Corporate Social Responsibility and Stock Returns During the Covid-19 Crisis: Evidence From Europe
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Bachelor's thesis
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Date
2023
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Mcode
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Rahoitus
Language
en
Pages
21+5
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Abstract
This paper examines the relationship between corporate social responsibility (CSR) and stock returns during Covid-19 in Europe using a sample of 1828 firms listed on European stock exchanges. Firms with high social capital, measured by CSR had two to four percentage points lower returns than firms with low social capital. Firm financial characteristics such as leverage, and idiosyncratic risk had a larger impact on returns during the crisis period. I also find that external stakeholder activities and environmental issues had significant impacts on returns, while other aspects had insignificant effects on crisis-period returns.Description
Thesis advisor
Kokkonen, JoniKeywords
social capital, trust, corporate social responsibility, CSR, stock returns, Covid-19, Europe