企业社会责任是否能保护股东价值免受COVID - 19的冲击?来自中国的证据

IF 3.5 Q1 BUSINESS, FINANCE
Danni Chen, Xue Chen, Huiying Sun
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引用次数: 1

摘要

我们的研究考察了在COVID - 19公共卫生危机期间,企业社会责任活动参与度的增加是否以及如何影响其股价走势,这被视为对重点企业与其客户、员工和供应商之间经济关系的外生冲击。研究发现,企业社会责任与股东价值呈倒U型关系。这种非线性关系在现金流约束较高、成本调节能力较弱的企业中更为显著。我们的研究也对商业实践产生了有意义的影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Does corporate social responsibility protect shareholder value from the shock of COVID‐19? Evidence from China
Abstract Our study examines whether and how increased engagement in social responsibility activities by a firm affects movements in its stock prices during the COVID‐19 public health crisis, which is regarded as an exogenous shock to economic ties between focal firms and their customers, employees, and suppliers. We find that corporate social responsibility has an inverted U‐shaped relationship with shareholder value. The nonlinear relationship is more dominant at firms with higher cash‐flow constraints and weaker cost‐adjustment capabilities. Our research also generates meaningful implications for business practices.
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