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Corporate social responsibility Feng Shui and firm value

Author

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  • Wang, Kewen
  • Li, Jingqiang
  • Qiao, Yuanbo
  • Chang, Shilong

Abstract

The evidence supporting the protective effect of pre-COVID-19 corporate social responsibility (CSR) on firm value during the COVID-19 pandemic remains vague. In times of crisis, Feng Shui philosophy can serve as a decision-making criterion for Chinese investors to trade stocks because a lucky stock code can provide investors with a feeling of control when facing great challenge, stress, and uncertainty. This study examines the impact of pre-COVID-19 corporate social responsibility (CSR) on hospitality and tourism firm value during COVID-19 and the moderating effect of lucky stock codes. The results show that pre-COVID-19 corporate social responsibility (CSR) has a U-shaped impact on firm value and that the U-shaped effect is more pronounced for firms with a luckier stock code.

Suggested Citation

  • Wang, Kewen & Li, Jingqiang & Qiao, Yuanbo & Chang, Shilong, 2024. "Corporate social responsibility Feng Shui and firm value," Annals of Tourism Research, Elsevier, vol. 105(C).
    • Handle: RePEc:eee:anture:v:105:y:2024:i:c:s0160738324000148
    DOI: 10.1016/j.annals.2024.103737
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