@article{2025:mller:the_energy,
title = {The Energy Crisis as a Game Changer for Sustainable Investing?},
year = {2025},
note = {This paper examines the financial outcomes of investments in stocks
with varying degrees of ESG-rated sustainability before and after the
energy crisis that began to unfold in 2021. It was analysed whether
the energy crisis has caused improvements or deteriorations in the
performance of more-sustainable compared to less-sustainable stock
investments. The paper addresses an apparent gap in the existing
literature, where interdependencies among the risk–return profiles
of stocks and the ESG ratings of their issuers have so far garnered
little attention in the context of the energy crisis. The results
suggest that the energy crisis has triggered significant changes in
the risk-return profile of securities issued by companies deemed
sustainable versus those classified as less sustainable. Compared to
previous crises with other economic backgrounds, more-sustainable
stocks showed similar behavior relative to less-sustainable ones. The
findings carry implications for asset managers and economic
policymakers in terms of their decision-making with regard to the
configuration of subsidies.},
journal = {Swiss Journal of Business},
pages = {387--417},
author = {Müller, Jörg},
volume = {79},
number = {4}
}