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Search Results (1,934)

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Keywords = social crisis

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24 pages, 2789 KiB  
Article
CLIP-BCA-Gated: A Dynamic Multimodal Framework for Real-Time Humanitarian Crisis Classification with Bi-Cross-Attention and Adaptive Gating
by Shanshan Li, Qingjie Liu, Zhian Pan and Xucheng Wu
Appl. Sci. 2025, 15(15), 8758; https://doi.org/10.3390/app15158758 (registering DOI) - 7 Aug 2025
Abstract
During humanitarian crises, social media generates over 30 million multimodal tweets daily, but 20% textual noise, 40% cross-modal misalignment, and severe class imbalance (4.1% rare classes) hinder effective classification. This study presents CLIP-BCA-Gated, a dynamic multimodal framework that integrates bidirectional cross-attention (Bi-Cross-Attention) and [...] Read more.
During humanitarian crises, social media generates over 30 million multimodal tweets daily, but 20% textual noise, 40% cross-modal misalignment, and severe class imbalance (4.1% rare classes) hinder effective classification. This study presents CLIP-BCA-Gated, a dynamic multimodal framework that integrates bidirectional cross-attention (Bi-Cross-Attention) and adaptive gating within the CLIP architecture to address these challenges. The Bi-Cross-Attention module enables fine-grained cross-modal semantic alignment, while the adaptive gating mechanism dynamically weights modalities to suppress noise. Hierarchical learning rate scheduling and multidimensional data augmentation further optimize feature fusion for real-time multiclass classification. On the CrisisMMD benchmark, CLIP-BCA-Gated achieves 91.77% classification accuracy (1.55% higher than baseline CLIP and 2.33% over state-of-the-art ALIGN), with exceptional recall for critical categories: infrastructure damage (93.42%) and rescue efforts (92.15%). The model processes tweets at 0.083 s per instance, meeting real-time deployment requirements for emergency response systems. Ablation studies show Bi-Cross-Attention contributes 2.54% accuracy improvement, and adaptive gating contributes 1.12%. This work demonstrates that dynamic multimodal fusion enhances resilience to noisy social media data, directly supporting SDG 11 through scalable real-time disaster information triage. The framework’s noise-robust design and sub-second inference make it a practical solution for humanitarian organizations requiring rapid crisis categorization. Full article
28 pages, 566 KiB  
Article
How Do Performance Shortfalls Shape on Entrepreneurial Orientation? The Role of Managerial Overconfidence and Myopia
by Xiaolong Liu and Yi Xie
Sustainability 2025, 17(15), 7154; https://doi.org/10.3390/su17157154 - 7 Aug 2025
Abstract
In an era of rapid technological advancement—particularly with the accelerated development of artificial intelligence and digital technologies—entrepreneurship enables firms to dynamically adjust their strategies in response to environmental uncertainty and helps them maintain sustainable competitive advantages over time. As a key concept in [...] Read more.
In an era of rapid technological advancement—particularly with the accelerated development of artificial intelligence and digital technologies—entrepreneurship enables firms to dynamically adjust their strategies in response to environmental uncertainty and helps them maintain sustainable competitive advantages over time. As a key concept in entrepreneurship research, entrepreneurial orientation (EO) has long attracted scholarly attention. However, existing studies on EO have primarily focused on its specific outcomes, while insufficient attention has been paid to its antecedents from the perspective of internal threats. Under the threat of performance shortfalls, firms’ strategic choices are influenced not only by resource constraints but also by managerial cognitive biases. Drawing on Behavioral Theory of the Firm, we explore the moderating roles of managerial overconfidence and myopia in the relationship between performance shortfalls and EO. This study aims to uncover the cognitive “black box” behind why some firms are more likely to trigger entrepreneurial behavior in adverse situations. Based on panel data from 2822 A-share listed companies in China spanning the period from 2009 to 2020, and using a fixed-effects regression model, our findings indicate that both historical and social performance shortfalls have significant positive effects on EO. Further analysis reveals that the positive impact of performance shortfalls on EO is attenuated under conditions of heightened managerial overconfidence and myopia. By enriching the boundary conditions of EO from a cognitive perspective, this study provides a theoretical explanation for how firms can engage in entrepreneurial behavior under threat by reducing cognitive biases, thereby offering both theoretical and managerial insights into how firms can maintain sustainable development under crisis conditions. Full article
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18 pages, 310 KiB  
Article
The Voluntary Sector’s Contribution to Integrated Care: The Case of Cyprus
by Despina Cochliou and Olivia Patsalidou
Soc. Sci. 2025, 14(8), 484; https://doi.org/10.3390/socsci14080484 - 6 Aug 2025
Abstract
At a time when globalisation and the economic crisis have forced a reduction in public expenditure at all levels, social policy and social welfare systems’ efforts for sustainable development are focused on identifying alternative ways to provide integrated services and achieve balanced social [...] Read more.
