Do business models matter? Evidence from the SRI companies performance and the COVID-19 pandemic

Press, M. and Brzeszczyński, J. (2022) Do business models matter? Evidence from the SRI companies performance and the COVID-19 pandemic. Finance Research Letters, 48, 102881. (doi: 10.1016/

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Business models of companies are rarely analysed in the context of their financial performance, so little is known about how much they should actually matter in the decision-making processes of investors. In this study, we examine the performance of the SRI stocks portfolios in the US market, which are divided into four main business models types. Our results evidence that Brokers business model clearly outperformed the market in the whole period from February 2016 to January 2021. However, when the entire sample is divided into the pre-COVID-19 sub-sample and COVID-19 sub-sample, the outperformance and underperformance effects among the SRI firms disappeared during the COVID-19 pandemic period.

Item Type:Articles
Glasgow Author(s) Enlighten ID:Press, Dr Melea
Creator Roles:
Press, M.Conceptualization, Data curation, Formal analysis, Investigation, Methodology, Writing – original draft, Writing – review and editing
Authors: Press, M., and Brzeszczyński, J.
College/School:College of Social Sciences > Adam Smith Business School > Management
Journal Name:Finance Research Letters
ISSN (Online):1544-6131
Published Online:12 April 2022
Copyright Holders:Copyright © 2022 The Authors
First Published:First published in Finance Research Letters 48: 102881
Publisher Policy:Reproduced under a Creative Commons License

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