Is ESG Financially (Ir)relevant?
This study examines the relationship between Environmental, Social, and Governance (ESG) performance and stock returns within the STOXX Europe 600 Index over the period 2019–2024. A balanced panel dataset was constructed by applying a frozen basket approach including 465 firms with continuous index membership and complete ESG data from Refinitiv Eikon. The analysis evaluates whether ESG scores, t
