180–193. https://doi.org/10.1016/j.jbankfin.2013.12.016
View in Google Scholar
Nyakurukwa, K., & Seetharam, Y. (2023a). Investor reaction to ESG news sentiment: Evidence from South Africa. Economia, 24(1), 68–85. https://doi.org/10.1108/ECON-09-2022-0126
View in Google Scholar
Nyakurukwa, K., & Seetharam, Y. (2023b). The evolution of studies on social media sentiment in the stock market: Insights from bibliometric analysis. Scientific African, 20, e01596. https://doi.org/10.1016/j.sciaf.2023.e01596
View in Google Scholar
Nyakurukwa, K., & Seetharam, Y. (2024). Sentimental showdown: News media vs. social media in stock markets. Heliyon, 10(9). e30211. https://doi.org/10.1016/j.heliyon.2024.e30211
View in Google Scholar
Ortas, E., Moneva, J. M., & Salvador, M. (2014). Do social and environmental screens influence ethical portfolio performance? Evidence from Europe. BRQ Business Research Quarterly, 17(1), 11–21. https://doi.org/10.1016/j.cede.2012.11.001
View in Google Scholar
Paramanik, R. N., & Singhal, V. (2020). Sentiment analysis of Indian stock market volatility. Procedia Computer Science, 176, 330–338. https://doi.org/10.1016/j.procs.2020.08.035
View in Google Scholar
Pedini, L., & Severini, S. (2022). Exploring the hedge, diversifier and safe haven properties of ESG investments: A cross-quantilogram analysis. MPRA Paper, 112339. University Library of Munich, Germany. https://ideas.repec.org/p/pra/mprapa/112339.html
View in Google Scholar
Pesaran, H. H., & Shin, Y. (1998). Generalized impulse response analysis in linear multivariate models. Economics Letters, 58(1), 17–29. https://doi.org/10.1016/S0165-1765(97)00214-0
View in Google Scholar
PH, H., & Rishad, A. (2020). An empirical examination of investor sentiment and stock market volatility: Evidence from India. Financial Innovation, 6(1), 1–15. https://doi.org/10.1186/s40854-020-00198-x
View in Google Scholar
Pitoska, E., Katarachia, A., Giannarakis, G., & Tsilikas, C. (2017). An analysis of determinants affecting the returns of Dow Jones sustainability index United States. International Journal of Economics and Financial Issues, 7(3), 113–118. https://dergipark.org.tr/en/pub/ijefi/issue/32021/354207
View in Google Scholar
Raimo, N., Caragnano, A., Zito, M., Vitolla, F., & Mariani, M. (2021). Extending the benefits of ESG disclosure: The effect on the cost of debt financing. Corporate Social Responsibility and Environmental Management, 28(4), 1412–1421. https://doi.org/10.1002/csr.2134
View in Google Scholar
Ren, X., Cao, Y., Liu, P. J., & Han, D. (2023). Does geopolitical risk affect firms’ idiosyncratic volatility? Evidence from China. International Review of Financial Analysis, 90, 102843. https://doi.org/10.1016/j.irfa.2023.102843
View in Google Scholar
Rubbaniy, G., Khalid, A. A., Rizwan, M. F., & Ali, S. (2022). Are ESG stocks safe-haven during COVID-19? Studies in Economics and Finance, 39(2), 239–255. https://doi.org/10.1108/SEF-08-2021-0320
View in Google Scholar
Sabbaghi, O. (2022). The impact of news on the volatility of ESG firms. Global Finance Journal, 51, 100570. https://doi.org/10.1016/j.gfj.2020.100570
View in Google Scholar
Shakil, M. H. (2021). Environmental, social and governance performance and financial risk: Moderating role of ESG controversies and board gender diversity. Resources Policy, 72, 102144. https://doi.org/10.1016/j.resourpol.2021.102144
View in Google Scholar
Sheikh, U. A., Asadi, M., Roubaud, D., & Hammoudeh, S. (2024). Global uncertainties and Australian financial markets: Quantile time-frequency connectedness. International Review of Financial Analysis, 92, 103098. https://doi.org/10.1016/j.irfa.2024.103098
View in Google Scholar
Shi, Y., & Ho, K. Y. (2015). Long memory and regime switching: A simulation study on the Markov regime-switching ARFIMA model. Journal of Banking & Finance, 61, S189–S204. https://doi.org/10.1016/j.jbankfin.2015.08.025
View in Google Scholar
Shiller, R. J. (1981). Do stock prices move too much to be justified by subsequent changes in dividends? The American Economic Review, 71(3), 421–436. https://www.aeaweb.org/aer/top20/71.3.421-436.pdf?mod=article_inline
View in Google Scholar
Shutes, K., McGrath, K., Lis, P., & Riegler, R. (2016). Twitter and the US stock market: The influence of microbloggers on share prices. Economics and Business Review, 2(3), 57–77. https://doi.org/10.18559/ebr.2016.3.5
View in Google Scholar
Siganos, A., Vagenas-Nanos, E., & Verwijmeren, P. (2017). Divergence of sentiment and stock market trading. Journal of Banking & Finance, 78, 130–141. https://doi.org/10.1016/j.jbankfin.2017.02.005
View in Google Scholar
Simon, H. A. (1982). Models of bounded rationality and other topics in economics (vol. 2). MIT Press.
