A Systematic Literature Review on ESG during the COVID-19 Pandemic

Environmental, social and governance (ESG) issues have been investigated by scholars from several points of view. Although the epidemic of COVID-19 is recent, numerous scholars have analyzed its effects on ESG, making it difficult to systematize current knowledge. This generates the risk that the discussion will become stale. This study aims to provide a systematic literature review able to examine the combination of ESG and COVID-19 outbreak, to understand what the academics discovered. Eighty-five studies were systematically reviewed. We used a systematic literature review which is the tool that can ensure that all relevant data from the topic under investigation are considered. This approach is considered as the most comprehensive and rigorous one because it allows the creation of the advancement of knowledge of the specific topic. We identified five classes plus a residual one that accommodate the main topics analyzed in the literature (investment and stock returns, ESG in specific industries, ESG rating, gender studies, ESG reporting, and other). Our research highlights that most of the studies have been focused on the first three topics, sometimes reaching different or opposite findings, while only few studies have been dedicated on the other topics. Therefore, we state the need for more research into the ESG/COVID-19 combination in the fields of gender diversity and ESG reporting, and for more research able to understand the different findings of the other three identified topics.