This research examines the link between the financial success of family firms during COVID-19 and their environmental, social, and governance (ESG) performance. Using an international sample of the 500 largest family firms, the study finds a positive correlation between corporate valuation and ESG performance. While the COVID-19 period negatively impacted company performance overall, this negative effect was absent for firms with superior ESG performance, suggesting investors view better ESG performance as predictive of future stock success.

Christian Espinosa-Méndez, Carlos Maquieira, José Tomás Arias