At a time when globalisation and the economic crisis have forced a reduction in public expenditure at all levels, social policy and social welfare systems’ efforts for sustainable development are focused on identifying alternative ways to provide integrated services and achieve balanced social development. Post-colonial Cyprus has experienced radical socio-political changes that have demanded rapid responses to address its needs. This paper aims to discuss the role of the Cypriot voluntary sector in the national integrated care. Within the spectrum of ensuring social rights and social justice, the voluntary sector has emerged as a key factor of social policy implementation. Through the exploration and analysis of this context, an in-depth insight is given into socio-political and economic factors, dimensions, relationships, processes, patterns, and critical junctures that, under the influence of history, have shaped the voluntary sector’s path, formed its major stages of transformation, and defined its relationship with structures and institutions. Full article
(This article belongs to the Special Issue Social Work and Social Policy: Advances in Theory and Practice)
36 pages, 21951 KiB  
Article
The Collective Dwelling of Cooperative Promotion in Caselas
by Vanda Pereira de Matos and Carlos Alberto Assunção Alho
Buildings 2025, 15(15), 2756; https://doi.org/10.3390/buildings15152756 - 5 Aug 2025
Abstract
To solve the present housing crisis, the Support for Access to Housing Program, in the context of PRR, mainly focuses on social housing to be built or on housing of social interest to be regenerated. To approach this problem, a research question was [...] Read more.
To solve the present housing crisis, the Support for Access to Housing Program, in the context of PRR, mainly focuses on social housing to be built or on housing of social interest to be regenerated. To approach this problem, a research question was raised: “What is the significance of the existing cooperative housing in solving the current housing crisis?” To analyze this issue, a multiple case study was adopted, comparing a collective dwelling of cooperative promotion at controlled costs in Caselas (1980s–1990s) with Expo Urbe (2000–2007) in Parque das Nações, a symbol of the new sustainable cooperative housing, which targets a population with a higher standard of living and thus is excluded from the PRR plan. These cases revealed the discrepancy created by the Cooperative Code of 1998 and its consequences for the urban regeneration of this heritage. They show that Caselas, built in a residential urban neighborhood, is strongly attached to a community, provides good social inclusion for vulnerable groups at more affordable prices, and it is eligible for urban regeneration and reuse (for renting or buying). However, the reuse of Caselcoop’s edifices cannot compromise their cultural and residential values or threaten the individual integrity. Full article
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19 pages, 521 KiB  
Article
The Importance of Emotional Intelligence in Managers and Its Impact on Employee Performance Amid Turbulent Times
by Madonna Salameh-Ayanian, Natalie Tamer and Nada Jabbour Al Maalouf
Adm. Sci. 2025, 15(8), 300; https://doi.org/10.3390/admsci15080300 - 1 Aug 2025
Viewed by 351
Abstract
In crisis-stricken economies, leadership effectiveness increasingly hinges not on technical expertise alone but on emotional competence. While emotional intelligence (EI) has been widely acknowledged as a catalyst for effective leadership and employee outcomes, its role in volatile and resource-scarce contexts remains underexplored. This [...] Read more.
