Given that the United Nations views environmental, social, and governance (ESG) as a practical framework for anchoring responsible corporate behavior to achieve its sustainable development goals, this study constructs an autoregressive jump intensity trend (ARJI-trend) model to determine if ESG can improve future resilience and create crisis-resilient value for chained-brand hotel corporations from the effects of COVID-19. The findings indicate that the ARJI-trend model indeed captures both the permanent and transitory components of the hotel corporation's ESG performance related to stock return dynamics. When ESG rating is taken into account, the following conclusions emerge: 1) the transitory component of time-varying return variance decreases but the permanent component does not; 2) the hotel corporation portfolios with a lower transitory component experiences a higher return, implying that the hotel corporations with a higher ESG rating appear to be more defensiveness; and 3) with proper asset reallocation, a portfolio centered on strong ESG-conscious hotel corporations is a safe-haven asset during market turmoil.

鉴于联合国将环境、社会和治理 (ESG) 视为锚定负责任的企业行为以实现其可持续发展目标的实用框架，本研究构建了一个自回归跳跃强度趋势 (ARJI-trend) 模型来确定 ESG 是否可以提高未来的抵御能力，并为连锁品牌酒店企业创造抵御新冠肺炎 (COVID-19) 影响的抗危机价值。研究结果表明，ARJI 趋势模型确实捕捉了酒店公司与股票回报动态相关的 ESG 绩效的永久和暂时组成部分。当考虑ESG评级时，得出以下结论：1）时变回报方差的暂时性成分减少，但永久成分没有减少； 2) 短期成分较低的酒店企业投资组合回报率较高，这意味着 ESG 评级较高的酒店企业似乎更具防御性； 3) 通过适当的资产重新配置，以具有 ESG 意识的酒店企业为中心的投资组合在市场动荡期间是一种避险资产。