Corporate social responsibility Feng Shui and firm value

• Published in: Annals of tourism research Vol. 105; p. 103737
• Main Authors: Wang, Kewen, Li, Jingqiang, Qiao, Yuanbo, Chang, Shilong
• Format: Journal Article
• Language: English
• Published: Elsevier Ltd 01.03.2024
• Subjects: CSR; Feng Shui; Firm value; Hospitality and tourism firms; Lucky stock codes; Protective effect; Protective effect; CSR; Firm value; Lucky stock codes; Feng Shui; Hospitality and tourism firms
• ISSN: 0160-7383; 1873-7722
• DOI: 10.1016/j.annals.2024.103737

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. [Display omitted] •Pre-COVID-19 CSR has a U-shaped impact on hospitality and tourism firm value.•The U-shaped impact is more pronounced for firms with a luckier stock code.•Stakeholder logic takes the place of shareholder logic at high levels of CSR.•Pre-COVID-19 CSR provides investors with primary control.•Lucky stock codes provide investors with a feeling of secondary control.