The market values of Chinese energy firms during COVID-19 pandemic

This paper studies the impact of coronavirus disease 2019 (COVID-19) on Chinese energy firms’ market values by using event study approach. First, we find that the cumulative abnormal return (CAR) of energy firms significantly decreases 2.7–10.6% on average due to the negative shock of COVID-19 on en...

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Autor principal: Shi, Lu
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Springer Nature Singapore 2023
Materias:
Research Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9942042/
http://dx.doi.org/10.1007/s44176-023-00011-w
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author Shi, Lu
author_facet Shi, Lu
author_sort Shi, Lu
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description This paper studies the impact of coronavirus disease 2019 (COVID-19) on Chinese energy firms’ market values by using event study approach. First, we find that the cumulative abnormal return (CAR) of energy firms significantly decreases 2.7–10.6% on average due to the negative shock of COVID-19 on energy market. Second, we present that Corporate Social Responsibility (CSR) performance could significantly reduce the negative market reaction of energy firms during COVID-19. Finally, in using the intervention policy of various cities as exogenous shocks, we provide evidence that stock returns of energy firms significantly increase after cities where firms located in issued lockdown policies.
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spelling pubmed-99420422023-02-21 The market values of Chinese energy firms during COVID-19 pandemic Shi, Lu MSE Research Article This paper studies the impact of coronavirus disease 2019 (COVID-19) on Chinese energy firms’ market values by using event study approach. First, we find that the cumulative abnormal return (CAR) of energy firms significantly decreases 2.7–10.6% on average due to the negative shock of COVID-19 on energy market. Second, we present that Corporate Social Responsibility (CSR) performance could significantly reduce the negative market reaction of energy firms during COVID-19. Finally, in using the intervention policy of various cities as exogenous shocks, we provide evidence that stock returns of energy firms significantly increase after cities where firms located in issued lockdown policies. Springer Nature Singapore 2023-02-21 2023 /pmc/articles/PMC9942042/ http://dx.doi.org/10.1007/s44176-023-00011-w Text en © The Author(s) 2023 https://creativecommons.org/licenses/by/4.0/Open AccessThis article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/ (https://creativecommons.org/licenses/by/4.0/) .
spellingShingle Research Article
Shi, Lu
The market values of Chinese energy firms during COVID-19 pandemic
title The market values of Chinese energy firms during COVID-19 pandemic
title_full The market values of Chinese energy firms during COVID-19 pandemic
title_fullStr The market values of Chinese energy firms during COVID-19 pandemic
title_full_unstemmed The market values of Chinese energy firms during COVID-19 pandemic
title_short The market values of Chinese energy firms during COVID-19 pandemic
title_sort market values of chinese energy firms during covid-19 pandemic
topic Research Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9942042/
http://dx.doi.org/10.1007/s44176-023-00011-w
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