Corporate immunity to the COVID-19 pandemic

• 成果类型: Article
• 署名作者: Ding, Wenzhi; Levine, Ross; Lin, Chen; Xie, Wensi
• 署名单位: University of Hong Kong; University of California System; University of California Berkeley; National Bureau of Economic Research; Chinese University of Hong Kong
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2021.03.005
• 发表日期: 2021
• 页码: 802-830
• 关键词: Corporate resilience; financial risk; supply chain; CSR; corporate governance

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.