In crisis-stricken economies, leadership effectiveness increasingly hinges not on technical expertise alone but on emotional competence. While emotional intelligence (EI) has been widely acknowledged as a catalyst for effective leadership and employee outcomes, its role in volatile and resource-scarce contexts remains underexplored. This study addresses this critical gap by investigating the impact of five core EI dimensions, namely self-awareness, self-regulation, motivation, empathy, and social skills, on employee performance amid Lebanon’s ongoing multidimensional crisis. Drawing on Goleman’s EI framework and the Job Demands–Resources theory, the research employs a quantitative, cross-sectional design with data collected from 398 employees across sectors in Lebanon. Structural Equation Modeling revealed that all EI dimensions significantly and positively influenced employee performance, with self-regulation (β = 0.485) and empathy (β = 0.361) emerging as the most potent predictors. These findings underscore the value of emotionally intelligent leadership in fostering productivity, resilience, and team cohesion during organizational instability. This study contributes to the literature by contextualizing EI in an under-researched, crisis-affected setting, offering nuanced insights into which emotional competencies are most impactful during prolonged uncertainty. Practically, it positions EI as a strategic leadership asset for crisis management and sustainable human resource development in fragile economies. The results inform leadership training, policy design, and organizational strategies that aim to enhance employee performance through emotionally intelligent practices. Full article
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16 pages, 291 KiB  
Article
General and Specific Social Trust as Predictors of Depressive Symptoms: Evidence from Post-Crisis Iceland
by Haukur Freyr Gylfason
World 2025, 6(3), 107; https://doi.org/10.3390/world6030107 - 1 Aug 2025
Viewed by 257
Abstract
Social trust has been linked to the development and severity of depression, but trust is a complex, multidimensional construct. This study examines the extent to which two distinct forms of trust, general trust and specific trust, predict depressive symptoms. Drawing on longitudinal data [...] Read more.
Social trust has been linked to the development and severity of depression, but trust is a complex, multidimensional construct. This study examines the extent to which two distinct forms of trust, general trust and specific trust, predict depressive symptoms. Drawing on longitudinal data from the Directorate of Health’s national surveys conducted in 2007 and 2009, the analysis includes responses from 3211 Icelanders selected through a stratified random sample. Depressive symptoms were assessed using the Depression, Anxiety, and Stress Scale (DASS), while specific trust captured trust in close relationships, and general trust measured broader perceptions of trustworthiness in others. The two forms of trust together explained 7.6% of the variance in depressive symptoms, with specific trust contributing a substantially greater share. Both remained significant predictors after controlling for prior depression and physical health. These findings highlight the protective role of specific trust and suggest that general trust, an indicator of broader social capital, may also help buffer against depression. The results underscore the relevance of trust as a public health resource and support continued research into social determinants of mental health in Iceland. Full article
25 pages, 894 KiB  
Article
Understanding Deep-Seated Paradigms of Unsustainability to Address Global Challenges: A Pathway to Transformative Education for Sustainability
by Desi Elvera Dewi, Joyo Winoto, Noer Azam Achsani and Suprehatin Suprehatin
World 2025, 6(3), 106; https://doi.org/10.3390/world6030106 - 1 Aug 2025
Viewed by 350
Abstract
This study investigates the foundational causes of unsustainability that obstruct efforts to address global challenges such as climate change, environmental degradation, water crises, and public health deterioration. Using qualitative research with in-depth expert interviews from education, environmental studies, and business, it finds that [...] Read more.
