Abstract: The study proposes the methodology of event study integrated with industrial survey to analyze the impacts of COVID-19 on Taiwan’s energy service companies (ESCOs). Event study approach heavily relies on price fluctuation to estimate the influence on firm value. The fieldworks in industrial survey are auxiliary used to fill up the shortage of event study in unlisted companies. This study can also estimate the decline of revenue due to COVID-19, and analyze the modification of international ESCO outputs.

Three hypotheses are proposed to be tested. On the aspect of event study, the hypothesis 1 is confirmed that Taiwan’s ESCOs experienced significantly abnormal return drops, about 7.5% on March 2020, then rapidly price rebound. The whole ESCO industry recovered gradually original activities in August, 2020. As for industrial survey, the hypothesis 2 is confirmed that the value and export ratio of ESCOs significantly decline around COVID-19 event period. Our research also confirms the hypothesis 3 and conclude that the energy-saving equipment companies suffer the most influence in annual revenue and export, compared with the other groups.

Key words: energy service company, event study, industrial survey, COVID-19

JEL code: O53