CSR and firm value: is CSR valuable during the COVID 19 crisis in the French market?

Imen Khanchel (), Naima Lassoued () and Rym Gargoury
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Imen Khanchel: Manouba University
Naima Lassoued: Manouba University
Rym Gargoury: Carthage University

Journal of Management & Governance, 2023, vol. 27, issue 2, No 7, 575-601

Abstract: Abstract This study examines the impact of the COVID-19 outbreak on the French stock market and investigates whether companies with a commitment to corporate social responsibility (CSR) were less affected. Examining a sample consisting of 464 French firms, we separate firms that have implemented CSR activities around the event period (considered as active CSR adopters) from CSR-adopters (firms that did not indulge in CSR activities around that period) and non-CSR adopters. The empirical results indicate that active CSR adopters were less affected as some positive returns have been observed around the event date, indicating that their stock prices were relatively resistant to the crisis. The multivariate analysis shows that the French market reacted significantly to CSR strategy and that active CSR adopters are the least affected.

Keywords: Corporate social responsibility; Firm value; Stock returns; COVID-19; Event study (search for similar items in EconPapers)
JEL-codes: G10 G14 G32 M20 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s10997-022-09662-5

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