This study investigates the foundational causes of unsustainability that obstruct efforts to address global challenges such as climate change, environmental degradation, water crises, and public health deterioration. Using qualitative research with in-depth expert interviews from education, environmental studies, and business, it finds that these global challenges, while visible on the surface, are deeply rooted in worldviews that shape human behavior, societal structures, and policies. Building on this insight, the thematic analysis manifests three interrelated systemic paradigms as the fundamental drivers of unsustainability: a crisis of wholeness, reflected in fragmented identities and collective disorientation; a disconnection from nature, shaped by human-centered perspectives; and the influence of dominant political-economic systems which prioritize growth logics over ecological and social concerns. These paradigms underlie both structural and cognitive barriers to systemic transformation, which influence the design and implementation of education for sustainability. By clarifying a body of knowledge and systemic paradigms regarding unsustainability, this paper calls for transformative education that promotes a holistic, value-based approach, eco-empathy, and critical thinking, aiming to equip future generations with the tools to challenge and transform unsustainable systems. Full article
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25 pages, 3868 KiB  
Article
From Research to Design: Enhancing Mental Well-Being Through Quality Public Green Spaces in Beirut
by Mariam Raad, Georgio Kallas, Falah Assadi, Nina Zeidan, Victoria Dawalibi and Alessio Russo
Land 2025, 14(8), 1558; https://doi.org/10.3390/land14081558 - 29 Jul 2025
Viewed by 244
Abstract
The global rise in urban-related health issues poses significant challenges to public health, particularly in cities facing socio-economic crises. In Lebanon, 70% of the population is experiencing financial hardship, and healthcare costs have surged by 172%, exacerbating the strain on medical services. Given [...] Read more.
The global rise in urban-related health issues poses significant challenges to public health, particularly in cities facing socio-economic crises. In Lebanon, 70% of the population is experiencing financial hardship, and healthcare costs have surged by 172%, exacerbating the strain on medical services. Given these conditions, improving the quality and accessibility of green spaces offers a promising avenue for alleviating mental health issues in urban areas. This study investigates the psychological impact of nine urban public spaces in Beirut through a comprehensive survey methodology, involving 297 participants (locals and tourists) who rated these spaces using Likert-scale measures. The findings reveal location-specific barriers, with Saanayeh Park rated highest in quality and Martyr’s Square rated lowest. The analysis identifies facility quality as the most significant factor influencing space quality, contributing 73.6% to the overall assessment, while activity factors have a lesser impact. The study further highlights a moderate positive association (Spearman’s rho = 0.30) between public space quality and mental well-being in Beirut. This study employs a hybrid methodology combining Research for Design (RfD) and Research Through Designing (RTD). Empirical data informed spatial strategies, while iterative design served as a tool for generating context-specific knowledge. Design enhancements—such as sensory plantings, shading systems, and social nodes—aim to improve well-being through better public space quality. The proposed interventions support mental health, life satisfaction, climate resilience, and urban inclusivity. The findings offer actionable insights for cities facing public health and spatial equity challenges in crisis contexts. Full article
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20 pages, 1978 KiB  
Review
Banking Profitability: Evolution and Research Trends
by Francisco Sousa and Luís Almeida
Int. J. Financial Stud. 2025, 13(3), 139; https://doi.org/10.3390/ijfs13030139 - 29 Jul 2025
Viewed by 342
Abstract
This study aims to map the scientific knowledge of bank profitability and its determinants. It identifies trends and gaps in existing research through a bibliometric analysis. To this end, 634 documents published in the Web of Science database over the last 54 years [...] Read more.
