This paper investigates the resilience of environmentally friendly companies in an overwhelming economic and social environment that has been generated after the outbreak of the novel coronavirus disease (COVID-19) pandemic. To this respect, we have investigated the cointegration between the Standard & Poor's (S&P) 500 Carbon Efficiency Index (CEI) with COVID-19 cases, supplemented with covariates such as government response stringency to the pandemic, economic policy uncertainty, oil prices and global markets fluctuations. We have used daily data from 2nd January to 5th October 2020 and have employed a robust estimator within a Fourier approach to accommodate both sharp and smooth breaks. Our results suggest that green companies have been positively affected by the outbreak of COVID-19. Our paper provides practical implications for companies that wish to furnish themselves with resilience during rough times and stakeholders who wish to invest in safe, long-lasting returns.

中文翻译：

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绿色企业在 COVID-19 疫情中的复原力：来自标准普尔 500 碳效率指数的证据，采用傅里叶方法

本文调查了在新型冠状病毒病 (COVID-19) 大流行爆发后产生的压倒性经济和社会环境中环保公司的复原力。在这方面，我们调查了标准普尔 (S&P) 500 碳效率指数 (CEI) 与 COVID-19 案例之间的协整，并辅以政府对大流行病的严格反应、经济政策不确定性、油价和全球市场波动。我们使用了 2020 年 1 月 2 日至 10 月 5 日的每日数据，并在傅里叶方法中采用了稳健的估计器来适应急剧和平滑的中断。我们的研究结果表明，绿色公司受到 COVID-19 爆发的积极影响。