- Title
- COVID-19 Impact, Sustainability Performance, and Firm Value: International Evidence
- Creator
- Bose, Sudipta; Shams, Syed; Ali, Muhammad Jahangir; Mihret, Dessalegn
- Relation
- Accounting and Finance Vol. 62, Issue 1, p. 597-643
- Publisher Link
- http://dx.doi.org/10.1111/acfi.12801
- Publisher
- John Wiley & Sons
- Resource Type
- journal article
- Date
- 2022
- Description
- 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.
- Subject
- covid-19; cross-country; environmental-value culture; firm value; stakeholder value; sustainability performance; SDG 3; Sustainable Development Goals
- Identifier
- http://hdl.handle.net/1959.13/1474044
- Identifier
- uon:49177
- Identifier
- ISSN:0810-5391
- Language
- eng
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