Paper Title
How do ESG Stocks in Sensitive Industries Perform during COVID-19 Pandemic?

Abstract
This study investigates the performance of ESG stocks of companies in sensitive industries which meet the environmental, social, and governance criteria for ESG stocks and are more impacted by environmental issues during the COVID-19 Pandemic. The stock data are collected from the Stock Exchange of Thailand. Equally weighted portfolios are built for ESG stocks from companies in sensitive industries and ESG stocks from companies in non-sensitive industries to compare the performance with portfolios of the SET Index and SET 50 Index. Portfolios' average returns, cumulative returns, standard deviation, and Betas are calculated. Then, the returns are examined in relation to their risk by using the ratio of return to standard deviation, Sharpe ratio, and Treynor ratio. The results show that the portfolio of ESG stocks in sensitive industries outperforms all other portfolios. In contrast, the portfolio of SET 50 stocks that belong to large companies underperforms all other portfolios. The investment of ESG stocks in sensitive industries could be a good alternative against economic downturn and suitable for those highly concerned about future uncertainty. The ESG companies in sensitive industries might be well prepared for unexpected bad situations. Their stocks might be good investment vehicles for long-term investment in the increasingly uncertain situation. Keywords - Sensitive ESG Stocks, ESG Stock, SET 50 Index, SET Index, Long-Term Investment.