Cited by 321Corporate Social Responsibility ReportingCOVID-19 Pandemic ImpactsCorporate Identity and Reputation

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Can corporate social responsibility protect firm value during the COVID-19 pandemic?

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Qiu, Shangzhi (Charles), Jiang, Jianing, Liu, Xinming, Chen, Ming-Hsiang, Yuan, Xina·2021·International Journal of Hospitality Management

DOI 10.1016/j.ijhm.2020.102759PMC PMC9998173

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Abstract

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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Authors: Qiu, S. (., Jiang, J., Liu, X., Chen, M.-H., & Yuan, X.
Affiliations: Xiamen University (CN)
Washington State University (US)
Corresponding author: Liu, Xinming
ORCID: Qiu, Shangzhi (Charles)
Chen, Ming-Hsiang
Yuan, Xina
Venue: International Journal of Hospitality Management
Publisher: Elsevier BV
Published: 2021-02
Volume: 93
Pages: 102759
ISSN: 0278-4319 (ISSN-L)
DOI: 10.1016/j.ijhm.2020.102759
PMC: PMC9998173
OpenAlex: W3102283286
Cited by: 321
References: 76
Citations by year: 2026: 14 · 2025: 33 · 2024: 58 · 2023: 81 · 2022: 87 · 2021: 47
FWCI: 57.37
Type: journal article
Language: en
Open access: green
www.ncbi.nlm.nih.gov
Licence: www.elsevier.com/tdm/userlicense/1.0/ (tdm)
www.elsevier.com/legal/tdmrep-license (tdm)
doi.org/10.15223/policy-017 (stm-asf)
doi.org/10.15223/policy-037 (stm-asf)
doi.org/10.15223/policy-012 (stm-asf)
doi.org/10.15223/policy-029 (stm-asf)
doi.org/10.15223/policy-004 (stm-asf)
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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Can corporate social responsibility protect firm value during the COVID-19 pandemic?

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