文献类型： 外文期刊
作者： Ding, Wenzhi 1 ; Levine, Ross 2 ; Lin, Chen 1 ; Xie, Wensi 4 ;
作者机构： 1.Univ Hong Kong, Fac Business & Econ, Pok Fu Lam Rd, KK Leung Bldg, Hong Kong, Peoples R China
2.Univ Calif Berkeley, Haas Sch Business, 545 Student Serv Bldg, Berkeley, CA 94720 USA
3.Natl Bur Econ Res, 1050 Massachusetts Ave, Cambridge, MA 02138 USA
4.Chinese Univ Hong Kong, CUHK Business Sch, Dept Finance, Cheng Yu Bldg,12 Chak Cheung St, Hong Kong, Peoples R China
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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