Business

The effects of heterogeneous CSR on corporate stock performance: evidence from COVID-19 pandemic in China

Y. Li, X. Shen, et al.

This study explores how corporate social responsibility (CSR) influences corporate stock performance (CSP) during the COVID-19 pandemic in China. Authors Yunhe Li, Xinyi Shen, and Fang Zhang reveal that CSR can substantially cushion the impact of the pandemic on stock returns, with strategic and responsive CSR playing distinct roles.

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Index

Abstract

This study investigates the impact of corporate social responsibility (CSR) on corporate stock performance (CSP) in China during the COVID-19 pandemic, focusing on the differing effects of strategic and responsive CSR. Analysis of daily data reveals that CSR significantly mitigates the pandemic's negative effects on stock returns and recovery. Responsive CSR shows a significant short-term moderating effect, while strategic CSR has a significant long-term effect. These effects are more pronounced in non-state-owned firms, firms with lower financial leverage, and large companies.

Publisher

HUMANITIES AND SOCIAL SCIENCES COMMUNICATIONS

Published On

Apr 10, 2024

Authors

Yunhe Li, Xinyi Shen, Fang Zhang

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