Corporate social responsibility Feng Shui and firm value

Kewen Wang, Jingqiang Li, Yuanbo Qiao and Shilong Chang

Annals of Tourism Research, 2024, vol. 105, issue C

Abstract: The evidence supporting the protective effect of pre-COVID-19 corporate social responsibility (CSR) on firm value during the COVID-19 pandemic remains vague. In times of crisis, Feng Shui philosophy can serve as a decision-making criterion for Chinese investors to trade stocks because a lucky stock code can provide investors with a feeling of control when facing great challenge, stress, and uncertainty. This study examines the impact of pre-COVID-19 corporate social responsibility (CSR) on hospitality and tourism firm value during COVID-19 and the moderating effect of lucky stock codes. The results show that pre-COVID-19 corporate social responsibility (CSR) has a U-shaped impact on firm value and that the U-shaped effect is more pronounced for firms with a luckier stock code.

Keywords: Protective effect; CSR; Feng Shui; Lucky stock codes; Firm value; Hospitality and tourism firms (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:anture:v:105:y:2024:i:c:s0160738324000148

DOI: 10.1016/j.annals.2024.103737

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