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

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.