During the novel coronavirus (COVID-19) pandemic, some hotels have engaged in corporate social responsibility (CSR) activities to help overcome the crisis. Given that most existing research examines the impact of hotel CSR on a single stakeholder, how hotel CSR activities in a crisis are perceived by multiple stakeholders is unknown. Drawing on the concept of strategic philanthropy, this study examines the impact of hotel CSR activities during the pandemic, such as providing accommodations to healthcare workers, on hotel firms' market value and prospective hotel customers’ booking behavior. Adopting mixed-methods approach, this study finds negative impacts of hotel CSR for strategic philanthropy on firm market value and customer booking behavior. The study result indicates that the value of hotel CSR depends on the nature and environmental contexts of CSR. Specific theoretical and practical implications are provided.

在新型冠状病毒 (COVID-19) 大流行期间，一些酒店开展了企业社会责任 (CSR) 活动以帮助克服危机。鉴于大多数现有研究考察的是酒店企业社会责任对单个利益相关者的影响，多个利益相关者如何看待危机中的酒店企业社会责任活动尚不清楚。借鉴战略慈善的概念，本研究考察了大流行期间酒店企业社会责任活动（例如为医护人员提供住宿）对酒店公司市场价值和潜在酒店客户预订行为的影响。本研究采用混合方法，发现战略慈善酒店企业社会责任对公司市场价值和客户预订行为的负面影响。研究结果表明，酒店企业社会责任的价值取决于企业社会责任的性质和环境背景。提供了具体的理论和实践意义。