The value of corporate social responsibility during the crisis: Chinese evidence

Jing Zhang, Shuang Zi, Pei Shao and Yuchao Xiao

Pacific-Basin Finance Journal, 2020, vol. 64, issue C

Abstract: This study examines whether a firm's trust and social capital, built up through corporate social responsibility (CSR) activities, pays off during the crisis period. We first use the US sample to replicate Lins et al.'s. (2017) baseline analyses and show consistent results. We then conduct the same analyses using the Chinese sample. Unlike the US evidence, Chinese firms' CSR attributes do not appear to enhance their stock returns during the crisis period, indicating that trust and social capital might not play the same role in a relatively underdeveloped market subject to considerable political influence, and that the effectiveness of a CSR-associated insurance-like function might thus be highly dependent on institutional environments.

Keywords: Trust and social capital; Chinese CSR; Financial crisis; Stock return (search for similar items in EconPapers)
JEL-codes: G10 G30 G41 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0927538X20304431
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:pacfin:v:64:y:2020:i:c:s0927538x20304431

DOI: 10.1016/j.pacfin.2020.101432

Access Statistics for this article

Pacific-Basin Finance Journal is currently edited by K. Chan and S. Ghon Rhee

More articles in Pacific-Basin Finance Journal from Elsevier
Bibliographic data for series maintained by Catherine Liu ().