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Our study contributes to the prior literature on GSCM as well as to Stakeholder Theory (Freeman, 1984). In other words, we aim at empirically testing whether investors considered GSCM companies better able to respond to the crisis (resilience) and/or to generate more value in the post‐COVID19 economy. We investigate the association between the adoption of GSCM practices and abnormal returns during COVID‐19 outbreak, to test whether companies adopting GSCM experienced less negative returns during the market collapse. Core strategies include reduction of fuel emissions, curtail and eliminate waste, lower energy use, utilize renewable materials and ethical sourcing. GSCM (Sarkis et al., 2011) encompasses every level of the supply chain, from product concept to distribution. Green Supply Chain Management (GSCM) refers to the selection of suppliers or sourcing partners by using environmental criteria (ISO 14000, energy consumption, etc.). This paper focuses on a specific feature of supply chains-the extent to which they are environmentally sustainable. Given such dramatic and extreme disruption, even the best combinations of traditional supply chain risk management strategies such as agility, flexibility, and surplus inventory have demonstrated to be insufficient to cope with this particular global pandemic. According to Smith (2020), at least 5 million companies around the world have tier‐2 suppliers located in the Wuhan region. Supply chains play a central role in economic growth and stability therefore, the consequences of COVID‐19 disrupted the majority of all global supply chains (Majumdar et al., 2020). After the S&P 500 experienced record heights in mid‐February, the pandemic caused the US market to experience the largest 1‐week decline since the 2008 financial crisis.Īmong the Fortune 1000 companies, 16% and 94% have tier‐1 and tier‐2 suppliers, respectively, in Wuhan, China. The global health crisis quickly led to a global economic and financial crisis. The infectious disease, which was responsible for more than one million deaths and over 45 million cases within six months of the declaration, created a worldwide health catastrophe. In March of 2020 the World Health Organization (WHO) declared the 2019 novel coronavirus outbreak, known as COVID‐19, a pandemic.