COVID-19 对社会责任企业股票价格的影响：台湾股票市场的实证研究。
The Impact of COVID-19 on the Stock Price of Socially Responsible Enterprises: An Empirical Study in Taiwan Stock Market.
机构信息
Department of Commerce Automation and Management, National Pingtung University, Pingtung City 90004, Taiwan.
International Bachelor Degree Program in Finance, National Pingtung University of Science and Technology, Pingtung 912, Taiwan.
出版信息
Int J Environ Res Public Health. 2021 Feb 3;18(4):1398. doi: 10.3390/ijerph18041398.
This study examines the impact of the COVID-19 outbreak on the Taiwan stock market and investigates whether companies with a commitment to corporate social responsibility (CSR) were less affected. This study uses a selection of companies provided by magazine to classify the listed companies in Taiwan as CSR and non-CSR companies. The event study approach is applied to examine the change in the stock prices of CSR companies after the first COVID-19 outbreak in Taiwan. The empirical results indicate that the stock prices of all companies generated significantly negative abnormal returns and negative cumulative abnormal returns after the outbreak. Compared with all companies and with non-CSR companies, CSR companies were less affected by the outbreak; their stock prices were relatively resistant to the fall and they recovered faster. In addition, the cumulative impact of the COVID-19 on the stock prices of CSR companies is smaller than that of non-CSR companies on both short- and long-term bases. However, the stock price performance of non-CSR companies was not weaker than that of CSR companies during times when the impact of the pandemic was lower or during the price recovery phase.
这项研究考察了 COVID-19 爆发对台湾股票市场的影响，并调查了是否具有企业社会责任（CSR）承诺的公司受到的影响较小。本研究使用 杂志提供的一组公司，将台湾的上市公司分为 CSR 和非 CSR 公司。采用事件研究方法来检验台湾首例 COVID-19 爆发后 CSR 公司股票价格的变化。实证结果表明，爆发后所有公司的股票价格均产生了显著的负异常回报和负累计异常回报。与所有公司和非 CSR 公司相比，CSR 公司受疫情爆发的影响较小；其股价相对抗跌，且恢复速度较快。此外，从短期和长期来看，COVID-19 对 CSR 公司股价的累积影响均小于对非 CSR 公司股价的影响。但是，在大流行影响较低或价格恢复阶段，非 CSR 公司的股票价格表现并不逊于 CSR 公司。
Zotero 插件