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Article: Corporate Immunity to the COVID-19 Pandemic

TitleCorporate Immunity to the COVID-19 Pandemic
Authors
KeywordsCorporate resilience
Financial risk
Supply chain
CSR
Corporate governance
Issue Date2021
PublisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jfec
Citation
Journal of Financial Economics, 2021, v. 141 n. 2, p. 802-830 How to Cite?
AbstractWe 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 profits), 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 negatively price high levels of managerial ownership during the pandemic.
Persistent Identifierhttp://hdl.handle.net/10722/297617
ISSN
2023 Impact Factor: 10.4
2023 SCImago Journal Rankings: 13.655
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorDING, W-
dc.contributor.authorLevine, R-
dc.contributor.authorLin, C-
dc.contributor.authorXie, W-
dc.date.accessioned2021-03-23T04:19:29Z-
dc.date.available2021-03-23T04:19:29Z-
dc.date.issued2021-
dc.identifier.citationJournal of Financial Economics, 2021, v. 141 n. 2, p. 802-830-
dc.identifier.issn0304-405X-
dc.identifier.urihttp://hdl.handle.net/10722/297617-
dc.description.abstractWe 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 profits), 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 negatively price high levels of managerial ownership during the pandemic.-
dc.languageeng-
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jfec-
dc.relation.ispartofJournal of Financial Economics-
dc.subjectCorporate resilience-
dc.subjectFinancial risk-
dc.subjectSupply chain-
dc.subjectCSR-
dc.subjectCorporate governance-
dc.titleCorporate Immunity to the COVID-19 Pandemic-
dc.typeArticle-
dc.identifier.emailLin, C: chenlin1@hku.hk-
dc.identifier.authorityLin, C=rp01808-
dc.description.naturelink_to_OA_fulltext-
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1016/j.jfineco.2021.03.005-
dc.identifier.scopuseid_2-s2.0-85103402520-
dc.identifier.hkuros321753-
dc.identifier.volume141-
dc.identifier.issue2-
dc.identifier.spage802-
dc.identifier.epage830-
dc.identifier.isiWOS:000661400800020-
dc.publisher.placeNetherlands-

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