CSR and firm performance
: an analysis during the COVID-19 pandemic

  • Ana Margarida Jesus Tavares (Student)

Student thesis: Master's Thesis


The COVID-19 pandemic, the most recent global phenomenon, has impacted the economy in many ways and is far more than a health crisis. It has severely affected the global economy and financial markets, with a strong presence at the time of writing. Considering all the restrictions imposed since the beginning of the pandemic, it can be considered a social and human crisis, since it also affects individuals, their social relationships, and their lifestyle. This study attempts to analyze the role that CSR practices, which have the purpose to promote the well-being of stakeholders and their relationships, played on firms’ performance during a “social distancing” period and an increase in social isolation. The results show that, during a non-crisis period, before the pandemic, the role of socially responsible practices benefit European companies, with a positive relationship between CSR and firm performance. However, during the COVID 19 pandemic, an increase in CSR practices has a negative impact on companies' performance and allows to mitigate the stock return volatility.
Date of Award28 Jan 2022
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorDiana Bonfim (Supervisor)


  • COVID-19 pandemic
  • Corporate Social Responsibility practices
  • Trust
  • Financial performance


  • Mestrado em Finanças

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