Can corporate social responsibility protect firm value during the COVID-19 pandemic?
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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.
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Soon after COVID-19 began, many studies reported sharp rises in anxiety, depressive, and eating pathology symptoms.
“Immediately following the onset of COVID-19, many studies noted steep increases in the experience of anxiety, depressive, and eating pathology symptoms (Qiu et al., 2021, Taylor et al., 2020a; Wang et al., 2020).”
From Prevalence rates of anxiety, depressive, and eating pathology symptoms between the pre- and peri-COVID-19 eras: A meta-analysis (2022) · cites this paper as Qiu et al., 2021
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- Authors
- Qiu, S. (., Jiang, J., Liu, X., Chen, M.-H., & Yuan, X.
- Affiliations
- Xiamen University (CN)
- Washington State University (US)
- Corresponding author
- Liu, Xinming
- Venue
- International Journal of Hospitality Management
- Publisher
- Elsevier BV
- Published
- 2021-02
- Volume
- 93
- Pages
- 102759
- ISSN
- 0278-4319 (ISSN-L)
- PMC
- PMC9998173
- OpenAlex
- W3102283286
- Cited by
- 321
- References
- 76
- Citations by year
- 2026: 14 · 2025: 33 · 2024: 58 · 2023: 81 · 2022: 87 · 2021: 47 · 2019: 1
- FWCI
- 57.37
- Type
- journal article
- Language
- en
- Open access
- green
- www.ncbi.nlm.nih.gov
- Licence
- Locations
- International Journal of Hospitality Management (publishedVersion)
- PubMed Central (publishedVersion)
- PubMed (publishedVersion)
- Funders
- National Natural Science Foundation of China (NSFC-72002183, NSFC-71672159, NSFC-71502151)
- Fundamental Research Funds for the Central Universities (20720191031, 20720191033)
- Strategic Innovation Research Foundation of Fujian Province (2020R0010)
- Topics
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › COVID-19 Pandemic Impacts
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Identity and Reputation
- Keywords
- corporate social responsibility, firm value, COVID-19 pandemic, hospitality companies, stock returns, stakeholder attention, employee-related CSR, crisis management, stock market performance
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