CSR and Firm Survival: Evidence from the Climate and Pandemic Crises

We analyse the relationship between extent of a firm’s corporate social responsibility (CSR) and its long-term survival probability. conjecture that better CSR rating is associated with lower probability failure longer period. Consistent this, we document four dimensions (environment, community, employee relations, product) out six are positively related to firms’ The positive association ratings firm stronger for firms operating in more competitive industries those weaker governance. find engagement activities particularly crucial during pandemics under adverse climate conditions. establish causality relation using instrumental variable (IV) Heckman two-step analyses. Finally, financial performance, less stringent constraints, greater managerial discipline, enhanced labor productivity some channels through which engaging activity achieve times.