Corporate social responsibility Feng Shui and firm value

IF 10.4 1区管理学 Q1 HOSPITALITY, LEISURE, SPORT & TOURISM

Annals of Tourism Research Pub Date : 2024-02-06 DOI:10.1016/j.annals.2024.103737

Kewen Wang , Jingqiang Li , Yuanbo Qiao , Shilong Chang

引用次数: 0

Abstract

The evidence supporting the protective effect of pre-COVID-19 corporate social responsibility (CSR) on firm value during the COVID-19 pandemic remains vague. In times of crisis, Feng Shui philosophy can serve as a decision-making criterion for Chinese investors to trade stocks because a lucky stock code can provide investors with a feeling of control when facing great challenge, stress, and uncertainty. This study examines the impact of pre-COVID-19 corporate social responsibility (CSR) on hospitality and tourism firm value during COVID-19 and the moderating effect of lucky stock codes. The results show that pre-COVID-19 corporate social responsibility (CSR) has a U-shaped impact on firm value and that the U-shaped effect is more pronounced for firms with a luckier stock code.

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企业社会责任风水与企业价值

在 COVID-19 大流行期间，支持 COVID-19 前企业社会责任（CSR）对公司价值的保护作用的证据仍然模糊不清。在危机时期，风水哲学可作为中国投资者买卖股票的决策标准，因为在面临巨大挑战、压力和不确定性时，一个幸运的股票代码能给投资者带来控制感。本研究探讨了在 COVID-19 期间，COVID-19 前的企业社会责任（CSR）对酒店和旅游公司价值的影响以及幸运股票代码的调节作用。结果表明，COVID-19 前的企业社会责任（CSR）对企业价值的影响呈 U 型，而 U 型效应对股票代码较幸运的企业更为明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Annals of Tourism Research Multiple-

CiteScore

19.10

自引率

9.10%

发文量

135

审稿时长

42 days

期刊介绍： The Annals of Tourism Research is a scholarly journal that focuses on academic perspectives related to tourism. The journal defines tourism as a global economic activity that involves travel behavior, management and marketing activities of service industries catering to consumer demand, the effects of tourism on communities, and policy and governance at local, national, and international levels. While the journal aims to strike a balance between theory and application, its primary focus is on developing theoretical constructs that bridge the gap between business and the social and behavioral sciences. The disciplinary areas covered in the journal include, but are not limited to, service industries management, marketing science, consumer marketing, decision-making and behavior, business ethics, economics and forecasting, environment, geography and development, education and knowledge development, political science and administration, consumer-focused psychology, and anthropology and sociology.