This study aims to map the scientific knowledge of bank profitability and its determinants. It identifies trends and gaps in existing research through a bibliometric analysis. To this end, 634 documents published in the Web of Science database over the last 54 years were analyzed using the bibliometric package. The results indicate an increase in the volume of publications following the 2008 financial crisis, focusing on analyzing the factors influencing bank profitability and economic growth. The Journal of Banking and Finance is the preeminent publication in this field. The literature reviewed shows that bank profitability depends on internal factors (size, credit risk, liquidity, efficiency, and management) and external factors (such as GDP, inflation, interest rates, and unemployment). In addition to the traditional determinants, the recent literature highlights the importance of innovation and technological factors such as digitalization, mobile banking, and electronic payments as relevant to bank profitability. ESG (environmental, social, and governance) and governance indicators, which are still emerging but have been extensively researched in companies, indicate a need for evidence in this area. This paper also provides relevant insights for the formulation of monetary policy and the strategic formulation of banks, helping managers and owners to improve bank performance. It also provides directions for future empirical studies and research collaborations in this field. Full article
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25 pages, 1101 KiB  
Article
Transforming Learning Environments: Asset Management, Social Innovation and Design Thinking for Educational Facilities 5.0
by Giacomo Barbieri, Freddy Zapata and Juan David Roa De La Torre
Educ. Sci. 2025, 15(8), 967; https://doi.org/10.3390/educsci15080967 - 28 Jul 2025
Viewed by 294
Abstract
Educational institutions are facing a crisis characterized by the need to address diverse learning styles and vocational aspirations, exacerbated by ongoing financial pressures. To navigate these challenges effectively, there is an urgent need to innovate educational practices and learning environments, ensuring they are [...] Read more.
Educational institutions are facing a crisis characterized by the need to address diverse learning styles and vocational aspirations, exacerbated by ongoing financial pressures. To navigate these challenges effectively, there is an urgent need to innovate educational practices and learning environments, ensuring they are adaptable and responsive to the evolving needs of students and the workforce. The adoption of the Industry 5.0 framework offers a promising solution, providing a holistic approach that emphasizes the integration of human creativity and advanced technologies to transform educational institutions into resilient, human-centric, and sustainable learning environments. In this context, this article presents a transdisciplinary methodology that integrates Asset Management (AM) with Social Innovation (SI) through Design Thinking (DT) to co-design Educational Facilities 5.0 with stakeholders. The application of the proposed approach in an AgroLab case study—a food and agricultural laboratory—demonstrates how the methodology enables the definition of an Educational Facility 5.0 and generates AM Design Knowledge to support informed decision-making in the subsequent design, implementation, and operation phases. Following DT principles—where knowledge emerges through iterative experimentation and insights from practical applications—this article also discusses the role of SI and DT in AM, the role of Large Language Models in convergent processes, and a vision for Educational Facilities 5.0. Full article
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19 pages, 263 KiB  
Article
The Effects of Three Governmental Programmes—Energy Coaches, Home Renovations, and White Goods Schemes—on Energy Poverty-Related Issues in Dutch Households
by Arianne J. van der Wal, Caroline van Ooij, Koen Straver and Martijn Rietbergen
Sustainability 2025, 17(15), 6803; https://doi.org/10.3390/su17156803 - 26 Jul 2025
Viewed by 349
Abstract
Since the start of the energy crisis in 2020, the Dutch government has introduced various programmes aimed at alleviating energy poverty among low-income households. This research examines the effects of three specific interventions—energy coaching, home renovations, and white goods schemes—on a range of [...] Read more.
Since the start of the energy crisis in 2020, the Dutch government has introduced various programmes aimed at alleviating energy poverty among low-income households. This research examines the effects of three specific interventions—energy coaching, home renovations, and white goods schemes—on a range of energy poverty-related aspects, including living comfort, physical and mental health, energy costs, financial concerns, social connection, neighbourhood involvement, and sustainable behaviour. While previous studies have mostly investigated these interventions in isolation, this research offers a comparative analysis to explore how their impacts differ and how they may complement one another. This research, comparing an intervention group and control, shows that energy coaches, renovations, and white goods schemes each have positive effects on various aspects of energy poverty. However, the nature and magnitude of these effects differ by type of support measure. Renovations are the most effective overall, significantly improving living comfort, physical health, and reducing energy costs. White goods schemes primarily reduce moisture and mould in dwellings and have a notable positive impact on mental health. Energy coaches contribute to improved living comfort, lower energy costs, and uniquely enhance community involvement. The complementary nature of these interventions highlights the potential added value of integrated or combined approaches to tackling energy poverty. Full article
29 pages, 1849 KiB  
Article
Communication Strategies of Startups During the Natural Catastrophe of the 2024 DANA: Impact on Public Opinion and Business Reputation
by Ainhoa del Pino Rodríguez-Vera, Dolores Rando-Cueto, Minea Ruiz-Herrería and Carlos De las Heras-Pedrosa
Journal. Media 2025, 6(3), 117; https://doi.org/10.3390/journalmedia6030117 - 25 Jul 2025
Viewed by 453
Abstract
In October 2024, a DANA (Isolated Depression at High Levels) triggered torrential rains across the Valencian Community, causing 227 deaths, severe infrastructure damage, and economic losses estimated at €17.8 billion. In this context of crisis, startups, despite having fewer resources and less experience [...] Read more.
