COVID‐19 impact, sustainability performance and firm value: international evidence

Bose, Sudipta and Shams, Syed and Ali, Muhammad Jahangir and Mihret, Dessalegn (2021) COVID‐19 impact, sustainability performance and firm value: international evidence. Accounting and Finance. ISSN 1467-629X

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COVID-19ImpactSustainabilityPerformanceandFirmValueInternationalEvidence.pdf
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Abstract

We examine the impact of COVID‐19 on changes in firm value, and the moderating role of firm‐level sustainability performance on this relationship. We find that firms domiciled in countries where the COVID‐19 impact is more devastating experienced greater decline in firm value. The negative impact of COVID‐19 on firm value is less pronounced for firms with better sustainability performance. Firms domiciled in countries with higher levels of environmental‐ and stakeholder‐value‐oriented culture experienced less decline in firm value from the impact of COVID‐19. Findings suggest a firm’s stakeholder‐value orientation contributes to preserving a firm’s value when general stakeholder value declines.


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Item Type: Article (Commonwealth Reporting Category C)
Refereed: Yes
Item Status: Live Archive
Additional Information: Published online: 6 May 2021. Accepted version embargoed until 1 May 2023 (24 months), in accordance with the copyright policy of the publisher.
Faculty/School / Institute/Centre: Current - Faculty of Business, Education, Law and Arts - School of Business (18 Jan 2021 -)
Faculty/School / Institute/Centre: Current - Faculty of Business, Education, Law and Arts - School of Business (18 Jan 2021 -)
Date Deposited: 07 May 2021 05:30
Last Modified: 12 Oct 2021 02:25
Uncontrolled Keywords: COVID‐19; cross‐country; environmental‐value culture; firm value; stakeholder value; sustainability performance
Fields of Research (2008): 15 Commerce, Management, Tourism and Services > 1502 Banking, Finance and Investment > 150299 Banking, Finance and Investment not elsewhere classified
Fields of Research (2020): 35 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 3502 Banking, finance and investment > 350201 Environment and climate finance
URI: http://eprints.usq.edu.au/id/eprint/41936

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