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This study aims to examine the influence of geopolitical uncertainty on cryptocurrency markets (CM).

Utilizing two distinct sets of daily returns data spanning from January 1, 2019, to May 4, 2023, the analysis employs the geopolitical risk (GPR) index formulated by Caldara and Iacoviello (2022), which encapsulates two pivotal events: the COVID-19 pandemic and the Russia–Ukraine conflict. The cryptocurrency market (CM) encompasses Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Dogecoin (DOGE). Employing the DCC-GARCH model and supplementing it with wavelet coherence analysis to discern perceptual distinctions between short- and long-term market reactions.

The main findings indicate that the GPR index clearly impacts the return of CM in the short-, mid- and long-term periods. BTC exhibited the highest volatility in response to changes in the GPR index. The cryptocurrency market offers a better diversification opportunity, and the impact of geopolitical events varies across time, with their direction and magnitude closely related to the specificity of the CM.

This research is helpful for financial market investors, portfolio and risk managers, make informed decisions about including cryptocurrencies in their investment portfolios to mitigate the risks in uncertainty period.

Cryptocurrency market volatility is treated weakly during the risk period. With advanced statistical method, this study links two important events: the COVID-19 pandemic and the Russia–Ukraine conflict and selects the top four cryptocurrencies constituting 80% of the market. This study examines the impact of geopolitical risk on the cryptocurrency market and shows that this market is considered a safe haven.

This study aims to examine how environmental, social and governance (ESG) performance influences stock price volatility, with a specific focus on the moderating role of tax engagement.

ESG performance is measured by an ESG score calculated from the weighting of three dimensions: environmental, social and governance. Stock price volatility is measured by the degree of stock price variations over 12 months, based on the last 52 weeks’ prices. A sample of French-listed firms in the SBF120 is used, with 770 observations extracted from the 2012–2022 period. The feasible generalized least squares approach is used to eliminate endogeneity and multicollinearity problems.

The results show that the ESG score negatively impacts stock price volatility, with this impact being more significant in the social dimension than in the environmental and governance dimensions. In addition, the tax payment variable moderates the relationship and increases the effect of the ESG score on stock price volatility. These findings suggest that ESG practices and tax transparency are not only ethical elements but also key components for financial stability, promoting the high-quality development of listed firms.

This study is significant for firms, regulators, policymakers and investors. Overall, it underscores the importance of firms adopting ESG activities and engaging in tax management to mitigate risks and maintain viability in the contemporary business environment.

This study provides new empirical evidence regarding the factors driving corporate stock price volatility. In addition, it offers pertinent policy recommendations for businesses and governments regarding the significance of ESG investments.