ESG and business cycles - Exploring firm resilience during economic shocks

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School of Business | Bachelor's thesis
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Date

2025

Department

Taloustieteen laitos

Major/Subject

Mcode

Degree programme

Bachelor’s programme in Economics

Language

en

Pages

31 + 46

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Abstract

This thesis explores the role of ESG (Environmental, Social, and Governance) factors in enhancing firm resilience during economic shocks. The study reframes the debate regarding the growing popularity and criticisms of ESG by testing whether it provides tangible financial benefits in crises, rather than in normal mar-ket conditions. Evidence includes insights from literature on the 2008 Global Financial Crisis and COVID-19 pandemic, along with an original empirical analysis focusing on Nor-dic firms during COVID-19 pandemic. The findings confirm ESG’s substantive value as a dynamic risk-mitigating tool, conditional on market and industry con-texts. Implications for investors, managers, and policy makers suggest ESG as a strategic investment for long-term growth and stability, not just for ethical appeal

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Thesis advisor

Kitti, Mitri

Keywords

ESG, business cycles, crisis, sustainability

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https://urn.fi/URN:NBN:fi:aalto-202510268563

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[kand] Kauppakorkeakoulu / BIZ