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

The DOI matches its Crossref record; 71 of the 76 references it cites were found in a registry or an index.

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

Open access
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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Metadata

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
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
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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