In October 2024, a DANA (Isolated Depression at High Levels) triggered torrential rains across the Valencian Community, causing 227 deaths, severe infrastructure damage, and economic losses estimated at €17.8 billion. In this context of crisis, startups, despite having fewer resources and less experience than large corporations, played a significant role in crisis communication, shaping public perception and operational continuity. This study explores the communication strategies adopted by startups during and after the disaster, focusing on their activity on Instagram, TikTok, and Facebook between October 2024 and January 2025. Using a mixed-methods approach, we conducted a quantitative analysis of digital discourse through the Fanpage Karma tool, assessing metrics such as engagement, reach, and posting frequency. Sentiment analysis was performed using GPT-4, an advanced natural language processing model, and in-depth interviews with startup representatives provided qualitative insights into reputational impacts. The findings reveal that startups which aligned their discourse with the social context, prioritizing transparency and emotional proximity, enhanced their visibility and credibility. These results underscore how effective crisis communication not only mitigates reputational risk but also strengthens the local entrepreneurial ecosystem through trust-building and social responsibility. Full article
(This article belongs to the Special Issue Communication in Startups: Competitive Strategies for Differentiation)
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20 pages, 718 KiB  
Communication
Examining Crisis Communication in Geopolitical Conflicts: The Micro-Influencer Impact Model
by Ahmed Taher, Hoda El Kolaly and Nourhan Tarek
Journal. Media 2025, 6(3), 116; https://doi.org/10.3390/journalmedia6030116 - 24 Jul 2025
Viewed by 399
Abstract
In the digital communication ecosystem, micro-influencers have influenced public response during crises, especially in complex geopolitical contexts. This paper introduces the micro-influencer impact model (MIIM), a framework for analyzing the impact of micro-influencers on crisis communication. The MIIM integrates four components (micro-influencer characteristics, [...] Read more.
In the digital communication ecosystem, micro-influencers have influenced public response during crises, especially in complex geopolitical contexts. This paper introduces the micro-influencer impact model (MIIM), a framework for analyzing the impact of micro-influencers on crisis communication. The MIIM integrates four components (micro-influencer characteristics, message framing and delivery, audience factors, and crisis context) offering a comprehensive approach to understanding micro-influencer dynamics during crises. Cross-conflict analysis spanning Ukraine–Russia, Sudan–Ethiopia, Armenia–Azerbaijan, Myanmar, Syria, and India–Pakistan tensions demonstrates the MIIM’s broad applicability across diverse geopolitical crises, showing how factors like perceived authenticity, niche expertise, narrative personalization, and audience digital literacy consistently shape public opinion and crisis response. The MIIM synthesizes crisis communication theories, social influence models, and digital media research, providing a sophisticated framework for studying the dissemination of information and public engagement during crises. The paper proposes theoretically grounded propositions on the impact of micro-influencers, encompassing perceived authenticity, narrative framing, and influence over time, thereby laying the groundwork for future empirical research. Implications for communication scholars, crisis managers, policymakers, and social media platforms are discussed, emphasizing the MIIM’s relevance to theory and practice in crisis communication. Full article
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16 pages, 2709 KiB  
Perspective
Fentanyl Research: Key to Fighting the Opioid Crisis
by Cristina Rius, Antonio Eleazar Serrano-López, Rut Lucas-Domínguez, Andrés Pandiella-Dominique, Carlos García-Zorita and Juan Carlos Valderrama-Zurián
J. Clin. Med. 2025, 14(15), 5187; https://doi.org/10.3390/jcm14155187 - 22 Jul 2025
Viewed by 392
Abstract
Background/Objective: Fentanyl plays a pivotal role in the opioid epidemic, defined by four waves of overdose deaths. To analyse fentanyl research trends, examining its links to mental health, pharmaceutical development, healthcare, diseases, and pathophysiology within the broader social and health context of the [...] Read more.
