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[2H4-GS-3c-05] The value of social capital in coronavirus shock
Keywords:COVID-19, Finance, Corporate Reputation, Stock market crash
The survey data is unique in that it is based on a direct and holistic assessment of the company by its business card holders, and the survey covers cross-sectoral over 800 Japanese companies. The empirical findings reveal that companies with high social capital, those with a good reputation for the use of their products to society, earned higher returns during the COVID-19 crisis.
This evidence suggests that social capital can serve as insurance against shocks during economic crises. In particular, during the COVID-19 crisis, the impression that the company's products are useful to society was found to have a positive effect on shock mitigation.
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