Do Socially Responsible Indices Outperform the Market During Black Swan Events: Evidence from Indian Markets During Global Financial and COVID-19 Crises

This paper aims to examine and compare the effect of black swan events on performance companies with strong Environmental, Social, (Corporate) Governance (ESG) backgrounds that other companies. Compared established firms, ESG are perceived be stable will help them outperform volatile during times crisis. research focuses SENSEX for conventional market index BSE GREEENEX S&P CARBONEX indices. We evaluated performances three indices U.S. Debt Ceiling Crisis (2011-12), Black Monday China, BREXIT Demonetization (2015-16), COVID-19 (2020) checked whether outperformed significantly using Student's T-test. have also compared volatility different periods GARCH model.