KONG, Ziyu (2025) Three Essays in CSR and Risk Disclosures. École Doctorale Sciences de Gestion TSM (Toulouse).

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Abstract

This study examines whether financially endorsed corporate social responsibility (CSR) commitments improved the stock market performance of China’s listed firms during exposure to the SARS-CoV-2 virus in 2020. I find that CSR itself did not result in higher stock returns during the crisis period of the pandemic, suggesting that the moral (social) capital from CSR could not solely provide an “insurance-like” buffer against the shock. In contrast, my results show that CSR commitments lead to higher stock returns when firms are more financially flexible, suggesting that financial flexibility endorses
implicit CSR commitments to stakeholders during a crisis. My results are robust to a difference-in�differences specification, alternative CSR measures and the inclusion of additional controls.