Social capital and firm performance : the resiliency of Corporate Social Responsibility to COVID-19
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/35312 |
Resumo: | The COVID-19 pandemic caught the entire globe unprepared. The quick viral spread, the stringent lockdowns, and the dramatic response of capital markets have perturbed the economic and social order on an unprecedented scale and lightning speed. This Dissertation investigates the impact of social capital, measured by corporate social responsibility (CSR), on the financial performance of U.S. firms during the pandemic-induced market turmoil (March-July 2020). The results show that high-CSR firms experienced lower risk exposure and superior operating profit margins relative to low-CSR firms. However, there is no evidence that CSR provided such resilient power for the performance of mean returns. The collected wisdom points to a clear stock return underperformance associated with very low CSR scores, but refutes the idea that excelling in CSR offers the highest returns. Another prominent result is the fact that investing in CSR is especially fruitful in periods of crisis; the effect is weaker or even null outside the crisis. |
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Social capital and firm performance : the resiliency of Corporate Social Responsibility to COVID-19COVID-19Corporate social responsibilityFinancial performanceResponsabilidade social empresarialDesempenho financeiroDomínio/Área Científica::Ciências Sociais::Economia e GestãoThe COVID-19 pandemic caught the entire globe unprepared. The quick viral spread, the stringent lockdowns, and the dramatic response of capital markets have perturbed the economic and social order on an unprecedented scale and lightning speed. This Dissertation investigates the impact of social capital, measured by corporate social responsibility (CSR), on the financial performance of U.S. firms during the pandemic-induced market turmoil (March-July 2020). The results show that high-CSR firms experienced lower risk exposure and superior operating profit margins relative to low-CSR firms. However, there is no evidence that CSR provided such resilient power for the performance of mean returns. The collected wisdom points to a clear stock return underperformance associated with very low CSR scores, but refutes the idea that excelling in CSR offers the highest returns. Another prominent result is the fact that investing in CSR is especially fruitful in periods of crisis; the effect is weaker or even null outside the crisis.A pandemia de COVID-19 surgiu inesperadamente. A rápida disseminação viral, os rigorosos isolamentos sociais e a resposta drástica dos mercados de capitais perturbaram o contexto económico e social em escala e ritmo inéditos. Esta Dissertação investiga o impacto do capital social, medido através da responsabilidade social empresarial (RSE), no desempenho financeiro de empresas dos Estados Unidos durante a crise desencadeada pela pandemia (março-julho 2020). Os resultados demonstram que empresas com elevada RSE experienciaram menos exposição ao risco e maiores margens de lucro operacional relativamente a empresas com baixa RSE. Contudo, não existe evidência de que a RSE tenha proporcionado tal poder de resiliência no desempenho dos retornos médios. Verifica-se que retornos baixos estão associados a níveis baixos de RSE, mas não é possível constatar que uma excelente RSE propicia os retornos mais elevados. Outro resultado importante é que investir em RSE é especialmente benéfico em períodos de crise; o efeito é atenuado ou até mesmo nulo fora da crise.Bonfim, Diana Carina Ribeiro GuimarãesVeritati - Repositório Institucional da Universidade Católica PortuguesaMartins, Joana Pires2021-09-29T13:06:29Z2021-02-052021-012021-02-05T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/35312TID:202657434enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-12T17:40:48Zoai:repositorio.ucp.pt:10400.14/35312Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:28:40.561497Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Social capital and firm performance : the resiliency of Corporate Social Responsibility to COVID-19 |
title |
Social capital and firm performance : the resiliency of Corporate Social Responsibility to COVID-19 |
spellingShingle |
Social capital and firm performance : the resiliency of Corporate Social Responsibility to COVID-19 Martins, Joana Pires COVID-19 Corporate social responsibility Financial performance Responsabilidade social empresarial Desempenho financeiro Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
Social capital and firm performance : the resiliency of Corporate Social Responsibility to COVID-19 |
title_full |
Social capital and firm performance : the resiliency of Corporate Social Responsibility to COVID-19 |
title_fullStr |
Social capital and firm performance : the resiliency of Corporate Social Responsibility to COVID-19 |
title_full_unstemmed |
Social capital and firm performance : the resiliency of Corporate Social Responsibility to COVID-19 |
title_sort |
Social capital and firm performance : the resiliency of Corporate Social Responsibility to COVID-19 |
author |
Martins, Joana Pires |
author_facet |
Martins, Joana Pires |
author_role |
author |
dc.contributor.none.fl_str_mv |
Bonfim, Diana Carina Ribeiro Guimarães Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Martins, Joana Pires |
dc.subject.por.fl_str_mv |
COVID-19 Corporate social responsibility Financial performance Responsabilidade social empresarial Desempenho financeiro Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
COVID-19 Corporate social responsibility Financial performance Responsabilidade social empresarial Desempenho financeiro Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
The COVID-19 pandemic caught the entire globe unprepared. The quick viral spread, the stringent lockdowns, and the dramatic response of capital markets have perturbed the economic and social order on an unprecedented scale and lightning speed. This Dissertation investigates the impact of social capital, measured by corporate social responsibility (CSR), on the financial performance of U.S. firms during the pandemic-induced market turmoil (March-July 2020). The results show that high-CSR firms experienced lower risk exposure and superior operating profit margins relative to low-CSR firms. However, there is no evidence that CSR provided such resilient power for the performance of mean returns. The collected wisdom points to a clear stock return underperformance associated with very low CSR scores, but refutes the idea that excelling in CSR offers the highest returns. Another prominent result is the fact that investing in CSR is especially fruitful in periods of crisis; the effect is weaker or even null outside the crisis. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-09-29T13:06:29Z 2021-02-05 2021-01 2021-02-05T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.14/35312 TID:202657434 |
url |
http://hdl.handle.net/10400.14/35312 |
identifier_str_mv |
TID:202657434 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
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openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
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1799132005571493888 |