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The impact of crisis on sustainable European companies: A network approach to industry-specific vulnerabilities

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  • Essanaani, Yassine
  • Abdelsalam, Omneya
  • Ahelegbey, Daniel Felix

Abstract

This study investigates how religio-sustainable European companies and their industries endured the disruptions of a global crisis, focusing on inter-firm relations and investor sentiment. Grounded in theories of systemic risk and behavioural contagion, we argue that both informational frictions and shifting expectations amplify shocks across markets. Using a novel network-based framework, we integrate stock market dynamics with large-scale sentiment analysis to trace changes during the crisis. The results reveal sharp differences in resilience: while essential consumer goods and energy firms remained relatively stable, consumer-facing companies selling non-essential products proved especially vulnerable to negative sentiment. These firms not only suffered deeper downturns but also displayed heightened sensitivity to investor perceptions.

Suggested Citation

  • Essanaani, Yassine & Abdelsalam, Omneya & Ahelegbey, Daniel Felix, 2026. "The impact of crisis on sustainable European companies: A network approach to industry-specific vulnerabilities," Finance Research Letters, Elsevier, vol. 105(C).
    • Handle: RePEc:eee:finlet:v:105:y:2026:i:c:s1544612326006859
    DOI: 10.1016/j.frl.2026.110157
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    Keywords

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    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • C55 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Large Data Sets: Modeling and Analysis
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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