View in Google Scholar
Sohag, K., Hammoudeh, S., Elsayed, A. H., Mariev, O., & Safonova, Y. (2022). Do geopolitical events transmit opportunity or threat to green markets? Decomposed measures of geopolitical risks. Energy Economics, 111, 106068. https://doi.org/10.1016/j.eneco.2022.106068
View in Google Scholar
Suleman, M. T., Tabash, M. I., & Sheikh, U. A. (2024). Do stock market fluctuations lead to currency deflation in the South Asian region? Evidence beyond symmetry. International Journal of Finance & Economics, 29(2), 1432–1450. https://doi.org/10.1002/ijfe.2746
View in Google Scholar
Taghizadeh-Hesary, F., & Rasoulinezhad, E. (2023). 97 An empirical assessment of ways to achieve a green economic recovery in the post-pandemic era in ASEAN. In F. Taghizadeh-Hesary, N. Yoshino, N. Panthamit, H. Phoumin (Eds.), Post-pandemic green recovery in ASEAN (pp. 97–116). Routledge.
View in Google Scholar
Tversky, A., & Kahneman, D. (1974). Judgment under Uncertainty: Heuristics and Biases: Biases in judgments reveal some heuristics of thinking under uncertainty. Science, 185(4157), 1124–1131. https://doi.org/10.1126/science.185.4157.1124
View in Google Scholar
Umar, Z., Gubareva, M., Tran, D. K., & Teplova, T. (2021). Impact of the COVID-19 induced panic on the Environmental, Social and Governance leaders equity volatility: A time-frequency analysis. Research in International Business and Finance, 58, 101493. https://doi.org/10.1016/j.ribaf.2021.101493
View in Google Scholar
Vuong, N. B. (2022). Investor sentiment, corporate social responsibility, and financial performance: Evidence from Japanese companies. Borsa Istanbul Review, 22(5), 911–924. https://doi.org/10.1016/j.bir.2022.06.010
View in Google Scholar
Wan, J., Yin, L., & Wu, Y. (2024). Return and volatility connectedness across global ESG stock indexes: Evidence from the time-frequency domain analysis. International Review of Economics & Finance, 89, 397–428. https://doi.org/10.1016/j.iref.2023.10.038
View in Google Scholar
Wang, H., Xu, L., & Sharma, S. S. (2021). Does investor attention increase stock market volatility during the COVID-19 pandemic? Pacific-Basin Finance Journal, 69, 101638. https://doi.org/10.1016/j.pacfin.2021.101638
View in Google Scholar
Wang, W., Sun, Z., Wang, W., Hua, Q., & Wu, F. (2023). The impact of environmental uncertainty on ESG performance: Emotional vs. rational. Journal of Cleaner Production, 397, 136528. https://doi.org/10.1016/j.jclepro.2023.136528
View in Google Scholar
Wei, Y., Zhang, Y., & Wang, Y. (2022). Information connectedness of international crude oil futures: Evidence from SC, WTI, and Brent. International Review of Financial Analysis, 81, 102100. https://doi.org/10.1016/j.irfa.2022.102100
View in Google Scholar
Willett, T. D. (2024). Some implications of behavioral finance for international monetary analysis. Economics and Business Review, 10(1), 7–29. https://doi.org/10.18559/ebr.2024.1.1193
View in Google Scholar
Wu, Y., Ren, W., Wan, J., & Liu, X. (2023). Time-frequency volatility connectedness between fossil energy and agricultural commodities: Comparing the COVID-19 pandemic with the Russia-Ukraine conflict. Finance Research Letters, 55, 103866. https://doi.org/10.1016/j.frl.2023.103866
View in Google Scholar
Yang, J., Agyei, S. K., Bossman, A., Gubareva, M., & Marfo-Yiadom, E. (2024). Energy, metals, market uncertainties, and ESG stocks: Analysing predictability and safe havens. The North American Journal of Economics and Finance, 69, 102030. https://doi.org/10.1016/j.najef.2023.102030
View in Google Scholar
Yu, H., Liang, C., Liu, Z., & Wang, H. (2023). News-based ESG sentiment and stock price crash risk. International Review of Financial Analysis, 88, 102646. https://doi.org/10.1016/j.irfa.2023.102646
View in Google Scholar
Zhan, J. X., & Santos-Paulino, A. U. (2021). Investing in the Sustainable Development Goals: Mobilization, channeling, and impact. Journal of International Business Policy, 4(1), 166–183. https://doi.org/10.1057%2Fs42214-020-00093-3
View in Google Scholar
Zhang, A. Y., & Zhang, J. H. (2023). Renovation in environmental, social and governance (ESG) research: The application of machine learning. Asian Review of Accounting. https://doi.org/10.1108/ARA-07-2023-0201
View in Google Scholar
Zribi, W., Boufateh, T., Lahouel, B. B., & Urom, C. (2024). Uncertainty shocks, investor sentiment and environmental performance: Novel evidence from a PVAR approach. International Review of Financial Analysis, 93, 103196. https://doi.org/10.1016/j.irfa.2024.103196
View in Google Scholar
Downloads
Published
Issue
Section
License
Copyright (c) 2024 Ahmed El Oubani
This work is licensed under a Creative Commons Attribution 4.0 International License.
