Does the Shield Effect of CSR Work in Crises? Evidence in Korea
Sustainability
; 15(11):8940, 2023.
Article
Dans Anglais
| ProQuest Central | ID: covidwho-20237274
ABSTRACT
This paper investigates the impact of corporate social responsibility (CSR) on shareholders' wealth during market downturn, focusing on the market crash caused by the COVID-19 pandemic and its aftermaths. We evaluate the relationship between firms' CSR and stock returns using a sample of 803 firms listed on the Korean stock market. The results of our study reveal that firms' pre-crisis CSR activities do not protect shareholders' wealth during the crisis;in fact, they negatively affected stock returns during the COVID-19 crisis. This finding is consistent across several robustness tests and challenges the prevailing notion that CSR is solely a philanthropic endeavor. This study suggests that firms need to reconsider their CSR approach in order to better align it with shareholders' interest.
Environmental Studies; corporate social responsibility; ESG; COVID-19; stock performance; Pandemics; Social responsibility; Capital costs; Stock exchanges; Investments; Stockholders; Securities markets; Medical research; International finance; Crises; Property rights; Reputations; Return on investment; South Korea
Texte intégral:
Disponible
Collection:
Bases de données des oragnisations internationales
Base de données:
ProQuest Central
Type d'étude:
Études expérimentales
langue:
Anglais
Revue:
Sustainability
Année:
2023
Type de document:
Article
Documents relatifs à ce sujet
MEDLINE
...
LILACS
LIS