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

Article

Bose, Sudipta, Shams, Syed, Ali, Muhammad Jahangir and Mihret, Dessalegn. 2022. "COVID‐19 impact, sustainability performance and firm value: international evidence." Accounting and Finance. 62 (1), pp. 597-643. https://doi.org/10.1111/acfi.12801
Article Title

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

ERA Journal ID19059
Article CategoryArticle
AuthorsBose, Sudipta (Author), Shams, Syed (Author), Ali, Muhammad Jahangir (Author) and Mihret, Dessalegn (Author)
Journal TitleAccounting and Finance
Journal Citation62 (1), pp. 597-643
Number of Pages47
Year2022
PublisherJohn Wiley & Sons
Place of PublicationUnited Kingdom
ISSN0810-5391
1467-629X
Digital Object Identifier (DOI)https://doi.org/10.1111/acfi.12801
Web Address (URL)https://onlinelibrary.wiley.com/doi/full/10.1111/acfi.12801
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.

KeywordsCOVID‐19; cross‐country; environmental‐value culture; firm value; stakeholder value; sustainability performance
ANZSRC Field of Research 2020350201. Environment and climate finance
Public Notes

File reproduced in accordance with the copyright policy of the publisher/author.

Byline AffiliationsUniversity of Newcastle
School of Commerce
La Trobe University
Royal Melbourne Institute of Technology (RMIT)
Institution of OriginUniversity of Southern Queensland
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