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.

Yunhe Li, Xinyi Shen, Fang Zhang