Journal ArticleDOI
The Role of Corporate Culture in Bad Times: Evidence from the COVID-19 Pandemic
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TLDR
In this paper, a topic model was used to fit 40,927 COVID-19-related paragraphs in 3,581 earnings calls over the period Jan. 22-Apr. 30, 2020.Abstract:
After fitting a topic model to 40,927 COVID-19–related paragraphs in 3,581 earnings calls over the period Jan. 22–Apr. 30, 2020, we obtain firm-level measures of exposure and response related to COVID-19 for 2,894 U.S. firms. We show that despite the large negative impact of COVID-19 on their operations, firms with a strong corporate culture outperform their peers without a strong culture. Moreover, these firms are more likely to support their community, embrace digital transformation, and develop new products than those peers. We conclude that corporate culture is an intangible asset designed to meet unforeseen contingencies as they arise.read more
Citations
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Does CSR matter in times of crisis? Evidence from the COVID-19 pandemic
TL;DR: This paper examined the relation between corporate social responsibility (CSR) and stock market returns during the COVID-19 pandemic-induced market crash and the post-crash recovery.
Journal ArticleDOI
Measuring Corporate Culture Using Machine Learning
TL;DR: This paper created a culture dictionary using one of the latest machine learning techniques (the word embedding model) and 209,480 earnings call transcripts and score the five corporate cultural values of innovation, integrity, quality, respect, and teamwork for 62,664 firm-year observations over the period 2001-2018.
Journal ArticleDOI
COVID-19, Government Policy Responses, and Stock Market Liquidity around the World: A Note
TL;DR: It is demonstrated that the impact of the interventions is limited in scale and scope, while workplace and school closures deteriorate liquidity in emerging markets, while information campaigns on the novel coronavirus facilitate trading activity.
Journal ArticleDOI
Family Ownership During the Covid-19 Pandemic
TL;DR: In this article, the authors study how the presence of families in corporate ownership and leadership affected the reaction of firms to the COVID-19 pandemic, finding that family firms exhibited higher market performance and operating profitability than other firms during the pandemic period.
Journal ArticleDOI
The COVID-19 Pandemic and Commercial Property Rent Dynamics
TL;DR: In this article, the authors examined the contemporary impact of the COVID-19 pandemic on commercial property rent dynamics in the Asia-Pacific region and found substantial declines in rents of approximately 15% during the first six months of 2020 across the APAC commercial property market.
References
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Eugene F. Fama,Kenneth R. French +1 more
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Journal ArticleDOI
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