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Can corporate social responsibility protect firm value during the COVID-19 pandemic?
The novel coronavirus (COVID-19) pandemic has caused a significant decline in the stock market worldwide, and hospitality companies are experiencing serious financial problems. Protecting and preserving firm value is a critical way of helping hospitality companies survive the crisis. The influence o...
Autores principales: | , , , , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
Elsevier Ltd.
2021
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9998173/ https://www.ncbi.nlm.nih.gov/pubmed/36919172 http://dx.doi.org/10.1016/j.ijhm.2020.102759 |
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author | Qiu, Shangzhi (Charles) Jiang, Jianing Liu, Xinming Chen, Ming-Hsiang Yuan, Xina |
author_facet | Qiu, Shangzhi (Charles) Jiang, Jianing Liu, Xinming Chen, Ming-Hsiang Yuan, Xina |
author_sort | Qiu, Shangzhi (Charles) |
collection | PubMed |
description | The novel coronavirus (COVID-19) pandemic has caused a significant decline in the stock market worldwide, and hospitality companies are experiencing serious financial problems. Protecting and preserving firm value is a critical way of helping hospitality companies survive the crisis. The influence of corporate social responsibility (CSR) on firm value has been widely investigated. However, little is known about the stock price movement following CSR activity adoption during an industrial crisis. Using event study and difference-in-difference method, this study reveals that engaging in CSR activities can increase the stock returns and stakeholder attention of hospitality firms during the pandemic. Community-related CSR has a stronger and more immediate effect on stock returns than customer- and employee-related CSR. Results also indicate that hospitality firms that pursue improved stock market performance during a pandemic can invest in CSR to protect communities, customers, and employees for attracting further stakeholder attention. |
format | Online Article Text |
id | pubmed-9998173 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2021 |
publisher | Elsevier Ltd. |
record_format | MEDLINE/PubMed |
spelling | pubmed-99981732023-03-10 Can corporate social responsibility protect firm value during the COVID-19 pandemic? Qiu, Shangzhi (Charles) Jiang, Jianing Liu, Xinming Chen, Ming-Hsiang Yuan, Xina Int J Hosp Manag Research Paper The novel coronavirus (COVID-19) pandemic has caused a significant decline in the stock market worldwide, and hospitality companies are experiencing serious financial problems. Protecting and preserving firm value is a critical way of helping hospitality companies survive the crisis. The influence of corporate social responsibility (CSR) on firm value has been widely investigated. However, little is known about the stock price movement following CSR activity adoption during an industrial crisis. Using event study and difference-in-difference method, this study reveals that engaging in CSR activities can increase the stock returns and stakeholder attention of hospitality firms during the pandemic. Community-related CSR has a stronger and more immediate effect on stock returns than customer- and employee-related CSR. Results also indicate that hospitality firms that pursue improved stock market performance during a pandemic can invest in CSR to protect communities, customers, and employees for attracting further stakeholder attention. Elsevier Ltd. 2021-02 2020-11-11 /pmc/articles/PMC9998173/ /pubmed/36919172 http://dx.doi.org/10.1016/j.ijhm.2020.102759 Text en © 2020 Elsevier Ltd. All rights reserved. Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active. |
spellingShingle | Research Paper Qiu, Shangzhi (Charles) Jiang, Jianing Liu, Xinming Chen, Ming-Hsiang Yuan, Xina Can corporate social responsibility protect firm value during the COVID-19 pandemic? |
title | Can corporate social responsibility protect firm value during the COVID-19 pandemic? |
title_full | Can corporate social responsibility protect firm value during the COVID-19 pandemic? |
title_fullStr | Can corporate social responsibility protect firm value during the COVID-19 pandemic? |
title_full_unstemmed | Can corporate social responsibility protect firm value during the COVID-19 pandemic? |
title_short | Can corporate social responsibility protect firm value during the COVID-19 pandemic? |
title_sort | can corporate social responsibility protect firm value during the covid-19 pandemic? |
topic | Research Paper |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9998173/ https://www.ncbi.nlm.nih.gov/pubmed/36919172 http://dx.doi.org/10.1016/j.ijhm.2020.102759 |
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