The market values of Chinese energy firms during COVID-19 pandemic

被引：0
|
作者：
Lu Shi
机构：
[1] Wuhan University of Technology,School of Management
[2] Wuhan University of Technology,Research Institute of Digital Governance and Management Decision Innovation
来源：
Management System Engineering | / 2卷 / 1期
关键词：
Cumulative abnormal return; COVID-19; Energy firm; Corporate social responsibility; Lockdown policies; G12; G14; G32; I10;
D O I：
10.1007/s44176-023-00011-w
中图分类号：
学科分类号：
摘要：
This paper studies the impact of coronavirus disease 2019 (COVID-19) on Chinese energy firms’ market values by using event study approach. First, we find that the cumulative abnormal return (CAR) of energy firms significantly decreases 2.7–10.6% on average due to the negative shock of COVID-19 on energy market. Second, we present that Corporate Social Responsibility (CSR) performance could significantly reduce the negative market reaction of energy firms during COVID-19. Finally, in using the intervention policy of various cities as exogenous shocks, we provide evidence that stock returns of energy firms significantly increase after cities where firms located in issued lockdown policies.
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