The Reactive Strategy During the COVID-19 Crisis: A New String to the Bow of CSR

IF 2.3 Q3 BUSINESS Global Business Review Pub Date : 2023-09-01 DOI:10.1177/09721509231157562
Imen Khanchel, Naima Lassoued, Cyrine Khiari
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引用次数: 4

Abstract

This study aims to study the impact of the COVID-19 outbreak on stock market performance and determine whether firms with a reactive corporate social responsibility (CSR) strategy (compared to those with a proactive and strategic strategy) were less affected. Focusing on a sample of 217 French firms, the event study approach is applied to examine change in the stock prices of socially responsible firms at the announcement of COVID-19 as a pandemic. The results show that stock prices dropped significantly as a reaction to the COVID-19 outbreak, particularly for the proactive CSR group compared to the reactive CSR group. The results also show that the reactive CSR group resisted more in the longer term. Furthermore, an investment strategy aiming at buying reactive CSR firms and or selling proactive ones would have earned abnormal returns. However, the investment strategy is not fruitful when we consider reactive CSR stocks and strategic firms.
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新冠肺炎危机期间的反应策略:企业社会责任的新弦
本研究旨在研究新冠肺炎疫情对股票市场表现的影响,并确定采取反应型企业社会责任(CSR)战略的公司(与采取积极主动战略的公司相比)是否受影响较小。以217家法国公司为样本,应用事件研究方法研究了新冠肺炎疫情宣布时社会责任公司股价的变化。结果显示,股价因新冠肺炎疫情的爆发而大幅下跌,特别是与被动型企业社会责任集团相比,主动型企业社会服务集团的股价大幅下跌。研究结果还表明,从长期来看,反应型CSR群体的抵抗力更强。此外,旨在收购被动CSR公司和/或出售主动CSR公司的投资策略会获得异常回报。然而,当我们考虑反应型企业社会责任股票和战略公司时,投资策略并不富有成效。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
7.10
自引率
12.50%
发文量
107
期刊介绍: Global Business Review is designed to be a forum for the wider dissemination of current management and business practice and research drawn from around the globe but with an emphasis on Asian and Indian perspectives. An important feature is its cross-cultural and comparative approach. Multidisciplinary in nature and with a strong practical orientation, this refereed journal publishes surveys relating to and report significant developments in management practice drawn from business/commerce, the public and the private sector, and non-profit organisations. The journal also publishes articles which provide practical insights on doing business in India/Asia from local and global and macro and micro perspectives.
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