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The Impact of COVID-19 Lockdowns on Sustainable Indexes

Department of Management and Business Administration, G. d’Annunzio University of Chieti-Pescara, 65127 Pescara, Italy
Faculty of Business & Management, Regent’s University London, London NW14NS, UK
Department of Economic and Business Sciences, Guglielmo Marconi University, 00193 Rome, Italy
Independent Researcher, 66100 Chieti, Italy
Author to whom correspondence should be addressed.
Academic Editor: Olaf Weber
Sustainability 2021, 13(4), 1846;
Received: 8 January 2021 / Revised: 4 February 2021 / Accepted: 5 February 2021 / Published: 8 February 2021
(This article belongs to the Collection Sustainability in Financial Industry)
This paper analyzes the response of sustainable indexes to the pandemic lockdown orders in Europe and the USA, contributing to both the research on the effects of the global pandemic outbreak and the resiliency of sustainable investments under market distress. Our results demonstrate that sustainable indexes were negatively impacted by lockdown orders; however, they did not show statistically significant different abnormal returns compared to traditional indexes. Similarly, our empirical results confirm that sustainable screening strategies (negative, positive, best in class) did not have an influence during such announcements. These results are robust across several model specifications and robustness tests, including nonparametric tests, generalized autoregressive conditionally heteroskedastic (GARCH) estimation of abnormal returns, and alternative events. The findings suggest that investors do not have to pay the price for the investments in sustainable assets when a bear market occurs; consequently, ceteris paribus, these investments appear suitable for financial-first investors. Such results have relevant practical consequences in terms of sustainable investment attractiveness and market growth. View Full-Text
Keywords: sustainable indexes; financial markets; COVID-19; event study sustainable indexes; financial markets; COVID-19; event study
MDPI and ACS Style

Chiappini, H.; Vento, G.; De Palma, L. The Impact of COVID-19 Lockdowns on Sustainable Indexes. Sustainability 2021, 13, 1846.

AMA Style

Chiappini H, Vento G, De Palma L. The Impact of COVID-19 Lockdowns on Sustainable Indexes. Sustainability. 2021; 13(4):1846.

Chicago/Turabian Style

Chiappini, Helen, Gianfranco Vento, and Leonardo De Palma. 2021. "The Impact of COVID-19 Lockdowns on Sustainable Indexes" Sustainability 13, no. 4: 1846.

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