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Does CSR performance improve corporate immunity to the COVID-19 pandemic? Evidence from China's stock market

This paper studies the role of corporate social responsibility (CSR) performance on corporate financial performance during the COVID-19 by examining a sample of Chinese listed firms. Based on the PSM-DID methodology, we find that the pandemic-induced decline in stock returns is stronger with more CS...

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Detalles Bibliográficos
Autores principales: Tian, Jing, Wang, Xiuxiu, Wei, Yanqiu
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Frontiers Media S.A. 2022
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9424631/
https://www.ncbi.nlm.nih.gov/pubmed/36052006
http://dx.doi.org/10.3389/fpubh.2022.956521
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author Tian, Jing
Wang, Xiuxiu
Wei, Yanqiu
author_facet Tian, Jing
Wang, Xiuxiu
Wei, Yanqiu
author_sort Tian, Jing
collection PubMed
description This paper studies the role of corporate social responsibility (CSR) performance on corporate financial performance during the COVID-19 by examining a sample of Chinese listed firms. Based on the PSM-DID methodology, we find that the pandemic-induced decline in stock returns is stronger with more CSR engagement. The results remain robust even after the dynamic effect test and placebo test. It means CSR performance does not improve Chinese corporate immunity to the pandemic. This inadequate response of CSR could be due to the “relatively few good things effect”. Furthermore, our study indicates that increasing awareness of responsible investment and improving the quality of CSR disclosure could facilitate CSR engagement in China.
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spelling pubmed-94246312022-08-31 Does CSR performance improve corporate immunity to the COVID-19 pandemic? Evidence from China's stock market Tian, Jing Wang, Xiuxiu Wei, Yanqiu Front Public Health Public Health This paper studies the role of corporate social responsibility (CSR) performance on corporate financial performance during the COVID-19 by examining a sample of Chinese listed firms. Based on the PSM-DID methodology, we find that the pandemic-induced decline in stock returns is stronger with more CSR engagement. The results remain robust even after the dynamic effect test and placebo test. It means CSR performance does not improve Chinese corporate immunity to the pandemic. This inadequate response of CSR could be due to the “relatively few good things effect”. Furthermore, our study indicates that increasing awareness of responsible investment and improving the quality of CSR disclosure could facilitate CSR engagement in China. Frontiers Media S.A. 2022-08-16 /pmc/articles/PMC9424631/ /pubmed/36052006 http://dx.doi.org/10.3389/fpubh.2022.956521 Text en Copyright © 2022 Tian, Wang and Wei. https://creativecommons.org/licenses/by/4.0/This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) and the copyright owner(s) are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
spellingShingle Public Health
Tian, Jing
Wang, Xiuxiu
Wei, Yanqiu
Does CSR performance improve corporate immunity to the COVID-19 pandemic? Evidence from China's stock market
title Does CSR performance improve corporate immunity to the COVID-19 pandemic? Evidence from China's stock market
title_full Does CSR performance improve corporate immunity to the COVID-19 pandemic? Evidence from China's stock market
title_fullStr Does CSR performance improve corporate immunity to the COVID-19 pandemic? Evidence from China's stock market
title_full_unstemmed Does CSR performance improve corporate immunity to the COVID-19 pandemic? Evidence from China's stock market
title_short Does CSR performance improve corporate immunity to the COVID-19 pandemic? Evidence from China's stock market
title_sort does csr performance improve corporate immunity to the covid-19 pandemic? evidence from china's stock market
topic Public Health
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9424631/
https://www.ncbi.nlm.nih.gov/pubmed/36052006
http://dx.doi.org/10.3389/fpubh.2022.956521
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