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Journal of Management and Business Research, 2023
40（ 3 ）：277-298
DOI： 10.6504/JMBR.202309_40(3).0002 |
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| Corporate Social Responsibility and Stock Returns during the COVID-19 Crisis |
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| The COVID-19 pandemic is the first crisis to take place since the Taiwan Stock Exchange imposed the regulation of mandatory corporate social responsibility (CSR) disclosure in 2014, providing a natural experiment to examine whether CSR engagement is beneficial for protecting shareholders’ wealth during a crisis. In this study, I show that Taiwanese listed firms with better CSR performance have achieved remarkably higher returns during the pandemic crisis period from January 20 to March 23, 2020. Additionally, the impact of CSR on stock returns during the pandemic crisis period is found to be robust after controlling for several measures of corporate governance. Further analysis shows that firms with CSR disclosures have demonstrated superior performance during the pandemic. Overall, the empirical evidence supports the claim that CSR has helped enhance firm performance during the COVID-19 pandemic crisis period in Taiwan. |
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| corporate social responsibility, stock return performance, COVID-19 crisis, Taiwan stock market |
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