WHERE DOES CORPORATE SOCIAL CAPITAL MATTER THE MOST? EVIDENCE FROM THE COVID-19 CRISIS

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dc.contributor.authorFiordelisi, Franco
dc.contributor.authorGalloppo, Giuseppe
dc.contributor.authorLattanzio, Gabriele
dc.date.accessioned2022-02-15T06:02:26Z
dc.date.available2022-02-15T06:02:26Z
dc.date.issued2021-11-10
dc.description.abstractFirms with high social capital systematically outperform their peers during periods of economic distress. Yet, it is not clear under which institutional conditions corporate social capital is the most valuable to shareholders. By studying the performance of 1,789 firms in 27 countries during the initial phases of the COVID-19 pandemic, we document that the resilience effect of social capital is heterogeneous across countries. We identify the flexibility of a country's labor market as a critical determinant of corporate's returns on social capital-related investments. These findings are consistent with social capital hedging firms against systematic shocks by mitigating employee-related litigation risk.en_US
dc.identifier.citationFiordelisi, F., Galloppo, G., & Lattanzio, G. (2021). Where does corporate social capital matter the most? Evidence From the COVID-19 crisis. Finance Research Letters, 102538. https://doi.org/10.1016/j.frl.2021.102538en_US
dc.identifier.urihttp://nur.nu.edu.kz/handle/123456789/6042
dc.language.isoenen_US
dc.publisherFinance Research Lettersen_US
dc.rightsAttribution-NonCommercial-ShareAlike 3.0 United States*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-sa/3.0/us/*
dc.subjectType of access: Open Accessen_US
dc.subjectCorporate social capitalen_US
dc.subjectLabor market rigidityen_US
dc.subjectReputational capitalen_US
dc.subjectCOVID-19en_US
dc.subjectStakeholdersen_US
dc.titleWHERE DOES CORPORATE SOCIAL CAPITAL MATTER THE MOST? EVIDENCE FROM THE COVID-19 CRISISen_US
dc.typeArticleen_US
workflow.import.sourcescience

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