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Chen, YH (2022) Corporate Social Responsibility and Firm Performance: Evidence from the COVID-19. [Dissertation (University of Nottingham only)]

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Abstract

The relationship between corporate social responsibility (CSR) and corporate

performance has been a controversial topic. The COVID-19 pandemic raised a

great deal of public interest in CSR and provided a special opportunity for research

related to CSR. This study evaluates the impact of CSR on corporate performance

in the context of the COVID-19 pandemic. Result shows that the impact of CSR on

corporate performance during COVID-19 is negative. Using difference-in-differences (DID) regression, this study finds that CSR companies experienced a

significant negative decline in corporate performance during COVID-19, suggesting

that CSR activities during this crisis period resulted in overinvestment. The

estimation of the dynamic treatment effects suggests that the negative impact

caused by CSR was dynamically sustained in the post-COVID-19 crisis period. This

study further shows that such negative impact is only significant among large CSR

firms. This study is valid for a range of robustness tests.

Keywords: corporate social responsibility, firm value, pandemic, financial crisis

Item Type:	Dissertation (University of Nottingham only)
Depositing User:	Cheng, Yihuan
Date Deposited:	07 Jul 2023 10:50
Last Modified:	07 Jul 2023 10:50
URI:	https://eprints.nottingham.ac.uk/id/eprint/70879

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