Considering the ESG pillars, for Env the between effect is positive and highly significant during both periods.
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Is Corporate Social Responsibility investing a free lunch? The relationship between ESG, tail risk, and upside potential of stocks before and during the COVID-19 crisis.
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The sentences
The between estimate for Gov is positive and significant at the 5% level in column 4 (2018–2019), and weakly significant in column 3.