Background/Objective: Fentanyl plays a pivotal role in the opioid epidemic, defined by four waves of overdose deaths. To analyse fentanyl research trends, examining its links to mental health, pharmaceutical development, healthcare, diseases, and pathophysiology within the broader social and health context of the time. Methods: To understand the evolution of scientific publications on fentanyl and its relationship to the opioid crisis, a search using Web of Science Core Collection and PubMed was conducted. A total of 53,670 documents were retrieved related to opioid scientific production, among which 1423 articles (3%) focused specifically on fentanyl. The 21,546 MeSH terms identified in these documents were analysed by publication year and specific fields: Psychiatry and Psychology, Chemicals and Drugs, Healthcare, Diseases, and Phenomena and Processes. R-statistical/FactoMineR libraries were used for the correspondence analysis. Results: In the first overdose death wave, research focused on improving therapies and reducing side effects. The second wave emphasised detoxification methods with naltrexone, methadone, and behavioural therapies. The third wave addressed psychological treatments and HIV-syringe-sharing prevention. The fourth wave prioritised less addictive analogues and understanding consumer profiles to combat the epidemic. Conclusions: Fentanyl research has evolved alongside real-world challenges, reinforcing the connection between patients’ needs, healthcare professionals’ roles, illicit users, policymakers, and the research community’s contributions to addressing both therapeutic use and its broader societal impact. These findings highlight the necessity for an interdisciplinary approach to scientific research integrating prevention, treatment, education, legal reform, and social support, emphasising the need for public health policies and collaborative research to mitigate its impact. Full article
(This article belongs to the Section Pharmacology)
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22 pages, 430 KiB  
Article
Corporate Social Responsibility as a Buffer in Times of Crisis: Evidence from China’s Stock Market During COVID-19
by Dongdong Huang, Shuyu Hu and Haoxu Wang
Sustainability 2025, 17(14), 6636; https://doi.org/10.3390/su17146636 - 21 Jul 2025
Viewed by 475
Abstract
Prior research often portrays Corporate Social Responsibility (CSR) as a coercive institutional force compelling firms to passively conform for legitimacy. More recent studies, however, suggest firms actively pursue CSR to gain sustainable competitive advantages. Yet, how and when CSR buffers firms against adverse [...] Read more.
Prior research often portrays Corporate Social Responsibility (CSR) as a coercive institutional force compelling firms to passively conform for legitimacy. More recent studies, however, suggest firms actively pursue CSR to gain sustainable competitive advantages. Yet, how and when CSR buffers firms against adverse shocks of crises remains insufficiently understood. This study addresses this gap by using multiple regression analysis to examine the buffering effects of CSR investments during the COVID-19 crisis, which severely disrupted capital markets and firm valuation. Drawing on signaling theory and CSR literature, we analyze the stock market performance of China’s A-share listed firms using a sample of 2577 observations as of the end of 2019. Results indicate that firms with higher CSR investments experienced significantly greater cumulative abnormal returns during the pandemic. Moreover, the buffering effect is amplified among firms with higher debt burdens, greater financing constraints, and those operating in regions with stronger social trust and more severe COVID-19 impact. These findings are robust across multiple robustness checks. This study highlights the strategic value of CSR as a resilience mechanism during crises and supports a more proactive view of CSR engagement for sustainable development, complementing the traditional legitimacy-focused perspective in existing literature. Full article
(This article belongs to the Section Economic and Business Aspects of Sustainability)
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