Corporate immunity to the COVID-19 pandemic

文献类型： 外文期刊

第一作者： Ding, Wenzhi

作者： Ding, Wenzhi;Lin, Chen;Levine, Ross;Levine, Ross;Xie, Wensi

作者机构：

关键词： Corporate resilience; Financial risk; Supply chain; CSR; Corporate governance

期刊名称：JOURNAL OF FINANCIAL ECONOMICS （ 影响因子：8.9； 五年影响因子：11.5 ）

ISSN： 0304-405X

年卷期： 2021 年 141 卷 2 期

页码：

收录情况： SCI

摘要： We evaluate the connection between corporate characteristics and the reaction of stock returns to COVID-19 cases using data on more than 6,700 firms across 61 economies. The pandemic-induced drop in stock returns was milder among firms with stronger pre-2020 finances (more cash and undrawn credit, less total and short-term debt, and larger prof-its), less exposure to COVID-19 through global supply chains and customer locations, more corporate social responsibility activities, and less entrenched executives. Furthermore, the stock returns of firms controlled by families (especially through direct holdings and with non-family managers), large corporations, and governments performed better, and those with greater ownership by hedge funds and other asset management companies performed worse. Stock markets positively price small amounts of managerial ownership but nega-tively price high levels of managerial ownership during the pandemic. (c) 2021 Elsevier B.V. All rights reserved.

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