Piñeiro Chousa, Juan RamónLópez Cabarcos, María ÁngelesQuiñoá-Piñeiro, LaraPérez Pico, Ada María2024-09-302024-09-302022Technological Forecasting and Social Change Volume 175 , February 2022, 121365http://hdl.handle.net/10347/34940In an uncertain and finite world, actions towards the development of a green economy are attracting wider support. The damaging anthropogenic impact on earth systems is leading humanity to devastating situations, jeopardizing its very survival. A new world scenario has emerged with COVID-19, where the biopharmaceutical sector has arisen as a powerful effective solution for the health, economic and social crisis derived from the pandemic. This research aims to study the stock market reaction of the two US biopharmaceutical companies that first developed messenger RNA vaccines against COVID-19 (Pfizer and Moderna), considering two time periods, before and during COVID. In the analysis, the influence of the technological market index, market volatility, and investor sentiment are also considered. The results show an unequal influence of market volatility and market sentiment on the returns of both companies, as well as a different volatility behaviour. Furthermore, a contagion effect is observed during the COVID period between both companies and the technological market. The study's findings provide investors, organizations, policy-makers and society with useful information for the design of policies and strategies that ultimately are called to ensure sustainable growth for future generations.eng© 2024 The Authors. Published by Elsevier Inc. This is an open access article under the CC BY-NC-ND licenseAttribution-NonCommercial-NoDerivatives 4.0 Internacionalhttp://creativecommons.org/licenses/by-nc-nd/4.0/SustainabilityGreen economyBiopharmaceutical companiesVolatilityMarket sentimentCOVID-19journal article10.1016/j.techfore.2021.1213651873-5509open access