The COVID-19 outbreak and the subsequent lockdown were an unanticipated shock to the global stock market. Managers also had minimal time to counterbalance its effect through corporate policies. Therefore, this health crisis offers a unique opportunity to examine the effect of corporate social responsibility (CSR) on shareholder value. We observe that firms engaged in more CSR activities outperform other firms. This suggests that CSR plays a positive role in determining shareholder value, particularly for an emerging market where minority shareholder rights are weak. Collaborating with our main finding, we further find that governance metrics play a significant role.

中文翻译：

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企业社会责任会影响股东价值吗？来自 COVID-19 危机的证据

COVID-19 的爆发和随后的封锁对全球股市造成了意想不到的冲击。管理人员也很少有时间通过​​公司政策来抵消其影响。因此，这场健康危机为检验企业社会责任 (CSR) 对股东价值的影响提供了独特的机会。我们观察到，从事更多企业社会责任活动的公司表现优于其他公司。这表明企业社会责任在确定股东价值方面发挥着积极作用，特别是对于少数股东权利薄弱的新兴市场而言。结合我们的主要发现，我们进一步发现治理指标起着重要作用。