大流行
业务
库存(枪支)
生产(经济)
产品(数学)
2019年冠状病毒病(COVID-19)
经济
产业组织
微观经济学
医学
机械工程
几何学
工程类
数学
疾病
病理
传染病(医学专业)
作者
Edward W. Sun,Yang Bin,Maggie Chuoyan Dong,Jack Cadeaux
摘要
Abstract Pandemic outbreaks can disrupt firms’ normal operations, so they demand a resilient response. Firms can combine social responsibility initiatives with resilient responses by reconfiguring their production resources for pandemic relief. It remains unclear, however, whether pandemic‐relieving product adaptation (in short, PRPA) improves financial performance. We draw on stakeholder theory to analyze the effect of a PRPA strategy on the stock returns of US‐listed manufacturing firms during the COVID‐19 pandemic—the most enduring and large‐scale pandemic in recent history. The results reveal that the stock market reacts more positively to PRPA under severe pandemic circumstances and for firms with low political connectedness, low media coverage, and/or more unique production technology. The findings offer important implications for operations theory and practice.
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