当前位置: X-MOL 学术Accounting & Finance › 论文详情
Our official English website, www.x-mol.net, welcomes your feedback! (Note: you will need to create a separate account there.)
COVID-19 impact, sustainability performance and firm value: international evidence
Accounting & Finance ( IF 2.473 ) Pub Date : 2021-05-06 , DOI: 10.1111/acfi.12801
Sudipta Bose 1 , Syed Shams 2 , Muhammad Jahangir Ali 3 , Dessalegn Mihret 4
Affiliation  

We examine the impact of COVID-19 on changes in firm value, and the moderating role of firm-level sustainability performance on this relationship. We find that firms domiciled in countries where the COVID-19 impact is more devastating experienced greater decline in firm value. The negative impact of COVID-19 on firm value is less pronounced for firms with better sustainability performance. Firms domiciled in countries with higher levels of environmental- and stakeholder-value-oriented culture experienced less decline in firm value from the impact of COVID-19. Findings suggest a firm’s stakeholder-value orientation contributes to preserving a firm’s value when general stakeholder value declines.

中文翻译:

COVID-19 影响、可持续发展绩效和公司价值:国际证据

我们研究了 COVID-19 对公司价值变化的影响,以及公司层面的可持续发展绩效对这种关系的调节作用。我们发现,在 COVID-19 影响更大的国家注册的公司的公司价值下降幅度更大。对于可持续发展绩效较好的公司,COVID-19 对公司价值的负面影响不太明显。位于以环境和利益相关者价值为导向的文化水平较高的国家的公司,受 COVID-19 影响的公司价值下降幅度较小。研究结果表明,当一般利益相关者价值下降时,公司的利益相关者价值导向有助于保持公司的价值。
更新日期:2021-05-06
down
wechat
bug