Abstract
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.
Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
