School of Economics, Tianjin University of Commerce, Tianjin, China.
Front Public Health. 2022 Aug 16;10:956521. doi: 10.3389/fpubh.2022.956521. eCollection 2022.
This paper studies the role of corporate social responsibility (CSR) performance on corporate financial performance during the COVID-19 by examining a sample of Chinese listed firms. Based on the PSM-DID methodology, we find that the pandemic-induced decline in stock returns is stronger with more CSR engagement. The results remain robust even after the dynamic effect test and placebo test. It means CSR performance does not improve Chinese corporate immunity to the pandemic. This inadequate response of CSR could be due to the "relatively few good things effect". Furthermore, our study indicates that increasing awareness of responsible investment and improving the quality of CSR disclosure could facilitate CSR engagement in China.
本文通过考察中国上市公司的样本，研究了企业社会责任（CSR）绩效在 COVID-19 期间对企业财务绩效的影响。基于 PSM-DID 方法，我们发现，随着 CSR 参与度的提高，疫情导致的股票回报率下降更为明显。即使经过动态效应检验和安慰剂检验，结果仍然稳健。这意味着 CSR 表现并没有提高中国企业对疫情的免疫力。CSR 的这种反应不足可能是由于“相对较少的好事效应”。此外，我们的研究表明，提高对负责任投资的认识和提高 CSR 披露的质量，可以促进中国的 CSR 参与。
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