Does being a responsible bank pay off? Evidence from the COVID-19 pandemic
研究了COVID-19大流行初期银行支持客户、社区和政府的负责任行为是否被投资者视为增值，发现负责任行为与股票市场表现负相关，尤其对风险较高的银行影响更大。
We investigate whether banks’ initial responses during the first wave of the COVID-19 pandemic in supporting their customers, communities, and governments were perceived as value-enhancing by investors. Using a unique responsible banking measure for a sample of the largest US and European commercial banks, we find a negative relationship between responsible bank behavior and stock market performance, particularly in the first wave of the pandemic. We also find that riskier banks were affected more negatively if they behaved responsibly. Overall, our findings show that banks’ responsible behavior during a crisis reduces, or at best is not relevant to, shareholder value.